Global demand for military electro-optics and infrared sensors should grow by 40 percent over the next six years, predict analysts at market research firm Markets and Markets in Vancouver, Wash. The worldwide military electro-optics and infrared systems market should grow from $10.15 billion this year to $14.2 billion in 2022, which represents a combined annual growth rate (CAGR) of 5.75 percent, Markets and Markets experts explain in the "Military Electro-Optics/Infrared Systems Market" report. Driving growth in the electro-optics and infrared market are: increasing demand for battlespace awareness by defense forces, and technological advancements to improve efficiency. Also fueling the electro-optics and infrared market is growing demand for border surveillance and situational awareness using unmanned aerial vehicles (UAVs), analysts say. An increase in aerospace and defense research has contributed to the development of miniaturized and lightweight components and defense equipment, especially for airborne applications.
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