Dublin, Sept. 18, 2020 (GLOBE NEWSWIRE) -- The "Electro Optical Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
A pandemic of unprecedented proportions in terms of scale and speed, COVID-19 is creating a mixed bag of current challenges and long-term opportunities for high-tech industries. The global contagion has irreversibly changed life and behavior of governments, companies and people. The post COVID-19 period will require new capabilities and newer ways of working and operation. Conventional best practices have already fallen by the wayside amid the disruption and destruction. Technology will now take precedence and will have a bigger role to play in all facets of life. Use of artificial intelligence, IoT, robots, machines, drones, cloud computing, optical communications, internet, automation and remote collaboration, among others will rise in significance and adoption in the new world obsessed with social distancing and no-contact operation. As a technology that is important to the future of electrical engineering, materials science and physics, the global market for electro optical (EO) systems is expected to share the optimism surrounding a future built around smart technologies. Defined as a technology that makes use of a mix of optics and electronics for generating, detecting and measuring radiation in the optical spectrum, EO systems find uses in UAVs/UGVs, 3D printing, defense and space systems, imaging, machine vision and remote sensors. EO systems can measure electromagnetic spectrum with wavelengths in the 0.1-1000 micrometers range, which comprises visible light, infrared radiation and ultraviolet radiation. Healthy long-term demand growth is forecast for the market, given the widespread application possibilities in a number of commercial and military applications. Currently however with several of the end-use industries caught in the financial storm raised by the COVID-19 pandemic, the market will slump in the year 2020 by -12% before recovering to reach US$14. 8 billion by the year 2027 trailing a CAGR of 4.1%. Market for military EO systems which is dependent on the acquisition of defense platforms will hurt from the expected cuts in defense budgets as pandemic scarred governments seek to reduce their fiscal deficits in the coming years.
In the midst of the short-term and medium term challenges, innovation is nevertheless running high. As desperation rises in parallel to the escalating pandemic and testing needs, the science of physics, photonics and electrical engineering is being put to the test. A cut above biochemical tests, new electro-optical based COVID-19 testing brings the promise of reducing cost per test and result turnaround time to just 15 minutes. An Israeli researcher at the Ben-Gurion University of the Negev (BGU) announced development of a test, which is capable of identifying people with COVID-19 virus in less than a minute. The affordable system comes with claims of over 90% accuracy. Generally PCR test kits require hours and days for providing results of COVID-19 patients, and entail biological samples to be shipped raising the risk of infection. The BGU device is a point of care device that can reduce time and also address logistical issues. BGU`s test is based on an electro optical, which is capable of detecting and identifying biological samples. The method takes into account changes in THz spectral range resonance that is imposed by the corona virus through THz spectroscopy carried on an electronic chip. The test can be performed in non-lab environments.
In the post COVID-period, EO technologies will take a quantum leap as focus returns to the development of powerful, lightweight and cost-effective electronics and electrical systems. Growing commercial value of lasers and laser-related equipment will expand application possibilities for EO systems. This expanding use of unmanned systems in the coming years also bodes well for growth. EO systems are incorporated into UAVs to provide a wide range of capabilities including range finding, target acquisition, imaging and surveillance. The growing adoption of small UAVs due to their strategic advantages will prompt technology vendors to offer compact electro optical and infrared systems. Integrated into small UAVs, these systems are capable of efficiently dissipating the heat without affecting UAV performance. In addition, the introduction of cost-efficient cooling technologies is expected to provide new opportunities to suppliers of cooled thermal imaging cameras. The trend will drive adoption of electro optical and infrared systems in the defense industry as sensors integrated into thermal imaging cameras can improve surveillance and target detection capabilities of UAVs.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Global Competitor Market Shares
- Electro Optical Systems Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
- A Prelude to Electro Optical Systems
- Electro Optical Systems Market on a Growth Trajectory
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rising Military Expenditure to Drive Demand for Electro Optical Systems
- Recent Important Developments
- Fiber Optic Sights
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
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