Global Military Electro-Optical/Infrared (EO/IR) Systems Market 2017-2027
LONDON, Aug. 7, 2017 /PRNewswire/ --
Global Military Electro-Optical/Infrared (EO/IR) Systems Market 2017-2027
Summary
Global military EO/IR systems market is expected to be worth US$11 Billion in 2017 and is expected increase to US$14.3 Billion by 2027, representing a CAGR of 2.64% during the forecast period. Rapidly changing requirements of military forces for traditional and emerging war techniques, the heightened need for Intelligence, Surveillance and Reconnaissance (ISR) activities and modernisation initiatives being undertaken by defence ministries across the world are boosting the demand for military EO/IR systems globally.
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In terms of categories, airborne military EO/IR systems is expected to account for the highest proportion of spending, followed by markets for ground and naval based systems. With the rapidly growing implementation and deployment of Network Centric Warfare (NCW), demand for sensors to be used in intelligence, surveillance, and reconnaissance and observation platforms have surged over the years. This in turn has led to a rise in demand for airborne military EO/IR systems globally. Over the forecast period airborne military EO/IR systems are projected to account for a leading share of 64.1% in the global market.
During 2017-2027, North America is expected to lead the global military EO/IR systems market with cumulative expenditure of US$40.5 Billion. The spending in the region will be largely driven by the ongoing and future procurement programs of the US, which comprises a large majority of the region's overall investment on electro-optical systems,. The country is expected to continue to invest robustly on military procurements, including aircraft, helicopters, armored vehicles, naval vessels, UAVs and submarines, which in turn will drive the demand for related EO/IR systems.
The North American market will be closely followed by the Asia Pacific region which is estimated to be the second highest spender on military EO/IR systems during 2017-2027. With cumulative spending of US$38.9 Billion, the Asia Pacific region is also projected to be the highest growing market during the forecast period. Emerging economies in the region, such as India and China, are witnessing increasing defense expenditure, which in turn is projected to lead to an increased spending on military equipment, such as aircraft, military vehicles and naval vessels, along with related EO/IR systems. Besides, the need for advanced situational awareness and information dissemination abilities is also driving the development and procurement of several EO/IR based aircraft, rotorcraft, and UAV payload systems, which provide capabilities such as relatively low-cost enhanced ISR and combat search and rescue (CSAR).
The report "Global Military Electro-Optical/Infrared (EO/IR) Systems Market 2017-2027" report offers detailed analysis of the Global Military EO/IR Systems Market over the next ten years, and provides market size forecasts. Furthermore, it covers key technological and market trends in the industry, and analyzes factors influencing demand for military EO/IR Systems. Additionally, the report also highlights challenges faced by industry participants.
In particular, it provides an in-depth analysis of the following -
- Overview: Snapshot of the military EO/IR systems market during 2017-2027, including highlights of the demand drivers, trends and challenges. It also provides a snapshot of the spending with respect to regions as well as segments.
- Market Dynamics: Insights into the technological developments in the military EO/IR systems market and a detailed analysis of the changing preferences of governments around the world. It also analyzes changing industry structure trends and the challenges faced by the industry participants.
- Segment Analysis: Insights into the military EO/IR systems market from a segmental perspective and a detailed analysis of factors influencing the market for each sector.
- Regional Review: Insights into modernization patterns and budgetary allocation for top countries within a region.
- Regional Analysis: Insights into the military EO/IR systems market from a regional perspective and a detailed analysis of factors influencing the market for each region.
- Trend Analysis - Key Defense Market: Analysis of the key markets in each region, providing an analysis of the military EO/IR systems segments expected to be in demand in each region.
- Key Program Analysis: Details of the top programs in each segment expected to be executed during the forecast period.
- Competitive landscape analysis: Analysis of competitive landscape of the global military EO/IR systems industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives and a brief financial analysis.
Companies mentioned in this report: Northrop Grumman, DRS Technologies, Elbit Systems, BAE Systems, FLIR Systems, L-3 Technologies, Lockheed Martin, Raytheon, Thales, Selex, Corning, Cubic Global Defense.
Scope
- The global military EO/IR systems market, valued at US$11 billion in 2017, is projected to grow at a CAGR of 2.64% over the forecast period, to reach US$14.3 billion by 2027 and cumulatively value US$123.6 billion. The market consists of three categories: airborne, ground-based and naval. The market is expected to be dominated by airborne segment, which will account for 64.1% of the market, followed by ground-based and naval segments with shares of 28.5% and 7.4% respectively. North America is projected to dominate the sector with a share of 32.8%, followed by Asia Pacific, with an estimated share of 31.4%
Reasons to buy
- Determine prospective investment areas based on a detailed trend analysis of the global military EO/IR systems market 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 military 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 military EO/IR systems market
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