Published on : Jul 24, 2017
Albany, New York, July 24, 2017: Growing territorial disputes between countries have led to the increased focused on naval warfare, thus, propelling several naval agencies to upgrade the target acquisition capability of their existing naval platforms with advanced EO/IR sensors and combat systems. Recently, a new study titled “Global Military Electro-Optical/Infrared (EO/IR) Systems Market 2017-2027” has been published to the vast repository of Market Research Hub (MRH), which provides thorough analysis of the industry, together with market size forecasts and covering next ten years. The study also offers readers a fresh perspective about the underlying factors driving demand for different EO/IR systems segments in the top spending countries across the world.
As per the findings of the study, the global military EO/IR systems market was valued at US$11 billion in 2017, is projected to grow at a CAGR of 2.64% over the forecast period, and to reach US$14.3 billion by the end of 2027. Some of the prime factors behind this growth include increased demand for battlespace awareness by defense forces and technological advancements subsequent in improved efficiency of EO/IR systems.
It is well recognized that Intelligence, surveillance and reconnaissance (ISR) missions are the backbones of modern military tactics. The growing complexities in present day war techniques have created need for effective ISR activities. Nowadays, key defense spenders invest heavily in the research and development of ISR systems such as thermal sights, laser target designators and infrared vision systems. The rising demand for new sighting devices as well as wearable night vision and thermal imaging systems is, therefore, contributing significantly to the growth of the global military EO/IR systems market.
Geographically, the research presents detailed market overview in major countries, such as U.S., Australia, India, Russia, China, France, U.K., Saudi Arabia, Brazil, Algeria and UAE. Through the geographical analysis, the research has analyzed that North America is projected to dominate the sector with a share of 32.8%, followed by Asia Pacific, with an estimated share of 31.4%. The major growth factor in this region is mainly due to the increasing demand from military, public safety and commercial sectors.
Through this study, the readers will get to know about the major dynamics contributing toward this growth which includes detailed information on market trends, drivers, technological developments and challenges. For a clear understanding, the report presents detailed market segmentation which covers major applications and regional segment analysis. Major applications are Air-borne, Naval and Land-based. Of these, Airborne platforms have emerged as one of the most important resources for defense organizations globally to enable a strong and efficient security and surveillance environment. Also, this segment accounts for 64.1% of the overall market.
Further, thorough analysis of the total competitive landscape of the sector with detailed profiles of the top EO/IR solution providers around the world is also given.
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