The global electro optical system market is expected to be valued at US$ 11,724.2 Million in 2022, rising to US$ 17,806.2 Million by 2032. During the gauge period of 2022-2032.
The market is expected to grow at a CAGR of 4.3% between 2016 and 2021, but the CAGR was estimated to be 3% between 2016 and 2021. Growing interest in health and security, as well as the growing need for a custom-made security system, are expected to aid the market during the forecast period.
Rising global concern for safety and security are major factors influencing the global growth of the electro optical system market. The defence and military sectors are the primary applications for electro optical systems. These sectors currently account for more than 25% of the demand for electro optical systems.
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Electro optical system comprises of electrical devices (like LEDs, Lasers) with an extended part of material physics that operates by the proliferation and communication of light. Electro optical system are known for providing distinctive capabilities to enable the commanders to make decisions at a very fast pace by providing effective situational awareness, intelligence gathering and targeting action.
Global Electro Optical System Market: Market Dynamics
The main action integral to armed forces are intelligence, surveillance, target acquisition and reconnaissance (ISTAR) capabilities which are provided by electro optical system like multi spectral day and night imaging sensors, nigh vision goggles(NVG), laser rangefinders(LRF), forward looking infrared(FLIR) systems, and infrared targeting pods. These capabilities lead to market growth for electro optical system in defense and military applications.
The electro optical system enable flexible deployment of targeted military force based on accurate and timely surveillance and reconssiance with an increased affordability combined with interoperability and mission critical functions suited to military departments. Also the naval forces worldwide implement in electro optical system in new and diverse ways such as EO fire control directors and IR search and track systems.
The continued research in the next several years is expected to manufacture of next-generation sensors for the weapons and body armor, and communications equipment. Also Airborne EO Systems, and Land & Sea-Based EO Systems are the other two areas of deployment for electro optical system expected to flourish in the near future.
With continued research and development of advanced technologies, countries will continue to invest in advanced electro optical system to maintain their competitive position worldwide.
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However, high implementation cost and long-term return on investment are some of the factors that can restrain the growth of Electro optical system market.
Optical imaging is basically the use of visible light to obtain detailed images of an entity which is required to be observed keenly while non-imaging is the use of optimal light illuminated on an object under observation.
Asia Pacific has dominated the market and is expected to have the fastest growth owing to increased surveillance in the region with advanced stage of energy management solutions. North America an early adopter of technology is expected to witness a healthy CAGR with Europe to witness moderate growth in the forecast period.
Global Electro Optical System Market: Competition Landscape
The key vendors in the global Electro Optical System market are Lockheed Martin, Instro, L3 Communication Holdings, Northrop Grumman, BAE Systems Plc, DRS Technologies. Collaborating with other players and service providers in the building energy management market is the key strategy followed by major market vendors to gain competitive edge.
Recent Developments in the Global Electro Optical System Market Include:
- In September 2020, Lockheed Martin Corporation, headquartered in Maryland, U.S announced that it had delivered 700th Electro-Optical Targeting System for the F-35 Lightning II.
- In April 2022, L3 Harris Technologies, announced to design and build a wide-field-of-view electro-optical system to assist surface warships from modern enemy anti-ship cruise missiles under terms of a potential half-billion-dollar contract.
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Global Electro Optical System Market: Segmentation
Global Electro Optical System market is segmented on the basis of systems, application platform, and region.
Global Electro Optical System Markey by Systems:
- Imaging Electro Optical System
- Non-Imaging Electro Optical System
Electro Optical System Markey by Application Platform:
- Air Electro Optical System
- Land Electro Optical System
- Sea Electro Optical System
Electro Optical System Market by Region:
- North America Electro Optical System Market
- Latin America Electro Optical System Market
- Europe Electro Optical System Market
- Asia Pacific Electro Optical System Market
- Middle East & Africa Electro Optical System Market
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