Electro Optical Infrared EO/IR Systems Market to Witness Massive Growth By Forecast
The global electro-optical/infrared (EO/IR) systems market size is expected to reach USD 20.36 billion by 2026, exhibiting a CAGR of 5.84% during the forecast period. The growing necessity to improve target identification, assess threats, and monitoring in different weather conditions will spur opportunities for the market during the forecast period. The increasing application of EO/IR in fire control system, airborne homeland security, search and rescue, surveillance, and intelligence, surveillance, target acquisition, and reconnaissance (ISR) will boost the electro-optical/infrared (EO/IR) systems market trends, states Fortune Business Insights in a report, titled “Electro-Optical/Infrared (EO/IR) Systems Market Size, Share and Industry Analysis by Systems (Imaging System and Non-Imaging System), By Technology (Cooled and Uncooled), By Sensor Technology (Staring Sensor and Scanning Sensor), By Imaging Technology (Multispectral and Hyperspectral), By wavelength (Ultraviolet, Near Infrared, Short Wavelength Infrared, Medium Wavelength Infrared, and Long Wavelength Infrared), By Platform (Airborne, Land, and Marine/Naval), By End User (Commercial and Military), and Regional Forecast, 2019- 2026” the market size stood at USD 13.15 billion in 2018.
The Electro Optical Infrared (EO/IR) Systems Market has been experiencing significant growth in recent years. This can be attributed to the rising demand for surveillance and reconnaissance activities in various industries such as defense, aerospace, and homeland security. EO/IR systems are used for target detection, identification, and tracking in both day and night conditions. They offer several advantages over traditional imaging systems, including high-resolution images, accurate target recognition, and improved situational awareness. Additionally, the increasing investment by governments and defense organizations to modernize their military equipment has led to the adoption of advanced EO/IR systems. The market is expected to continue its growth trajectory in the coming years due to the increasing demand for EO/IR systems in commercial applications such as search and rescue, wildlife monitoring, and infrastructure inspection.
https://www.fortunebusinessinsights.com/u-s-electro-optics-infrared-systems-market-104533
Competitive Landscape:
Contract Bagged by Elbit Systems to Accelerate Market Potential
Elbit Systems Ltd., an Israel-based international defense electronics company announced that its subsidiary, Elbit Systems of America LLC received a contract by Raytheon Company, a manufacturer and leader in weapons and military electronics for the U.S. defense, to deliver the Two-Color Laser System (TCLS) for the Multi-Spectral Targeting System. The agreement between Elbit Systems of America LLC and Raytheon Company will promote the electro-optical/infrared (EO/IR) systems market revenue during the forecast owing to the Two-Color Laser System (TCLS) capabilities in airborne missions. For instance, TCLS is used in multiple military airborne platforms, including the next-generation targeting systems onboard unmanned aerial vehicles. Furthermore, President and CEO of Elbit Systems of America, Raanan Horowitz, said in a statement, “The Two-Color Laser System provides increased targeting accuracy and flexibility, minimizing the potential for collateral damage. These attributes are key to U.S. warfighters who depend on these systems for a successful mission.”
Nonetheless, the growing adoption of advanced sensors integrated systems for military applications will drive the electro-optical/infrared (EO/IR) systems market share in the foreseeable. The rising demand for unmanned vehicles for detection and surveillance will perpetually support the growth of market.
Regional Analysis:
Rising Emphasis on Border Security to Propel Market in Asia Pacific
The market in North America stood at USD 6.21 billion and is expected to grow rapidly in the forthcoming years owing to the presence of major players in the region. Asia Pacific is predicted to witness a high growth rate in the forthcoming years due to the rising military expenditure. The increasing border security will subsequently foster the growth of the market in the region. The increasing technological advancement in military electronics will facilitate growth in the region. The rising development and production of high-class military aircrafts and UAVs for military operations will favor healthy growth in Asia Pacific. The growing deals and agreements among players will consequently bode well for the market in Asia Pacific. For instance, Elbit Systems Ltd. announced that it was granteda deal of approximately $670 million contract to supply defense solutions to a country in Asia-Pacific. The contract will be performed over a 25-month period.
The Report Lists the Main Companies in the EOIR Systems Market:
- Lockheed Martin Corporation
- Raytheon Company Leonardo
- S.p.A. Elbit Systems Ltd.
- L-3Harris Technologies Inc.
- BAE Systems PLC.
- Thales Group
- Northrop Grumman Corporation
- General Dynamics
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