Military EO/IR systems market to reach $12.9 billion by 2031, study saysNews
October 13, 2021
LONDON. The global military market for electro-optical/infrared (EO/IR) systems, valued at $9.2 billion in 2021, is expected to increase at a combined annual growth rate (CAGR) of 3.43% to reach a value of $12.9 billion by 2031, according to a study by GlobalData, "Global Military Electro-Optical/Infrared (EO/IR) Systems Market to 2031."
Demand for military EO/IR systems is anticipated to be driven in part by the mounting need for battlespace awareness by defense forces. Additionally, the integration of technologically advanced EO/IR systems into modern warfare platforms to obtain information superiority and situational awareness is expected to improve effectiveness of EO/IR systems and hence drive demand.
The study authors assert that increased research in the field of third-generation forward-looking infrared, nonlinear crystals, laser radars, advanced 3D visualization, persistent surveillance systems, and multispectral/hyperspectral sensors will all drive the development of more capable EO/IR systems and boost demand for these.
For additional information visit the GlobalData website.