DUBLIN, September 23, 2021--(BUSINESS WIRE)--The "Global Military Electro-Optical/Infrared (EO/IR) Systems Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights" report has been added to ResearchAndMarkets.com's offering.
The global military electro-optical/infrared (EO/IR) systems market is valued at US$9.2 billion in 2021 and is anticipated to increase at a CAGR of 3.43% to reach a value of US$12.9 billion by 2031.
The cumulative market for global EO/IR systems is estimated to value US$119.6 billion over the forecast period. The demand for EO/IR systems is anticipated to be driven by the increased need for battlespace awareness by defense forces and technological advancements to improve effectiveness of EO/IR systems.
The integration of technologically advanced EO/IR systems into modern warfare platforms to obtain information superiority and situational awareness is expected to be a major factor driving the expenditure in this sector. This trend is further supported by increasing investments by major militaries in targeting systems, high resolution payloads, and other systems.
Research in the field of third-generation forward-looking infrared, nonlinear crystals, laser radars, advanced 3D visualization, persistent surveillance systems, multispectral and hyperspectral sensors, is leading to the creation of more capable EO/IR systems. The EO/IR market is seeing demand from man-portable and airborne platforms, leading to sustained investment in both the segments.
The US is the leader in the research and development of military EO/IR systems and related technologies and is currently conducting several test programs and experiments in this sphere.
Lockheed Martin Corp
Raytheon Technologies Corp
Theon Sensors SA
L3 Harris Technologies Inc
Elbit Systems Ltd
Teledyne Technologies Inc
The global military electro-optical/infrared (EO/IR) systems market is expected to grow at a CAGR of 3.43% over the forecast period.
The global military electro-optical/infrared (EO/IR) systems market is classified across various categories; Platform-Based, Man-Portable and Stationary.
The global military electro-optical/infrared (EO/IR) systems market is expected to be led by North America with a revenue share of 44.3%. The region's significant share is primarily due to high demand from the US Armed Forces for EO/IR systems. The increasing funding from the US government for R&D activities and domestic demand from the military are key contributors to the US market for military EO/IR systems.
Man-Portable EO/IR is expected to be the largest segment of the EO/IR Systems market over the forecast period.
Reasons to Buy
Determine prospective investment areas based on a detailed trend analysis of the global military electro-optical/infrared (EO/IR) systems over the next ten years
Gain in-depth understanding about the underlying factors driving demand for different EO/IR Systems segments in the top spending countries across the world and identify the opportunities offered by each of them
Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
Identify the major channels that are driving the global EO/IR Systems market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global EO/IR Systems market
Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top EO/IR Systems providers around the world. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available
Key Topics Covered:
Global Military EO/IR Systems Market - Overview
Global Military EO/IR Systems Market - Segment Analysis
Global Military EO/IR Systems Market - Regional Analysis
Global Military EO/IR Systems Market - Trend Analysis
Key Programs Analysis
Competitive Landscape Analysis
For more information about this report visit https://www.researchandmarkets.com/r/zd5ydh
View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005420/en/
Laura Wood, Senior Press Manager
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