Latin America Military Optronics Surveillance And Sighting Systems Market 2023-2030
MARKET OUTLOOK
The military optronics surveillance and sighting systems market in Latin America is estimated to progress with a CAGR of 6.06% in the forecast period from 2023 to 2030, according to a report by Triton Market Research. Mexico, Brazil, and Rest of Latin America are assessed in the market in this region.
The government of Mexico invested over $7.77 billion for strengthening its armed forces in 2021. The Merida Initiative’s anti-drug and anti-organized crime activities have been the key factors influencing defense spending in the nation. Further, Mexico plans to militarize more civilian tasks, such as conducting domestic anti-crime operations and operating national parks, as its defense budget increases.
The Secretariat of National Defense (SEDENA) for the army and the air force and the Secretariat of the Navy (SEMAR) oversee the necessary defense procurement programs in Mexico. Owing to the likelihood of infiltration at the United States-Mexico border, the demand for military optronic surveillance systems is anticipated to rise substantially in the near future.
Also, in 2021, Silent Sentinel was awarded a contract for coastal surveillance at a Mexican navy base. The security and surveillance systems provider will provide its Osiris Searcher as a critical component of coastal monitoring systems at this naval facility on the Pacific coast of Mexico. An Osiris PTU equipped with a 550 mm cooled MWIR thermal camera as well as a 30X HD visible zoom feature is part of the Osiris Searcher system.
COMPETITIVE OUTLOOK
The eminent players engaged in the military optronics surveillance and sighting systems market include Airbus Group SE, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, and Rafael Advanced Defense Systems Ltd.
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