SAN FRANCISCO, July 14, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Military Electro-Optics/Infrared Systems – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: July 2021
Executive Pool: 9519
Companies: 82 – Players covered include BAE Systems PLC; Bharat Electronics Limited; Elbit Systems Ltd; Excelitas Technologies; FLIR Systems Inc.; Israel Aerospace Industries; L3 Harris Corporation; Leonardo SpA; Lockheed Martin Corporation; Northrop Grumman Corporation; Raytheon Technologies Corporation; Rheinmetall AG; Saab AB; Safran SA; Thales Group; Ultra Electronics Command & Sonar Systems and Others.
Coverage: All major geographies and key segments
Segments: Platform (Air, Land, Naval); System (Electronic Support Measure (ESM), Imaging System, Targeting System); Technology (Uncooled, Cooled); Imaging Technology (Multispectral, Hyperspectral)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Military Electro-Optics/Infrared Systems Market to Reach $16.3 Billion by 2026
Electro-optical or EO systems refer to devices that make use of a mix of optics and electronics for generating, detecting and measuring radiation in the optical spectrum. The systems can measure electromagnetic spectrum with wavelengths in the 0.1-1000 micrometers range, which comprises visible light, infrared radiation and ultraviolet radiation. Electro optical systems or infrared systems constitute imaging systems primarily used by law enforcement and military departments for achieving better situational awareness of environments, during daytime and nights, and even in conditions of low light. Comprising of infrared sensors as well as electro-optical sensors, the EO systems are capable of offering precise optical data during the day and night. An electro-optical sensor is capable of changing light into electric signal, while the infrared sensor can identify any structure in its vicinity through the detection or emission of infrared radiation. EO or IR systems are used for airborne homeland security, surveillance, patrol, combat, search & rescue and reconnaissance programs primarily. Major features of the systems include image stabilization and long-range imaging capabilities. The sensors, typically equipped on vehicles or aircraft, are both hand-carried and deployed at sea. They work by identifying targets, tracking moving targets as well as ascertaining threats even from long distances and in difficult weather conditions and environments.
Amid the COVID-19 crisis, the global market for Military Electro-Optics/Infrared Systems estimated at US$11.9 Billion in the year 2020, is projected to reach a revised size of US$16.3 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Air, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$11.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Land segment is readjusted to a revised 4% CAGR for the next 7-year period. This segment currently accounts for a 18.3% share of the global Military Electro-Optics/Infrared Systems market.
The U.S. Market is Estimated at $5.2 Billion in 2021, While China is Forecast to Reach $2.1 Billion by 2026
The Military Electro-Optics/Infrared Systems market in the U.S. is estimated at US$5.2 Billion in the year 2021. The country currently accounts for a 42.51% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$2.1 Billion in the year 2026 trailing a CAGR of 6.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR while Rest of European market (as defined in the study) will reach US$2.3 Billion by the close of the analysis period.
The world market for military EO/IR systems is expected to register strong growth, supported by rising global focus on the aspects of security and safety, technological developments, and the requirement for better awareness of the battlefield among defense forces. Further, growing number of unmanned vehicles and the rising use of these systems in such vehicles for surveillance purposes, increasing defense spends, and strong requirement to improve military ISR capabilities are also driving gains in the market. The rising trend of miniaturization and growing accuracy of the systems in addition to their increased reliability and cost effectiveness are propelling the use of these systems in various applications. Research efforts in the area of third generation nonlinear crystals, forward-looking infrared, smart seekers and sensors, sophisticated 3D visualization, laser radars, and hyperspectral and multispectral sensors, and persistent surveillance systems are resulting in the development of better EO/IR systems, and this is positively impacting the market. Demand for EO/IR systems is also being encouraged by the NCW (Network Centric Warfare) doctrines, which are at different implementation stages in key militaries globally.
Naval Segment to Reach $2.6 Billion by 2026
In the global Naval segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$2.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.
