Global demand for military electro-optical and infrared systems to reach $16.35 Billion by 2020
DALLAS, 17 Nov. 2014. Global demand for military electro-optical and infrared sensors is expected to reach $16.35 billion by 2020, rising at a combined annual growth rate of 7.71 percent, predict analysts at market research MarketsandMarkets in Dallas.
Electro-optic and infrared (EO/IR) systems are seen as critical force multipliers for military intelligence, surveillance, and reconnaissance (ISR) forces, analysts point out.
Driving industry growth will be the increasing usage of military electro-optical and infrared systems in surveillance operations, analysts say. In Naval platforms, electro-optic systems are finding increasing use in next-generation close-in weapon systems for target acquisition and engagement.
The report entitled Military Electro-Optical and Infrared Systems Market Forecast to 2020 from MarketsandMarkets breaks the global EO/IR market down by type, sensor technology, and by platform.
Different types of E/O sensors include image intensification, laser, infrared. EO/IR technologies include scanning, starring, multispectral, and hyperspectral. Platforms include airborne, land-based, and naval applications.
Global areas covered in the report are North America, Europe, Asia Pacific, the Middle East, and rest of the world. North America is expected to witness a slight decline in the market share due to defense budget cuts.
China, India, Brazil, Russia, and Saudi Arabia, meanwhile, will see an upsurge in demand of electro-optical systems. The dynamic growth of Asia Pacific 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 Co., Lockheed Martin, L-3 Communications, BAE Systems, Thales group, DRS Technologies, Northrop Grumman, Elbit Systems, Harris Corp., Rheinmetall Defence, Textron, Rockwell Collins, II-VI Inc., Ultra Electronics, and Rafael Advanced Defence Systems, analysts say.
The 252-page report has 137 market tables and 104 figures. For more information contact MarketsandMarkets online at www.marketsandmarkets.com.