Visiongain has published a new report on Global Military Electro-Optical And Infrared (EOIR) Systems Market Report 2021-2031. The Military Electro-Optical And Infrared (EOIR) Systems Market Forecasts by Platform (Air, Naval, Land), by System (Imaging System, Non-Imaging System), by Application (Military Intelligence, Surveillance, Reconnaissance), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Plus Analysis of Leading Companies operating in this industry, and COVID-19 Recovery Scenarios.
COVID-19 Recovery Scenarios
The military electro-optical and infrared systems market was valued at US$12,480million in 2020 and is projected to reach a market value of US$20,466.4million by 2031.The Covid-19 coronavirus pandemic has caused a downturn in world economies and crashing of the gross domestic product (GDP) of several countries. As nations come to grips with the outbreak 's implications, priorities are likely to change and budgets for defense are suffering. According to World Bank, the global economy decreased by 5.2 per cent in 2020. That triggered the deepest recession since World War II.
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Increasing Incidences of Asymmetric Warfare and Terrorist Activities
Asymmetric warfare is defined as a type of conflict in which opposing groups or governments have unequal military power and weaker adversaries employ sophisticated weaponry and techniques to exploit their adversary's flaws. Asymmetric warfare has increased drastically around the globe in the last decade as a result of political upheaval, social, economic, and socio-cultural issues. Because fighter aircrafts provide ballistic and blast attack protection, the growth in asymmetric warfare has prompted government institutions to implement self-security and defensive tactics against terrorist or insurgent strikes.
Inefficient Performance in Extreme Weather Conditions
Electro-Optical/Infrared (EO/IR) systems are used in a variety of applications to provide long-range visual and thermal imaging. Sensors and the motion system are the two key components used in EO/IR systems, which are often used in spacecraft, aircraft, and military applications. To show a coherent picture, the sensors, cameras, and other devices must work at all hours of the day and night in a variety of environments. An EO/IR system's motion control must ensure steady, error-free movement in the azimuth and elevation axes. Both the sensors and the motion systems must be stable in a variety of environments.
North America Dominated the Industry in 2020
In 2020, North America had the largest share of the market, owing to strong demand for electro-optics and infrared systems from the US and Canadian armed forces. The United States had to expand its spending in technologically sophisticated weapon systems due to the increased capabilities of its rivals on the battlefield. In addition, the US military's increasing presence in numerous global wars has boosted the acquisition of sophisticated ISR systems and other systems that improve the military's situational awareness. The U.S. president announced natural security budget in Feb 2020 for the financial year 2021 of more than USD 740 billion. Additionally, more than USD 700 billion out of national security budget is allocated to the Department of Defense
Competitive Rivalry in the Industry
The top 10 companies in military electro-optical and infrared systems market are Lockheed Martin Corporation, Northrop Grumman Corporation, BAE Systems PLC., Thales Group, Leonardo, Textron Inc., Boeing, Airbus SE, Rheinmetall AG, and L3Harris Technologies. The market concentration ratio is less at the moment as large number of companies are operating in this industry. However, increasing security threat coupled with increasing defense spending in developed as well developing economies could encourage potential companies to enter into this industry.
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Leading Companies Operating in this Industry
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- BAE Systems PLC.
- Thales Group
- Leonardo
- Textron Inc.
- Boeing
- Airbus SE
- Rheinmetall AG
- L3Harris Technologies
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