Global Military Electro-Optics/Infrared (EO/IR) Systems Market Status and Prospect, Forecast 2018 to 2026
Electro optic/infrared (EOIR) systems are used in war field for tracking and targeting the location of enemy. EO/IR systems gather data and information during daytime by using high-resolution electro-optic (EO) system and uses infrared (IR) imagery during the night.
Increasing need for technological advanced security, intelligence and surveillance system owing to increasing incidences of insurgency is a major factor driving growth of the global military electro optic/infrared (EO/IR) systems market. In addition, increasing demand for drone powered EOIR systems for border surveillance and night watch is another factor propelling growth of the global military electro optic/infrared (EOIR) systems Market. Moreover, development in sensor technology is another factor expected to further drive growth of the military EOIR systems to a significant extent over the forecast period.
The air-borne platform segment is expected to dominate the global military electro optic/infrared (EO/IR) systems market with a market share of XX.X%. Development of technological advanced systems with higher camera resolution, lower power consumption, and smaller size is expected to create lucrative business opportunities for key players in the global military electro optic/infrared (EO/IR) systems market.
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The global military electro-optics/infrared (EOIR) systems market is segmented on the basis of platform, system, and region. The regions covered are North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Amongst the various geographical region, North America dominates the global military electro-optics/infrared (EO/IR) systems market in terms of revenue and is expected to maintain its dominance over the forecast period. This can be attributed to increasing investments in military and defence equipment. The market in Europe is expected to witness moderate growth over the forecast period.
Key players in the Global Military Electro-Optics/Infrared (EO/IR) Systems market include Lockheed Martin Corporation, Northrop Grumman Corporation, BAE Systems Plc, Israel Aerospace Industries Raytheon Company, CONTROP Precision Technologies, DRS Technologies, General Dynamics, L3 Technologies, Inc., Saab AB, and other prominent players.
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