Overview and Scope
A military electro-optics/infrared (EO/IR) system refers to a technological system that combines both electro-optics and infrared capabilities to gather and process information from the electromagnetic spectrum. It integrates various devices and components to enable the detection, imaging, tracking, and analysis of targets or objects using both visible light and infrared radiation.
Sizing and Forecast
The military electro-optics/infrared (eo/ir) systems market size has grown strongly in recent years. It will grow from $9.75 billion in 2023 to $10.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased threats and conflicts, modernization of military platforms, counterinsurgency operations, border surveillance requirements, search and rescue missions.
The military electro-optics/infrared (eo/ir) systems market size is expected to see strong growth in the next few years. It will grow to $13.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to geopolitical instabilities, growing emphasis on unmanned systems, counter-drone capabilities, enhanced targeting and fire control, natural disaster response. Major trends in the forecast period include integration with command and control (c2) systems, development of 3d imaging technologies, advances in image processing algorithms, focus on cybersecurity for eo/ir systems, application in urban warfare and asymmetric threat environments.
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Segmentation & Regional Insights
The military electro-optics/infrared (eo/ir) systems market covered in this report is segmented –
1) By Product Type: Handheld System, EO/IR Payload.
2) By Component: Human Machine Interfaces, Stabilization Units, Control Systems, Optics, Sensors, Processor.
3) By Imaging Technology: Scanning, Starring, Hyperspectral, Multispectral.
4) By Platform: Land, Airborne, Naval.
5) By Application: Military Intelligence, Surveillance, Reconnaissance.
North America was the largest region in the military electro-Optics/Infrared (EO/IR) Systems market in 2023. The regions covered in the military electro-optics/infrared (eo/ir) 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 growing need for intelligence, surveillance, and reconnaissance (ISR) is expected to propel the growth of the military electro-optics and infrared (EO/IR) systems market going forward. ISR, also known as intelligence, surveillance, and reconnaissance, is a military term that refers to the coordinated gathering, management, and dissemination of precise, timely information and intelligence to aid a commander’s decision-making. Electro-Optical Infra-Red (EO/IR) system sensor technology supports distributed intelligence, surveillance, and reconnaissance (ISR) for military airborne, land-based, and naval platforms. For instance, in March 2022, according to the Defense Intelligence Agency, a US-based intelligence and combat support agency, for the year 2022, there were 550 ISR (intelligence, surveillance, and reconnaissance) satellites that will support military activities. A decade ago, there were almost 100 ISR (intelligence, surveillance, and reconnaissance) satellites. Furthermore, in December 2022, according to Skykam Technical Inspection, a UK-based company that provides UAV building inspection services, the FAA registered 855,860 drones in the United States as of 2023, with 37% of registrations (316,075) for commercial operations used for ISR operations. Therefore, the growing need for intelligence, surveillance, and reconnaissance (ISR) drives the military’s electro-optics and infrared (EO/IR) systems market.
Key Industry Players
Major companies operating in the military electro-optics/infrared (eo/ir) systems market report are Raytheon Technologies Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Thales Group, L3Harris Technologies Inc., BAE Systems PLC, Leonardo SpA, Elbit Systems Ltd., Rheinmetall AG, Ultra Electronics Holdings, Theon Sensors SA, Safran SA, Excelitas Technologies Corp., General Dynamics Corporation, PVP Advanced EO Inc., Textron Inc, Teledyne FLIR, Leidos Holdings Inc., Logos Technologies, Moog Inc., Apie Group, The Boeing Co., CONTROP Precision Technologies, Alpha Design Technologies, SPI Corp, Tonbo Imaging, UTC Aerospace Systems, Zhejiang Dali Technology Co. Ltd., Luminator Technology Group, Curtiss-Wright Corporation
The military electro-optics/infrared (eo/ir) systems market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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