Military optronics market will be driven by border, cyber concerns, report saysNews
April 07, 2023
LONDON. The global military optronics surveillance and sighting systems market will grow at a combined annual growth rate (CAGR) of 5.7% during the period 2023 to 2030, to reach $26.99 billion, according to a new study by Triton Market Research, "Global Military Optronics Surveillance and Sighting Systems Market 2023-2030."
The market will be encouraged by such factors, say the study authors, as strained relations between neighboring countries and mounting border conflicts, the increased use of uncrewed aerial systems (UASs), and wider efforts by many nations to develop advanced defense technologies. They additionally cite the growing demand for combat-protective military equipment and advances in radar technologies as likely growth opportunities.
The report cautions, however, that the market could be hampered by such challenges as the high expenditure associated with military equipment, an insufficient supply of military-grade chips, and the rise in cyberattacks on defense systems.
In terms of region, the military optronics market will see strongest growth in the Asia-Pacific over the forecast period. The North American military optronics market held the dominant revenue share globally in 2022, according to the study authors, due largely to extensive patrolling and surveillance at the borders, particularly in the southwest U.S.
For additional information, visit the Triton Market Research website.