Global Electro Optical Systems Market to Reach $14.2 Billion by 2026
SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Electro Optical Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 7; Released: February 2022
Executive Pool: 7987
Companies: 62 - Players covered include BAE Systems PLC; Collins Aerospace; Elbit Systems Ltd.; FLIR Systems, Inc.; General Dynamics Mission Systems, Inc.; Instro Precision Limited; Israel Aerospace Industries; L3Harris Technologies, Inc.; Leonardo DRS; Lockheed Martin Corporation; Rheinmetall AG; Saab AB; Safran S.A.; Textron Systems; Thales Group and Others.
Coverage: All major geographies and key segments
Segments: Platform (Airborne, Ground, Naval); System (Imaging, Non-Imaging); Application (Military, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Electro Optical Systems Market to Reach $14.2 Billion by 2026
Electro optical systems or infrared systems constitute imaging systems primarily used by law enforcement and military departments for achieving better situational awareness of environments, during daytime and nights, and even in conditions of low light. Comprising of infrared sensors as well as electro-optical sensors, the EO systems are capable of offering precise optical data during the day and night. Growth in the global market is being driven by rising adoption of EO systems in homeland security (airborne), fire control system, for situational awareness, target acquisition, search and rescue operations, and in ISR (intelligence, surveillance, and reconnaissance). Demand for EO systems is mainly fueled by the rising use of sophisticated sensor-based systems in the military space. The global market for these systems is propelled by increasing adoption in unmanned vehicles and for battle-space awareness along with increasing use by armed forces for efficiently dealing with security threats. Another primary driver for the market is increasing focus of several countries to modernize armed forces and upgrade to new products. These systems are used in the aerospace sector for non-destructive testing as well as by border protection agencies to monitor intrusion. Also, the growing focus on miniaturization will support the emergence of sophisticated, portable, and small EO systems for ISR and situational awareness applications globally.
Amid the COVID-19 crisis, the global market for Electro Optical Systems estimated at US$11.8 Billion in the year 2022, is projected to reach a revised size of US$14.2 Billion by 2026, growing at a CAGR of 4.1% over the analysis period. Airborne, one of the segments analyzed in the report, is projected to record a 3.5% CAGR and reach US$9.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ground segment is readjusted to a revised 4.7% CAGR for the next 7-year period. Airborne platforms are emerging as an important resource for defense forces to ensure an efficient and robust security & surveillance environment. The growth of airborne segment is likely to be supported by the increasing use of these systems in UAV applications including surveillance, mapping, search & rescue and reconnaissance that require cameras to capture data and transfer video information to ground control stations.
The U.S. Market is Estimated at $4.3 Billion in 2022, While China is Forecast to Reach $1.8 Billion by 2026
The Electro Optical Systems market in the U.S. is estimated at US$4.3 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2026 trailing a CAGR of 5.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR. The US dominates market growth due to the huge investments being made in the development and procurement of electro optical systems used in military platforms such as aircraft, armored vehicles, helicopters, naval vessels, submarines and UAVs. Europe is witnessing increasing focus on R&D for these systems to develop lightweight, robust and cost-efficient solutions for mission-critical operations. Asian economies are poised to emerge as promising regional markets for advanced military electro optical and infrared systems. Supported by strong growth exhibited by Japan, Australia, China and India, the spending on electro optical systems is rising. These systems are widely used by armed forces for make quick decisions using superior imagery and intelligence gathering.
Naval Segment to Reach $2.3 Billion by 2026
Escalating territorial disputes among countries and the resulting focus on the naval warfare is prompting naval agencies to use advanced electro optical and infrared systems, sensors and combat systems to update target acquisition capabilities of naval platforms. Naval forces use electro optical systems in different ways like infrared search & track systems and fire control directors. Naval platforms are using these systems in CIWS (Close-in Weapon System) for target acquisition and engagement. Ongoing research is likely to result in launch of advanced sensors for body armor and weapons along with communication systems. In the global Naval segment, USA, Canada, Japan, China and Europe will drive the 5.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$197.6 Million by the year 2026. More
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