Military EO/IR systems demand to be spurred by improvements in technology, study saysNews
November 15, 2021
LONDON. The global market for military electro-optical/infrared (EO/IR) systems -- valued at $9.2 billion in 2021 -- is anticipated to increase at a CAGR of 3.43% to reach a total of $12.9 billion by 2031, according to new market research from GlobalData, "Global Military Electro-Optical/Infrared (EO/IR) Systems Market to 2031."
According to the study authors, one of the major factors driving expenditure in the EO/IR system sector will be the integration of technologically advanced EO/IR systems into modern warfare platforms to obtain information superiority and situational awareness. This trend, according to the projections, will be additionally bolstered by increasing investments by major militaries in targeting systems, high-resolution payloads, and other systems.
Additionally, according to the research, the EO/IR market is experiencing demand in both man-portable and airborne platforms, thereby leading to sustained investment in both these segments.
In terms of region, the market is expected to be led by North America with a revenue share of 44.3%, mostly due to sustained high demand from the U.S. armed forces for EO/IR systems.