Military EO/IR systems market will be driven by situational awareness, information needs, study says
NewsAugust 06, 2020
LONDON. The worldwide market for military electro-optical/infrared (EO/IR) systems, valued at $12.3 billion in 2020, will undergo an overall compound annual growth rate (CAGR) of 2.32% to reach $15.5 billion by 2030, according to a new report from GlobalData, "The Global Electro-Optical/Infrared Systems Market 2020-2030."
Contributing to the growth in such systems, according to the study, will be an increased focus on the need for information superiority by militaries and situational awareness; in addition, mounting demand for battlespace reconnaissance and greater adoption on airborne platforms such as unmanned aerial vehicles (UAV), fighter aircrafts, and helicopters will drive the market.
North America accounted for a significant share of the market in 2020, the study found, primarily due to high demand from the U.S. armed forces for EO/IR systems and a corresponding increase in funding from the U.S. government for research and dvelopment into these systems.
Global research and development in the area of military EO/IR -- including research into the field of 3rd-generation forward-looking infrared, nonlinear crystals, advanced smart sensors and seekers, laser radars, advanced 3D visualization, persistent surveillance systems, and multispectral and hyperspectral sensors -- have led to the adoption of these systems on large numbers of warfare platforms.
For additional information on this study visit the GlobalData website.
