The Global Military Electro-Optical and Infrared Systems (EO/IR) Market is expected to grow at a CAGR of 7.25% to reach $ X.XX billion by 2020 as per a report by Mordor Intelligence, a market intelligence firm.
Electro-Optics/Infrared systems are essential for intelligence, surveillance, target acquisition and reconnaissance (ISTAR) activities. The market is segmented into three categories: airborne, land-based and naval. The increasing complexities in modern-day battlefield techniques have resulted in a heightened requirement for such systems.
Latest Developments
Increasing tensions among the most significant economies of the world have led to an increased acceptance of these systems. Russia is upgrading its troops with advanced electro-optical surveillance system (PRP-4A) and radar reconnaissance (Aistyonok and Zoopark-1M radars). The P-8 Poseidon, developed by Boeing for the US Navy, consists of an MX-20 electro-optical/infrared turret which provides a shorter-range search option compared to its key rivals.
Market Insights
Land-based application for Electro Optical/ Infrared systems will see one of the highest growth rates in the forecast period on the back of modernization of the land forces by the major emerging economies of the world. North America is the largest market for military electro-optics and infrared systems and holds a majority share in the market. But a falling defense expenditure will slightly reduce its market share in the forecast period. The share will be captured by the Asia Pacific region. Japan, China and India will lead the growth in the region in the forecast period.
Get the full report here: Global Military Electro Optical and Infrared Systems Market
The major segmentation in the report includes the market estimates by Type (Image Intensification, Infrared, and Laser), by System (Imaging and Non Imaging), by Platform (Airborne, Land, and Sea) and by Geography (North America, South America, Europe, Middle East & Africa and Asia Pacific). The report provides an in-depth analysis of the Global Military Electro Optical and Infrared Systems Market with specific assessments along with the identification of key drivers, opportunities and restraints. It also includes competitive vendor landscape while considering major companies such as Rockwell Collins, Harris Corporation, Thales, Lockheed Martin and Raytheon.
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About the Author: Akshay Rathi is working as a Research Associate with Mordor Intelligence, a market research and consulting firm based in Hyderabad, India, with expertise in fundamental research and analysis.