CHICAGO, April 12, 2023 /PRNewswire/ — The Military Electro-Optics/Infrared (EO/IR) Systems Market is estimated to be USD 7.8 billion in 2023 and is projected to reach USD 9.5 billion by 2028, at a CAGR of 4.0% during the forecast period according to a new report by MarketsandMarkets™. The driving factor for the EO/IR (Electro-Optical/Infrared) system market is the increasing demand for these systems in various applications such as military and defense, surveillance and security, aerospace and aviation, and others. EO/IR systems are used for gathering information from the visible, infrared, and ultraviolet parts of the electromagnetic spectrum, and they are widely used for target acquisition, tracking, and identification.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=234736604
Browse in-depth TOC on “Military Electro-Optics/Infrared (EO/IR) Systems Market”
150 – Tables
50 – Figures
250 – Pages
Military Electro-Optics/Infrared (EO/IR) Systems Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$7.8 billion |
|
Estimated Value by 2028 |
$9.5 billion |
|
Growth Rate |
Poised to grow at a CAGR of 4.0% |
|
Market Size Available for |
2020–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Platform, Product Type, Component, Cooling Technology, Sensor Technology, Imaging Technology and By Region |
|
Geographies Covered |
North America, Europe, Asia-Pacific, Middle East Rest of the World |
|
Key Market Challenge |
Complexity involved in integration of EO/IR System with wide range of platforms |
|
Key Market Opportunities |
Integration of electro-optics/infrared systems with conventional military systems |
|
Key Market Drivers |
Growing Need for Intelligence, Surveillance, and Reconnaissance (ISR) |
Based on platform, the land segment is expected to grow at the highest CAGR during the forecast period.
The platform segment has been segmented into land, airborne, naval. The growth of land segment can be attributed to the increasing need of advanced handheld system for soldiers which drives the market. A land EO/IR (Electro-Optical/Infrared) system is a type of sensor that is designed for land-based applications such as surveillance, reconnaissance, and targeting. This type of system is commonly used by military and law enforcement agencies for various missions.
Based on Product type, the handheld system segment is projected to grow at the highest CAGR during the forecast period.
Handheld system is projected to grow at the highest CAGR in the Military electro-optics & infrared (EO/IR) market. The growth of this segment is attributed to the ongoing research in this area to make compact and durable equipment for soldiers. New technologies are being employed to these Military electro-optics & infrared (EO/IR) market.
Based on Cooling technology segment, the uncooled is expected to grow at the highest CAGR during the forecast period.
The Cooling technology segment has been segmented into cooled and uncooled. The growth of uncooled technology segment can be attributed to the increasing need of advanced handheld system and modernisaztion equipment for soldiers which drives the market. Cooling technology is an essential component of an EO/IR (Electro-Optical/Infrared) system, especially for sensors that operate in the infrared spectrum. Cooling technology is used to maintain the temperature of the sensor at a stable and low temperature to reduce noise, increase sensitivity, and improve image quality.
Based on Component, the control system component is expected to grow at the highest CAGR during the forecast period.
The Component segment has been segmented into HMI, stabilization unit, sensor, optics, control system, processor. The growth of Control system for an EO/IR system is responsible for managing the operations of the sensor and ensuring that it is pointed at the correct target, collecting and processing the correct data, and transmitting the data to a receiving station. can be attributed to the increasing need of which drives the market.
Based on imaging technology, the Hyperspectral segment is expected to grow at the highest CAGR and multispectral imaging has highest market share during the forecast period.
The imaging technology segment has been segmented into Mulitspectral, Hyperspectral. The growth of Hyperspectral segment into numerous narrow and contiguous spectral bands to capture the spectral signature of a target. This enables hyperspectral EO/IR systems to distinguish between different materials or substances, based on their unique spectral signature can be attributed to the increasing need of which drives the market.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=234736604
Based on region, the Asia Pacific segment is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is expected to lead the Military Electro-Optics/Infrared (EO/IR) Systems Market in 2023. The regions studied in this market are China, India, Australia, Japan, South Korea, Rest of Asia Pacific. China and India are one of the major global players present in the Asia Pacific, which invests heavily in the development of EO/IR technologies.
Major players operating in the Military electro-optics & infrared (EO/IR) market include Northrop Grumman(US), Raytheon Technologies Corporation(US), L3Harris Technologies Inc. (US), Lockheed Martin Corporation (US) and Thales Group(France) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=234736604
Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting
Related Reports:
Turret System Market by Platform (Land, Airborne, Naval), Type (Manned, Unmanned), Component (Turret Drive, Turret Control System, Stabilization Unit), and Region (North America, Europe, Asia Pacific, Rest of the World) – Global Forecast to 2027
Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), Type (Electric, Conventional), Mobility (Wheeled, Tracked), Systems, Mode of Operation, Point of sale, Region – Forecast to 2027
Unmanned Ground Vehicles Market by Mobility, Application (Military, Commercial, Law Enforcement, Federal Law Enforcement), Mode of Operation, Size, System, and Region (North America, Europe, APAC, Middle East and Rest of the World) – Forecast to 2027
Military Vehicle Electrification Market by Technology, System (Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversion, Transmission System), Platform, Mode of Operation & Region – Global Forecast to 2027
Military Embedded Systems Market by Application, Platform (Land, Airborne, Unmanned, Naval, Space), Server Architecture (Blade Server, Rack-mount Server), Installation Type, Component, Services and Region – Global Forecast to 2027
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/electro-optical-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/electro-optical.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets