Visiongain has published a new report on Global Military Optronics, Surveillance and Sighting Systems Market Report Forecast 2021-2031. Forecasts By Technology (Image Intensification, Military laser System, and Electro-Optics/Infrared (EO/IR)), By Device Type (Night Vision Devices, Handheld thermal Imaging Devices, Integrated Observation Equipment, Standalone Infrared, Seismic and Acoustic Sensors, and Other Devices), and By Platform (Land, Airborne, and Naval). PLUS, Profiles of Leading Weapon Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global military optronics, surveillance & sighting systems market was valued at US$13,014 million in 2020 and is projected to reach at a market value of US$23,827 million by 2031.
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This is attributed to the growing significance of advanced military optronics, surveillance & sighting systems in the military operations. For instance, developing as well as developed countries are investing substantially in latest defense systems to enhance their military capabilities such as surveillance and sighting for their armed forces.
COVID-19 Impact on Military Optronics, Surveillance & Sighting Systems Market
The military optronics, surveillance & sighting systems market has witnessed slight negative impact during the uncertain times due to the COVID-19 pandemic. Market players around the globe are experiencing disruption in production. Along with the production irregularities, the sector is facing rising costs of raw materials. In addition to this, logistical and economic hurdles have disrupted sales, development and manufacturing of new military optronics, surveillance & sighting systems. Aforementioned factors have led to the slight decline in growth of the market in the year 2020.
Moreover, increasing number of market players have reduced their R&D activities or cutting down R&D expenses more deeply than other expenses owing to the increased focus on transformation of existing business models and upgradation of their management processes. Also, considerable reduction in the revenue during the pandemic has pushed the defense industry players to reconsider their R&D expenses. This factor has further hampered the growth of the market. However, decline in the growth of the market is short term and market is expected to regain its growth rate from the year 2021 due to surge in demand for military optronics, surveillance & sighting systems fuelled by rising concerns of national security.
Upsurge in demand for advanced and accurate surveillance systems in military sector boosts growth of the market. In addition to this, territorial disputes among the countries has led to the demand for such systems to protect borders of the countries. For example, increasing disputes among China, Vietnam and the Philippines have forced Chinese government agencies to increase its military activities in the South China Sea by conducting a series of naval maneuvers as well as exercises using advanced military optronics, surveillance, & sighting systems in March and April 2018.
Moreover, rise in demand for modern army equipment and systems to operate during adverse conditions and at night has pushed the significant demand for the field of night vision devices such as camera, scope, and goggles, further boosting growth of the market.
Major factors creating new growth opportunities for the companies operating in the market includes increase in military modernization initiatives; rapid advancement and integration of next-gen technologies such as artificial intelligence (AI) in defense systems; and rising preference for small unmanned aerial vehicles. In addition to this, emergence of technologically advanced military optronics, surveillance & sighting systems is projected to boost growth of the market in upcoming years. For instance, in January 2021, Lockheed Martin Corp. announced to build three new next-generation infrared spacecraft to help detect enemy ballistic missile launches.
Moreover, several countries are developing next generation of advanced radar-based systems. For instance, Team Tempest, a UK technology and a defense partnership formed by BAE Systems, Leonardo, MBDA, Rolls-Royce and the RAF announced the development of New radar technology by year 2035 that will deliver unparalleled data processing capability on the battlespace, equivalent to nine hours of HD video or the internet traffic of a large city every second.
The military optronics, surveillance and sighting systems market is a highly competitive market with several global and local players. Some of the major players operating in the market are Airbus Group, BAE Systems plc, Elbit Systems Ltd., Exelis, Inc., Finmeccanica, S.p.A., FLIR Systems, Inc., General Dynamics Corporation, L-3 Communications Holdings Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Leidos, Inc., Rafael Advanced Defense Systems Ltd., Northrop Grumman Corporation, Rheinmetall AG, Raytheon Company, SAFRAN S.A., ROLTA India Ltd., Thales Group, Textron, Inc., and Ultra Electronics Holdings plc. Prominent players in the market are inclined towards forming strategic alliance with leading players, acquitting and merging with technology experts, new product development, and geographical expansion in order to gain competitive edge in the market. For instance:
In June 2021, BAE Systems Inc. launched a new cyber threat detection and mitigation product suite to help military customers protect vehicles and systems from cyber threats.
In March 2021, Elbit Systems, the Israeli defense company, launched its next-generation advanced multi-sensor payload system (AMPS NG).
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