San Francisco, July 25, 2016 (GLOBE NEWSWIRE) -- Electro-optic infrared systems allow armies to win battles with ease. They can enhance the capabilities by providing them with surveillance, reconnaissance, and intelligence data. The time-sensitive and accurate data will allow the military to deploy forces and strategize accordingly.
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The global military electro-optic infrared systems (EO/IR) market is anticipated to grow at a 6% CAGR over the forecast period (2014-2018). The market is anticipated to be valued at USD 20 billion in 2014. Ongoing wars and cold tensions between countries to safeguard their borders is the major driver of the market. But the constant technological updates to existing weapons pose a market challenge.
The industry could capitalize on cost-effective cooling techniques of EO/IR systems to penetrate deeper into the aerospace and military sectors. Thermal imaging sensors could play a big role in defining the market scenario in the coming years.
The global market is segmented by types, systems, sensor technology, platforms, and regions. Different EO/IR systems include infrared, laser, and image intensification. Infrared systems will witness the highest growth out of these above-mentioned systems.
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The market divides the systems into imaging and non-imaging. Non-imaging EO/IR systems allow to track and target objects at long ranges. Hyper spectral, multispectral, starring, and scanning comprise the different technologies. These technologies need to be embedded with high-resolution cameras without any noise.
Platforms entail land-based, naval, and air-borne. Air-borne systems need to be embedded with the latest EO/IR systems and such will generate huge market demand. Naval platforms also need these systems for close weapon combat.
Regions include Asia Pacific, North America, Middle East, Europe, and RoW (Rest of the World). North America will experience limited growth due to budget cuts in the region. Asia Pacific is expected to witness a rapid growth over the forecast period. Countries with growing economies such as India, Saudi Arabia, China, Russia, and Brazil will provide an impetus to regional growth.
Prominent players in the military electro-optic infrared systems market are General Dynamics Corporation, BAE Systems plc, Israel Aerospace Industries Ltd. (IAI), and Thales S.A. All the major players are focusing on technological innovations to further their market share.
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Table of Contents
- Executive Summary
- List of Abbreviations
- Scope of the Report
3.1 Market Overview
3.2 Product Offerings
- Market Research Methodology
4.1 Market Research Process
4.2 Research Methodology
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