Military EO/IR systems market to reach a value of $12.9 billion by 2031, study saysNews
September 17, 2021
LONDON. The global military electro-optical/infrared (EO/IR) systems market, valued at $9.2 billion in 2021, is anticipated to reach a value of $12.9 billion by 2031, a combined annual growth rate (CAGR) of 3.43%, according to a new study from GlobalData, "Global Military Electro-Optical/Infrared (EO/IR) Systems Market to 2031."
The major factors expected to drive expenditure in the sector are the increasing integration of technologically advanced EO/IR systems into modern warfare platforms to obtain information superiority and situational awareness, along with increasing investments by major militaries in targeting systems, high-resolution payloads, and other systems.
In terms of what region, the study authors predict that the global EO/IR market is expected to be led by North America, with a revenue share of 44.3%, due mainly to high demand for the systems from the U.S. armed forces, a boost in funding for research and development in the sector, and domestic military demand.
For additional information visit the GlobalData website.