Military EO/IR market to reach US$10bn by 2024
The Global Military Electro Optical Infrared (EO/IR) market is expected to value US$7.3 billion by the end of 2014, which is estimated to increase to US$10 billion by 2024, representing a CAGR of 3.22% during the forecast period, according to the new market report available on ASDReports: 'The Global Military Electro Optical Infrared (EO/IR) Market 2014–2024'.
The military EO/IR Systems market is expected to be dominated by North America, followed by Europe and Asia-Pacific. Modern warfare places a greater emphasis on information superiority and situational awareness and this expected to be a major factor driving spending in this sector.
The Global Military Electro Optical Infrared (EO/IR) Market 2014-2024
To capitalize on the opportunities presented by market growth, organizations with a vested interest in the Global Military Electro Optical Infrared (EO/IR) market must remain sensitive to the key drivers of the market, thereby facilitating informed business decisions that maximize profits with minimized risk.
Key Insights Include:
Miniaturization is one of the biggest challenges faced by the sector in recent times. It is also expected that it will scale up further during the forecast period. EO/IR sensors are becoming standard fitment across several military platforms especially in the air force. The military’s round the world are focusing heavily on decreasing the size of the aircraft which is putting enormous pressure on the manufacturers as they have to compromise on performance in order to reduce the size and weight of the device especially the sensors.
EO/IR Systems were continuously deployed in Afghanistan on ground vehicles, UAVs and aircraft to support NATO troops with intelligence, surveillance, and reconnaissance and target acquisition capabilities in difficult terrains. In the process, these countries have piled up a large number of EO/IR System payloads and their associated sensors. The US and the UK purchased EO/IR Systems as urgent operational requests and thus, as stated by the UK MoD, the future use of these systems after the troops’ withdrawal is unclear.
The sector growth in the past has come from new procurements these have been on the lower side after the recession due to budget cuts by defense ministries in the US and western European countries. Although, these developments have not significantly impacted the growth in the EO/IR industry, they have clogged the growth rates which have been forecasted to remain unprecedentedly high before the economic downturn in 2007.
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Source : ASDReports - Market Research