Forecasts by Platform (Land-Based, Airborne, Naval), by Device Type (Night Vision Devices, Handheld Thermal Imaging Devices, Integrated Observation Equipment, Standalone Infrared, Seismic and Acoustic Sensors, Other), by Technology (Image Intensification, Military Laser System, Electro-Optics/Infrared (EO/IR) Systems Market) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios
New York, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Optronics, Surveillance & Sighting Systems Market Report 2021-2031" - https://www.reportlinker.com/p06173694/?utm_source=GNW
The global military optronics, surveillance and sighting systems market was valued at US$ US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031. The rising defense budget allocation for advanced military systems and equipment procurement along with the territorial disputes among the countries, proliferation of night vision devices in military sector, and increase in investment towards the procurement of robust surveillance radar especially among the developing countries are some of the major factors that boosting the growth of global military optronics, surveillance and sighting systems market.
How has COVID-19 had a slight negative impact on the military optronics, surveillance and sighting systems market?
In the year 2020, the COVID-19 pandemic has a slight negative impact on the military optronics, surveillance and sighting systems market globally. As a result of the COVID-19 outbreak, which has resulted in country-wide lockdowns, the defense spending by countries have been deprioritized and the research & development in military surveillance & airborne sector has been halted. In addition to this, the pandemic has hampered the production and distribution of military optronics, surveillance and sighting systems as the defense production/manufacturing facilities and supply chains have been affected by the travel restrictions.
However, the decline in the growth of the market is short term and the market is anticipated to witness healthy growth rate from the year 2021. For instance, the pandemic has led to the continuous development of unmanned systems such as aerial drones. Thus, creating new opportunities for the market growth in the post pandemic times.
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How this Report Will Benefit you?
Visiongain’s 510+ page report provides 318 tables and 355+ charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global military optronics, surveillance and sighting systems market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for military optronics, surveillance and sighting systems. Get the financial analysis of the overall market and different segments including technology, device type, and platform, and capture higher market share. We believe that high opportunity remains in this fast-growing military optronics, surveillance and sighting systems market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Proliferation of night vision devices in military sector, the rising defense budgets along with the territorial disputes among the countries, and increase in investment towards the procurement of robust surveillance radar among the developing countries are the major drivers accelerating the growth of the global military optronics, surveillance and sighting systems market. For instance, in June 2021, Germany’s defense procurement agency awarded ESG (Elektroniksystem-und Logistik), a German company with a US$36 million contract for the manufacturing as well as supply of ELTA, a subsidiary of Israel Aerospace Industries, made mobile ground surveillance radars. Procurement of such robust surveillance radar by the countries is projected to boost the growth of the military optronics, surveillance and sighting systems market.
Where are the market opportunities?
Ongoing technological advancements in the field of military optronics, surveillance & sighting systems is one of the major factors that is projected to boost the market growth during the forecast period 2021-2031. For instance, in October 2018, FLIR Systems, Inc. launched the FLIR Black Hornet Vehicle Reconnaissance System (VRS), featuring the Black Hornet 3 nano-unmanned aerial vehicle (UAV) designed for military, government agency, and first responder vehicle-mounted operations.
In addition to this, the rise in proliferation of unmanned aerial vehicles and security cooperation among the countries are expected to propel the military optronics, surveillance & sighting systems market growth. Moreover, advancement of military system is another major factor that are creating massive growth opportunities for the prominent players. For instance, in March 2021, Elbit Systems, Israeli defence company launched next-generation advanced multi-sensor payload system (AMPS NG). This system adds Shortwave Infrared (SWIR) technology to the existing day CCD (Charge-Coupled Device) TV sensors. AMPS NG enhances observation performance in limited visibility conditions.
Major players operating in the military optronics, surveillance and sighting systems market are Airbus Group, BAE Systems plc, Elbit Systems Ltd., Exelis, Inc., Finmeccanica, S.p.A., FLIR Systems, Inc., General Dynamics Corporation, Israel Aerospace Industries, L-3 Communications Holdings Inc., Leidos, Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Rafael Advanced Defense Systems Ltd., Raytheon Company, Rheinmetall AG, ROLTA India Ltd., SAFRAN S.A., Textron, Inc., Thales Group, and Ultra Electronics Holdings plc.
These major players have adopted various strategies such as mergers and acquisitions, substantial investment in R&D, collaborations, partnerships, geographical expansion, and new products launch. For instance, in July 2021, Rafael Advanced Defense Systems launched its new Sea Breaker maritime and land-based long-range missile that combines artificial intelligence (AI) and decision-making algorithms to create a fifth-generation weapon system. It features an advanced Imaging Infra-Red (IIR) seeker and it is ideal for engagement of maritime and land targets, moving or stationary, in advanced Anti Access/Area Denial (A2/AD) arenas.
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