Europe Military Optronics Surveillance And Sighting Systems Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s study on Europe’s military optronics surveillance and sighting systems market estimates it to develop with a CAGR of 5.58% in the forecasting years from 2023 to 2030.
France, Germany, Spain, Italy, the United Kingdom, Belgium, and Rest of Europe are included in the market in this region.
The French military is considered one of the “most capable” military forces in Western Europe, and plans to allocate a defense budget amounting to $45 billion in 2023, with a $3 billion increase over the last year. The government of France is also looking to invest in major military modernization efforts and boost the industrial base for its defense sector.
The DGA, which is the procurement arm of France’s Ministry of Defense, has joined forces with private businesses to create new remotely operated vehicles (ROVs) and autonomous unmanned vehicles (AUVs) to precisely monitor all underwater activity and the seafloor. The French military is thus prepared to transform into a high-intensity combat army, which will accelerate the development of its military optronics surveillance and sighting systems market.
Belgium is a member of the EU and NATO, with a total military force of 33,000 soldiers. The Belgian government has agreed to increase its defense budget by more than $10.98 billion so as to keep up with other European nations. Currently, Belgium spends 1.2% of its GDP as part of its defense expenditure, which is expected to rise to 1.54%, with the latest investments, in the near future. As a result of enhanced military spending as well as the need to strengthen its armed forces to deal with international turbulence, the studied market is expected to witness massive growth in the coming years.
COMPETITIVE OUTLOOK
The distinguished players in the military optronics surveillance and sighting systems market include Thales Group, Lockheed Martin Corporation, General Dynamics Corporation, Rafael Advanced Defense Systems Ltd, and Airbus Group SE.
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