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Dublin, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The report has been added to ResearchAndMarkets.com's offering.
Global Electro Optical Systems Market to Reach $14.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Electro Optical Systems estimated at US$11.3 Billion in the year 2020, is projected to reach a revised size of US$14.9 Billion by 2027, growing at a CAGR of 4.1% over the period 2020-2027. Airborne, one of the segments analyzed in the report, is projected to record a 3.5% CAGR and reach US$9.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Ground segment is readjusted to a revised 4.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.1 Billion, While China is Forecast to Grow at 5.8% CAGR
The Electro Optical Systems market in the U.S. is estimated at US$4.1 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2027 trailing a CAGR of 5.8% over the period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.
Naval Segment to Record 6.1% CAGR
In the global Naval segment, USA, Canada, Japan, China and Europe will drive the 6.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Select Competitors (Total 62 Featured)
BAE Systems PLC Collins Aerospace Elbit Systems Ltd. FLIR Systems, Inc. General Dynamics Mission Systems, Inc. Instro Precision Limited Israel Aerospace Industries L3Harris Technologies, Inc. Leonardo DRS Lockheed Martin Corporation Rheinmetall AG Saab AB Safran S.A. Textron Systems Thales Group
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Military Electro Optical and Infrared Systems Market: Evolving Defense Needs Support Growth Advancements in Defense Electronics and Miniaturization of Military Electronics Support Market Growth Growing Use of Sensor-Based Systems in Military Applications Augurs Well for the Market With Defense Budgets Coming Under Intense Pressure, EO Systems Market Witnesses Challenging Times Defense Spending Trends Set Demand Dynamics for EO Systems Improving Target Identification, Threat Assessment and Monitoring: Essential Capabilities of EO Systems Growing Emphasis on Border Security Drives Demand for EO Systems Continued Threat of Terrorism Drives the Focus on Surveillance as Counterterrorism Response Thermal Cameras: An Important System for Securing Borders Market Primed to Benefit from the Rising Adoption of High Capability UAVs Increasing Use of Drones in the Battlefield Pushes Up Demand for EO/IR Systems With Unmanned Aircrafts Posing Threat of Terrorism and Smuggling, EO/IR-based Counter-Drone Systems Grow in Prominence Application of EO/IR in Homeland Security and Search and Rescue Missions: Opportunities for Growth Technological Advances to Bolster Market Growth A Glance at Select Innovations in Electro Optical Systems New and Advanced EO Materials Ultra-rapid EO Modulator for Converting THz Signals into Optical Signals US Companies Offer Support to US Air Force for EO/RF-Related Technology Development EO System-Based Coast Guard Technology for Turkey
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
Total Companies Profiled: 62
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