Military Electro-Optical/Infrared Systems Market Worth $16.35 Bn by 2020
- According to a New Study on ASDReports
According to the new market research report, now available on ASDReports, "Military Electro-Optical / Infrared Systems Market by Type (Image Intensification, Laser, Infrared), by System (Imaging & Non-Imaging), by Sensor Technology (Scanning, Starring, Multispectral, Hyper spectral), by Platform (Airborne, Land-based, Naval) - Forecast to 2020", published by this report, the global military electro-optical/infrared systemsmarket is expected to reach $16.35 Billion by 2020, to register a CAGR of 7.71%.
Electro-optic Infrared (EO/IR) systems provide militaries with exceptional battlefield capabilities. In particular, EO/IR systems are integral to the intelligence, surveillance, & reconnaissance (ISR), intelligence, surveillance, target acquisition and reconnaissance (ISTAR) capabilities of the modern military forces. EO/IR capabilities are seen as a critical force multiplier, enabling a flexible deployment of targeted military forces that are based on accurate and timely surveillance and reconnaissance.
Military Electro-Optical / Infrared Systems Market - Forecast to 2020
This report segments the military electro-optical/infrared systems on the basis of system, type, sensor technology, and region. The geographical analysis contains an in-depth classification which includes theNorth America, Europe, APAC, the Middle East, and ROW, thus, encompassing the major countries that cover the respective markets. The report also discusses the industry, market, and technology trends that currently, prevail in the market. The report provides vital information on key trends related to sensor and imaging technologies. It is expected that advancements in the sensor technologies would shape and influence the said market.
The growth is expected to be driven by the increasing usage of military electro-optical/infrared systems in surveillance operations. In Naval platforms, electro-optic systems are finding increasing use in next generation close in weapon system (CIWS). CIWS use electro-optic systems for target acquisition and engagement.
There is a bullish trend towards the imaging technologies adopted by the market leaders, in this market. The infrared systems are expected to witness a rapid growth during the forecast period. North America is expected to witness a slight decline in the market share during the forecast period, due to defense budget cuts, compared to other regions. China, India, Brazil, Russia, and Saudi Arabia are identified as emerging economies which are expected to witness an upsurge in demand of electro-optical systems. Blue Ocean strategies in the defense sector will help the market grow at a rapid pace. The APAC countries will focus on growth, aim to create an uncontested market space, and direct their region’s economies on a higher trajectory for the long run. Along with the organic and inorganic growth strategies being adopted, military Keynesianism is also expected to fuel the market in the emerging economies. The ongoing dynamic growth of economies, especially in Southeast Asia, is expected to present defense companies with significant opportunities in this market.
Key players profiled in this market are Raytheon Company, Lockheed Martin, L-3 Communications Holdings, Inc. BAE Systems Plc. Thales group, DRS Technologies, Northrop Grumman, Elbit Systems Ltd., Harris Corporation, RheinmetallDefence AG, Textron, Rockwell Collins, II-VI, Inc., Ultra Electronics Holdings, Inc., and Rafael Advanced Defence Systems Ltd. A competitive landscape with respect to the aforementioned players and their market share has also been provided in the report. In a nutshell, this market has enormous potential for new technological advancements and is expected to grow at a steady growth rate during the forecast period.
Source : ASDReports - Market Research - view original press release