Electro Optics Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.03 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electro Optics Systems Market Analysis
The Electro Optics Market has registered a CAGR of 4.03% over the forecast period 2021 - 2026. The rising concern for safety and security and the need for advanced defense systems and equipment are the primary factors boosting the growth of the electro optics market across the globe.
- Major regions across the globe are witnessing a technological transformation, with increasing different types of attacks makes imagery in decision-making processes very crucial and thereby driving the use of electro-optics technologies to better counter the increasing security threats and making the process of decision making faster. Thus, there is a need by the armed forces to make its electro-optics systems advanced enough to cope up with the security threats
- Moreover, the electro optics system are also being used for non-destructive testing in the aerospace sector and also the border protection agencies use these systems for monitoring an intrusion attempt. As terrorist activities are on a rise across various regions, there is an immense need for advanced surveillance systems and the need to prevent intrusion attempts by the terrorist organization, which is driving the market forward
- Some of the main tasks of the armed forces are surveillance, intelligence, and target acquisition which are provided by electro optics system. These equipment include multispectral day and night imaging sensors, laser rangefinders(LRF), night vision goggles, and infrared targeting pods among others. These capabilities have lead to the growth of electro optics market in defense and military applications
Electro Optics Systems Market Trends
This section covers the major market trends shaping the Electro Optics Market according to our research experts:
Defense Segment to Witness High Growth
- With the increasing demand for technologically advanced security and surveillance systems due to the increasing acts of insurgency, also the increasing demand for the drone-powered electro-optical systems for surveillance and night watch are some of the factors driving the market.
- These systems present various advantages, such as in case of low visibility, low light cameras are used as they give better performance with comparatively less power consumption and better output. Moreover, laser range finders are used in both day or night time and in nearly all environmental conditions, such as haze, smoke, fog, and rain.
- With the ongoing advancements in electro optics system, they have enabled 24-hour situational awareness, 360-degree rotation, guidance for defense gunnery, and automated object detection. These systems can recognize the targets in the day or at night and in high as well as in low contrast environments.
- Owing to the increasing military expenditure worldwide, with the armed forces acquiring various devices such as electro optical systems and also developing new technologies in this field, the market is expected to witness further growth.
Asia-Pacific to Witness High Growth
- Electro optics and related equipment are being increasingly used by the armed forces in this region due to the advantages provided by these systems such as enabling fast-paced decision-making through effective imagery solution, intelligence gathering and targeting solutions.
- Amongst the Asia Pacific region, growing economies like China and India are the ones who are highly investing in procurement of these systems. This is primarily driven by the fact that these countries are continuously trying to modernize their armed forces to face any security threats from terrorist organizations in a better way.
- Moreover, soldier modernization programs are also driving the market in this region. The development of eye-safe laser equipment that is harmless on a soldier eyes have become a global need and will replace the existing equipment used for search applications for defense forces is also a factor which drives the market.
Electro Optics Systems Industry Overview
The electro optics market is highly competitive owing to the presence of many large players in the market operating their business in domestic as well as in the international market. The market is moderately concentrated with certain major players accounting for a significant share. Majorplayers in the market are adopting strategies like product and technological innovation and mergers and acquisitions. Some of the major players in the market are
- June 2019 - Lockheed Martin successfully delivered the 500thElectro-Optical Targeting System (EOTS). EOTS is the world's first sensor to combine forward-looking infrared and infrared search and track functionality to provide F-35 pilots with precise air-to-air and air-to-ground targeting capability.
- March 2019 -FLIR Systems, Inc. announced that it has completed its previously announced acquisition of Endeavor Robotic Holdings, Inc., a leading developer of battle-tested, tactical unmanned ground vehicles (UGVs) for the global military, public safety, and critical infrastructure markets, from Arlington Capital Partners.
Electro Optics Systems Market Leaders
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Lockheed Martin Corporation
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Thales Group
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Flir Systems Inc
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BAE Systems plc
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Northrop Grumman Corporation
*Disclaimer: Major Players sorted in no particular order
Electro Optics Systems Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Introduction to Market Drivers and Restraints
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4.3 Market Drivers
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4.3.1 Increased Deployment of Electro Optics for Unmanned Vehicles
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4.4 Market Restraints
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4.4.1 High Implementation Cost and Long-term Return on Investment
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4.5 Industry Attractiveness - Porter's Five Force Analysis
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4.5.1 Threat of New Entrants
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4.5.2 Bargaining Power of Buyers/Consumers
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4.5.3 Bargaining Power of Suppliers
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4.5.4 Threat of Substitute Products
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4.5.5 Intensity of Competitive Rivalry
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5. TECHNOLOGY SNAPSHOT
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6. MARKET SEGMENTATION
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6.1 By Application Platform
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6.1.1 Air Based
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6.1.2 Land Based
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6.1.3 Naval Based
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6.2 By End User
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6.2.1 Defense
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6.2.2 Aerospace
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6.2.3 Homeland Security
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6.3 Geography
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6.3.1 North America
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6.3.2 Europe
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6.3.3 Asia-Pacific
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6.3.4 Latin America
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6.3.5 Middle East & Africa
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7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
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7.1.1 Northrop Grumman Corporation
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7.1.2 Leonardo DRS
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7.1.3 Elbit Systems Ltd.
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7.1.4 BAE Systems plc
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7.1.5 FLIR Systems
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7.1.6 L-3 Technologies
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7.1.7 Lockheed Martin Corporation
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7.1.8 Raytheon Company
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7.1.9 Thales Group
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7.1.10 Safran SA
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- *List Not Exhaustive
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8. INVESTMENT ANALYSIS
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9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electro Optics Systems Industry Segmentation
Electro-optics is a branch of electronics and material physics involving components, devices, and systems which operate by the propagation and interaction of light with various materials. It is the technology which is designed to interact between the electromagnetic (optical) and the electrical (electronic) state of materials.
| By Application Platform | |
| Air Based | |
| Land Based | |
| Naval Based |
| By End User | |
| Defense | |
| Aerospace | |
| Homeland Security |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Electro Optics Systems Market Research FAQs
What is the current Electro Optics Market size?
The Electro Optics Market is projected to register a CAGR of 4.03% during the forecast period (2024-2029)
Who are the key players in Electro Optics Market?
Lockheed Martin Corporation, Thales Group, Flir Systems Inc, BAE Systems plc and Northrop Grumman Corporation are the major companies operating in the Electro Optics Market.
Which is the fastest growing region in Electro Optics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electro Optics Market?
In 2024, the North America accounts for the largest market share in Electro Optics Market.
What years does this Electro Optics Market cover?
The report covers the Electro Optics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electro Optics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electro-Optics Systems Industry Report
Statistics for the 2024 Electro-Optics Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electro-Optics Systems analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
