Selbyville, Delaware,, June 26, 2023 (GLOBE NEWSWIRE) --
The military electro-optics/infrared systems market valuation is anticipated to reach USD 15 billion by 2032, as reported in a research study by Global Market Insights Inc.
As per the report, consistent technological breakthroughs leading to the development of highly capable and integrated EO/IR systems that provide enhanced situational awareness and targeting capabilities for military operations will drive business growth.
A noticeable rise in asymmetric threats and the need for effective detection and identification of hostile targets has prompted governments worldwide to invest in defense modernization programs. For instance, in June 2022, the Defence Acquisition Council of India approved military modernization projects worth Rs 76,390 Cr (~USD 9.3 billion). This includes the Navy's next-gen Infantry Combat Vehicle and the Air Force's Light Combat Helicopter. Increasing government support, in line with the rapid deployment of unmanned aerial vehicles (UAVs) and drones, will contribute to the demand for EO/IR systems in military applications.
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Based on product, the military Electro-optics/Infrared systems market size from the lasers segment will reach over USD 3 billion by 2032, claims the report. Military EO/IR lasers offer precise target designation and illumination, enhancing the effectiveness of guided munitions and laser-guided systems, thus, finding extensive usage in military and defense applications. They provide a non-lethal deterrent capability and can be used for dazzle and incapacitation purposes. Besides, the increasing usage of EO/IR lasers in countermeasures, remote sensing, and intelligence gathering makes them valuable tools for military operations, driving product demand.
With respect to application, the military Electro-optics/Infrared systems market from situational analysis segment will grow significantly over 2023-2032. EO/IR systems provide real-time and comprehensive visual information, enabling military personnel to monitor and assess the battlefield effectively. These offer day and night vision capabilities, enhancing awareness in low-light or obscured conditions. Further, the integration of advanced sensors and image processing technologies allows for enhanced target detection, tracking, and identification, contributing to improved situational awareness for military operations.
Asia Pacific military Electro-optics/Infrared systems market will cross USD 3.5 billion by 2032. This growth can be attributed to the need for border and coastal surveillance. Many countries in the Asia Pacific, such as India, South Korea, and China, have extensive borders and coastlines. These need to be surveilled for safety and security purposes, where EO/IR systems are significantly useful. This apart, technological innovations, developments in military equipment, and the growing use of unmanned systems in the region will drive the market growth.
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Military Electro-optics/Infrared (EO/IR) Systems Market News:
- In February 2023, Northrop Grumman was awarded a $45.5 million contract to launch a small weather satellite in 2025. The satellite will be equipped with an EO/IR sensor that will be used to collect weather data for the U.S. military.
- In December 2022, Northrop Grumman announced the release of the latest upgrade for the Hawk Air Defense System's EO/IR sensors. The upgrade will improve the system's performance in low-light conditions and allow it to track more targets simultaneously.
Partial chapters of report table of contents (TOC):
Chapter 3 Military Electro-Optics/Infrared (EO/IR) Systems Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing need for Intelligence, Surveillance, and Reconnaissance (ISR)
3.10.1.2 Increasing demand for advanced situational awareness
3.10.1.3 Development of advanced technologies
3.10.1.4 Growing use of unmanned aerial vehicles (UAVs) or drones
3.10.1.5 Modernization of military forces
3.10.2 Industry pitfalls & challenges
3.10.2.1 Complexity involved in integration of EO/IR System with wide range of platforms
3.10.2.2 High development and production costs
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Northrop Grumman
4.3.2 Lockheed Martin Corporation
4.3.3 BAE Systems plc
4.3.4 Israel Aerospace Industries
4.3.5 Leonardo S.p.A.
4.3.6 L3Harris Technologies, Inc.
4.3.7 Raytheon Technologies Corporation
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
