The Military Platform Electro Optics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s report on the Military Platform Electro Optics Global Market in 2024, the size of the military platform electro optics market has demonstrated a consistent upward trajectory in recent years. Forecasts indicate its growth from $4.28 billion in 2024 to $4.48 billion in the same year, reflecting a notable compound annual growth rate (CAGR) of 4.6%. This expansion in the historical period is primarily attributable to modernization initiatives, escalating threats and conflicts, heightened demand from naval platforms, as well as requirements for airborne surveillance and ground vehicle integration.
Anticipated trends suggest that the military platform electro optics market is poised for continued expansion in the upcoming years. By 2028, it is projected to reach $5.31 billion, boasting a CAGR of 4.3%. This growth trajectory in the forecast period is underpinned by an increased emphasis on unmanned systems, the imperative for enhanced targeting to facilitate precision strikes, applications geared towards countering drones, as well as advancements in naval electro-optics and integration with command and control (C2) systems. Noteworthy developments on the horizon encompass integration with unmanned aerial vehicles (UAVs), strides in thermal imaging for all-weather operations, the evolution of multi-sensor fusion systems, heightened focus on cybersecurity measures, and the utilization of hyperspectral imaging for target discrimination.
The growing threat of terrorism and illegal activity is expected to propel the growth of the military platform electro-optics market going forward. Terrorism refers to the use of violence or the threat of violence, especially against civilians, to achieve political, religious, or ideological goals, whereas illegal activity is any activity that is prohibited by law. Military platform electro-optics help counter terrorism and illegal activity by providing real-time, high-resolution battlefield imagery or other areas of interest. This imagery can identify potential threats, track enemy movements, and assess the damage caused by attacks. For instance, in March 2024, according to the report by the Institute for Economics and Peace (IEP), an Australia-based research organization for developing metrics to analyze peace, the Sahel region in sub-Saharan Africa accounted for 43% of global terrorism deaths. 43% of global terrorism deaths occurred in the Sahel regions of Sub-Saharan Africa. In addition to this, in 2021, the number of global terrorist attacks increased to 5,226 with the majority of attacks in the Middle East and North Africa, followed by South Asia and Sub-Saharan Africa. Therefore, the growing threat of terrorism and illegal activity is driving the growth of the military platform electro-optics market.
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The military platform electro optics market covered in this report is segmented –
1) By Product Type: Hyperspectral Electro-Optics, Multispectral Electro-Optics
2) By Platform Type: Land Electro-Optics, Naval Electro-Optics, Airborne Electro-Optics
3) By Point Of Sale: Original Equipment Manufacturer (OEM), Aftermarket
Top 5 Major Players:
- L3Harris Technologies Inc.
- Raytheon Technologies Corporation
- Lockheed Martin Corporation
- Leonardo S.p.A
- Elbit Systems Ltd.,
One prominent trend gaining traction within the military platform electro-optics market is the adoption of AI-enabled threat identification systems. Market players are actively embracing innovative technologies to fortify their market standing. For instance, in April 2024, Raytheon Technologies, a prominent aerospace and defense company based in the United States, unveiled RAIVEN. This AI-powered system, equipped with electro-optics and infrared capabilities, is engineered to detect and identify threats in real-time military operations. Leveraging advanced technologies such as hyperspectral imaging, LiDAR (light detection and ranging), and artificial intelligence, RAIVEN promises to deliver unparalleled targeting precision, heightened battlespace awareness, extended range capabilities, and superior visual prowess.
The military platform electro optics market report table of contents includes:
1. Executive Summary
2. Military Platform Electro Optics Market Characteristics
3. Military Platform Electro Optics Market Trends And Strategies
4. Military Platform Electro Optics Market – Macro Economic Scenario
5. Global Military Platform Electro Optics Market Size and Growth
…..
31. Global Military Platform Electro Optics Market Competitive Benchmarking
32. Global Military Platform Electro Optics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Military Platform Electro Optics Market
34. Military Platform Electro Optics Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Military Platform Electro Optics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Military Platform Electro Optics Market, Segmentation By Platform Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Military Platform Electro Optics Market, Segmentation By Point of Sale, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: L3Harris Technologies Inc. Financial Performance
Table 75: Raytheon Technologies Corporation Financial Performance
Table 76: Lockheed Martin Corporation Financial Performance
Table 77: Leonardo S.p.A. Financial Performance
Table 78: Elbit Systems Ltd Financial Performance
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