Overview and Scope
An electro-optical system is an imaging system that uses a combination of electronics and optics to generate, detect, and measure radiation in the optical spectrum. They are used to convert light into an electrical signal and to detect electromagnetic radiation with wavelengths ranging from infrared to ultraviolet.
Sizing and Forecast
The electro optical systems market size has grown strongly in recent years. It will grow from $13.33 billion in 2023 to $14.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to military modernization programs, commercial applications expansion, increased security concerns, demand in automotive safety..
The electro optical systems market size is expected to see strong growth in the next few years. It will grow to $17.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rise in counterterrorism measures, integration into smart cities, growing adoption in healthcare, expanding space exploration initiatives, emergence of advanced manufacturing.. Major trends in the forecast period include focus on non-destructive testing (ndt), enhanced night vision technologies, integration of augmented reality (ar) displays, application in medical imaging and diagnosis, focus on environmental monitoring and climate studies..
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Segmentation & Regional Insights
The electro optical systems market covered in this report is segmented –
1) By System: Imaging, Non-Imaging
2) By Component: Sensor, Camera, Laser, Photodetectors, Other Components
3) By Application: Air Electro Optical System, Land Electro Optical System, Sea Electro Optical System
4) By End Use: Defense, Commercial
North America was the largest region in the electro optical systems market in 2023. The regions covered in the electro optical systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising deployment of unmanned aerial vehicles (UAV) is expected to boost the growth of the electro-optical system market going forward. An unmanned aerial vehicle (UAV) is a powered aerial vehicle without a human operator that can fly autonomously or under remote control, carry a lethal or nonlethal payload, and be expendable or recoverable. In Unmanned aerial vehicles (UAV), electro-optical systems are used as sensors to navigate appropriately, sense and avoid obstacles, and detect movement. For instance, in 2022, according to the Federal Aviation Administration, a US-based Department of Transportation, there were around 800,000 small drone registrations in 2020, and approximately 1.58 million small drones already accounted for in 2021. Further, the number of small drones is expected to increase to 1.81 million units by 2026. Therefore, the Rising deployment of UAVs is driving the growth of the electro-optical system market.
Key Industry Players
Major companies operating in the electro optical systems market report are Raytheon Technologies Corp., Lockheed Martin Corporation, Northrop Grumman Corporation, Honeywell International Inc., Canon Inc., BAE Systems Plc., Fujifilm Holdings Corporation, Safran S.A, Collins Aerospace, Thales Group, L3Harris Technologies Inc., Leidos Holdings Inc., Corning Incorporated, Rheinmetall AG, Elbit Systems Ltd., Teledyne Technologies Inc., General Dynamics Mission Systems Inc., Saab AB, MKS Instruments Inc., Coherent Inc., Leonardo DRS Inc., Jenoptik AG, EOS GmbH, Textron Systems Corporation, Thorlabs Inc., Instro Precision Limited, Optikos Corporation, FLIR LLC,
The electro optical systems market report table of contents includes:
1. Executive Summary
2. Electro Optical Systems Market Characteristics
3. Electro Optical Systems Market Trends And Strategies
4. Electro Optical Systems Market – Macro Economic Scenario
5. Global Electro Optical Systems Market Size and Growth
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31. Electro Optical Systems Market Other Major And Innovative Companies
32. Global Electro Optical Systems Market Competitive Benchmarking
33. Global Electro Optical Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electro Optical Systems Market
35. Electro Optical Systems Market Future Outlook and Potential Analysis
36.Appendix
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