Global Electro-Optical/Infrared (EO/IR) Systems Market Report and Forecast 2023-2028

Global Electro-Optical/Infrared (EO/IR) Systems Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global electro-optical/infrared (EO/IR) systems market reached a value of USD 15.07 billion in 2022. Aided by the escalating demand for advanced surveillance systems and the expanding applications of EO/IR technologies across various sectors, the market is projected to further grow at a CAGR of 3.7% between 2023 and 2028 to reach a value of USD 18.88 billion by 2028.

Electro-optical/infrared systems are crucial components used in surveillance, reconnaissance, and targeting applications. They play an integral role in various sectors, including defence, homeland security, and commercial industries. These systems leverage thermal imaging and laser range-finding technologies to facilitate superior monitoring, detection, and tracking operations.

The escalating demand for advanced surveillance systems is a significant factor driving the global electro-optical/infrared (EO/IR) systems market growth. With the growing need for enhanced national security and surveillance in the face of geopolitical conflicts and increasing instances of cross-border disputes, there has been a substantial rise in the demand for EO/IR-based systems. These systems provide superior reconnaissance and target acquisition capabilities, bolstering their adoption in defence and security applications.

Moreover, the rising trend of modernising military equipment has further amplified the demand for EO/IR systems. These technologies offer enhanced situational awareness, precise target tracking, and high-resolution imagery, making them indispensable for modern warfare and military operations.

The burgeoning applications of EO/IR systems in various industries also contribute significantly to the electro-optical/infrared (EO/IR) systems market expansion. In the commercial sector, these systems find increasing usage in search and rescue operations, wildlife observation, and infrastructure monitoring. The burgeoning aerospace industry employs EO/IR systems for weather monitoring and aircraft navigation, further fuelling market growth.

Furthermore, advancements in EO/IR technologies, including the development of multispectral and hyperspectral imaging systems, are anticipated to propel the electro-optical/infrared (EO/IR) systems market growth. These advanced systems provide higher image resolution and improved target detection capabilities, expanding their application scope across diverse sectors.

The rise in the unmanned aerial vehicle (UAV) market is also a critical factor in promoting the electro-optical/infrared (EO/IR) systems market development. These systems are integral components of UAVs, providing surveillance, target tracking, and terrain classification capabilities. The growing use of UAVs for military, commercial, and recreational applications is expected to boost the demand for EO/IR systems.

Market Segmentation

The market can be divided based on technology, sensor technology, imaging technology, wavelength, platform, end use, and region.

Market Breakup by Technology

• Cooled
• Uncooled

Market Breakup by Sensor Technology

• Scanning Sensor
• Staring Sensor

Market Breakup by Imaging Technology

• Multispectral
• Hyperspectral

Market Breakup by Wavelength

• Ultraviolet
• Short Wavelength Infrared
• Medium Wavelength Infrared
• Long Wavelength Infrared
• Near Infrared

Market Breakup by Platform

• Land
• Airborne
• Marine/Naval

Market Breakup by End Use

• Military
• Commercial

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global electro-optical/infrared (EO/IR) systems companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Raytheon Technologies Corporation
• Lockheed Martin Corporation
• Thales Group
• Northrop Grumman Corporation
• BAE Systems PLC
• Rheinmetall AG
• L3Harris Technologies, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.