26 May 2023
Visiongain has published a new report entitled Top 20 Military Electro-Optical and Infrared (EO/IR) Systems Companies Market Report 2023: Forecasts by Type (Imaging EO/IR System, Non-Imaging EO/IR System), by Platform (Airborne EO/IR System, Ground EO/IR System, Naval EO/IR System), by (Application, Military Intelligence, Surveillance, Reconnaissance, Other), by Wavelength (Ultraviolet, Near-Infrared, Short Wavelength Infrared, Medium Wavelength Infrared, Long Wavelength Infrared, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global Military Electro-Optical and Infrared (EO/IR) Systems market was valued at US$8.17 billion in 2022 and is projected to grow at a CAGR of 16.5% during the forecast period 2023-2033.
Technological Advancements in EO/IR Systems are Driving the Market
Technological advancements have played a significant role in the substantial growth of the EO/IR market. Rapid progress in technology has significantly enhanced the capabilities of EO/IR sensors. The development of high-performance, low-power electronics has facilitated the creation of smaller and more efficient EO/IR systems. This miniaturization has led to greater portability and expanded the range of military and commercial applications for EO/IR sensors and systems.
Furthermore, advancements in image processing and computer vision algorithms have revolutionized the field. These improvements enable the processing of vast amounts of data captured by EO/IR sensors, resulting in enhanced capabilities for target detection and recognition. A notable example is the Shotover M2 EO/IR system, introduced in July 2022. This highly advanced system combines EO/IR sensors with advanced stabilization technology, allowing it to deliver high-quality imagery even in challenging environments. It has been designed for various applications, including search and rescue, law enforcement, and military operations. Such advancements exemplify how technology is driving the EO/IR market and expanding its application possibilities.
How has COVID-19 had a significant negative impact on the Top 20 Military Electro Optical and Infrared (EOIR) Systems Companies Report 2023 Market?
Many countries have experienced economic downturns and budgetary constraints due to the pandemic. Governments have had to allocate funds to support healthcare systems, emergency relief measures, and economic recovery efforts. As a result, defense budgets have been impacted, leading to potential cuts or delays in military procurement programs, including those related to EOIR systems.
The pandemic has disrupted global supply chains, causing delays in the production and delivery of EOIR systems. Restrictions on international trade, closure of manufacturing facilities, and logistical challenges have hampered the timely availability of critical components and equipment needed for EOIR systems. This has resulted in supply shortages and delayed project timelines.
How will this Report Benefit you?
Visiongain’s 259-page report provides 88 tables and 126 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global top 20 military electro optical and infrared (EOIR) systems companies report 2023 market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Top 20 Military Electro Optical and Infrared (EOIR) Systems Companies Report 2023. Get financial analysis of the overall market and different segments including type, platform, wavelength, application, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing top 20 military electro optical and infrared (EOIR) systems companies report 2023 market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Demand from Military and Defense Sectors
The demand for EO/IR systems is primarily driven by the military and defence sectors, where these systems are widely used for surveillance, target acquisition, and reconnaissance applications. The advanced capabilities of EO/IR systems in detecting and tracking enemy movements, monitoring borders and territories, and identifying potential threats have made them an essential tool for military and defence operations. The increasing investment in military modernization programs and the growing threat of terrorism and cross-border conflicts have further accelerated the demand for EO/IR systems in these sectors. Moreover, the high-resolution imagery provided by these systems, even in low light or adverse weather conditions, has made them a preferred choice among military and defence organizations. Hence, the increasing demand from the military and defence sectors is a major driving factor for the EO/IR systems market.
Where are the Market Opportunities?
The Increasing Defence Budgets of Several Nations Offer the EO/IR Market a Sizable Window of Opportunity
The increasing defence budgets of several nations offer a significant opportunity for the EO/IR market to grow. For instance, the United States, China, and India have increased their defence budgets in recent years, with a focus on modernizing their military equipment and technology.
In 2022, The United States boost the military budget by 8% over fiscal 2022 levels. The $858 billion plan includes roughly $817 billion in Defense Department spending. This budget includes investments in advanced technologies, such as artificial intelligence, hypersonic weapons, and directed energy weapons, which are expected to drive the demand for EO/IR systems.
The Chinese government announced an increase in its 2022 defence budget by 7.1% from the previous year, with a total budget of CNY1.45 trillion (USD 229.5 billion). This announcement was made at the annual National People's Congress (NPC) opening session held on March 5, 2022. This marks the seventh consecutive year of single-digit growth in China's defence budget.
EO/IR System Integration with Traditional Military Systems
A sizable opportunity for the EO/IR market is the integration of EO/IR systems with traditional military systems. The success of a mission in modern warfare depends on having access to situational awareness and real-time intelligence. By integrating EO/IR systems with traditional military systems, military forces can gain a more complete and accurate understanding of the battlefield. Because of the real-time information sharing and coordinated responses made possible by this integration, military operations are more successful.
The major players operating in the top 20 military electro optical and infrared (EOIR) systems companies report 2023 market are Aselsan A.S., BAE Systems plc, CONTROP Precision Technologies, Corning’s Incorporated, Elbit Systems Ltd., Hensoldt AG, Israel Aerospace Industries Ltd, L-3 Harris Technologies Inc., Leidos Holdings Inc., Leonardo S.p.A, Lockheed Martin Corporation, Logos Technologies, Moog Inc., Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, Saab AB, Safran Group, Teledyne FLIR, Textron Inc, Thales Group, The Boeing Co., Theon Sensors SA. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 28 April 2023, The purchase of Aubert & Duval from Eramet by the holding company, which is owned equally by Airbus, Safran, and Tikehau Capital, has been completed. In particular, the aerospace, defence, nuclear, and medical industries rely on Aubert & Duval as a strategic supplier of critical components and materials.
• 21 April 2023, Safran Helicopter Engines has signed an SBH contract with Bavarian police to provide MRO and services for 16 Arriel 2E Engines powering its new H145 helicopter fleet. The contract was signed before the helicopters' delivery to ensure the engines' optimal performance.
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