EOIR Systems Market to Grow at 6.2% by 2030
Surge in the adoption of military electro-optical and infrared (EOIR) systems to enhance border defence and to achieve higher battlefield awareness through intelligence, surveillance and reconnaissance (ISR) has contributed to the market growth globally.
Global Military Electro-Optical and Infrared (EOIR) Systems Market size is estimated to be USD 12.72 billion in 2019 and is predicted to reach USD 24.65 billion by 2030 with a CAGR of 6.2% from 2020-2030, according to research report by Next Move Strategy Consulting.
Military electro optical and infrared system enables the soldier to have enhanced vision and work during low light or dark conditions. EOIR system comprise of devices and components designed to interact between the optical and the electronic state. Other applications of EOIR system in the defence sector includes night vision devices (NVDs), visible-light cameras, infrared (IR) sensors, lasers, distance measuring devices and many more. The rising demand for electro optical and infrared (EOIR) system in military for the development of enhanced defense equipment like night vision devices, lenses and many more has contributed to the growth of military electro-optical and infrared systems market. Also, the increasing government emphasis to enhance their defense is another factor driving the growth of military EOIR system market. However, factors such as stagnant product lifecycle and high cost of military EOIR systems are expected to hinder the market growth in the forecast period.
The global military electro-optical and infrared systems market share is segmented based on type and geography. On the basis of type, the market is divided into airborne EO/IR systems, naval EO/IR systems, and ground EO/IR systems. Geographic bifurcation of military EOIR market includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America holds the lion share in the EOIR systems market owing to the increased adoption of military EOIR systems. This is due to the presence of key players, technological innovations and greater defense expenditure.
However, Asia Pacific is expected to show a steady rise in the adoption of military electro-optical systems market due to the presence of emerging economies, military modernization that encourages the use of modern technologies.
Some of the major market players in the military electro-optical and infrared systems market include BAE Systems Ltd, DRS Technologies Inc, European Aeronautics Defence and Space (EADS), Elbit Systems Ltd, EOIR Technologies Inc, Excelitas Technologies, Exelis Inc, Finmeccanica SpA, FLIR Systems Inc, General Atomics Aeronautical Systems Inc., General Dynamics Corporation, Harris Corporation, Israel Aerospace Industries (IAI) Ltd, L-3 Communications, Leidos and among others.
Browse key industry insights from the report,” Military Electro-Optical and Infrared Systems Market by Type [Airborne Eo/Ir systems, Naval Eo/Ir systems, Ground EO/IR systems] - Global Opportunity Analysis and Industry Forecast, 2020 – 2030.”
Key Insights from the near infrared imaging market report:
Current emerging trends and opportunities are extensively analysed in Military Electro-Optical and Infrared Systems market report.
The forecast of the Military Electro-Optical and Infrared Systems market comes along with additional information associated with opportunities, restrains and key drivers in the market.
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