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The global electro-optical/infrared (EO/IR) systems market size is predicted to reach USD 20.36 billion by 2026. The growing inclination towards miniaturization for the development of innovative, efficient and portable EO/IR systems for ISR applications will consequently aid the electro-optical/infrared (EO/IR) systems market growth during the forecast period. Moreover, the development of lightweight laser designators to improve the efficiency of military operations will foster growth of the market in the foreseeable future, mentioned in a report, titled “Electro-Optical/Infrared (EO/IR) Systems Market Size, Share and Industry Analysis, By Systems (Imaging System and Non-Imaging System), By Technology (Cooled and Uncooled), By Sensor Technology (Staring Sensor and Scanning Sensor), By Imaging Technology (Multispectral and Hyperspectral), By wavelength (Ultraviolet, Near Infrared, Short Wavelength Infrared, Medium Wavelength Infrared, and Long Wavelength Infrared), By Platform (Airborne, Land, and Marine/Naval), By End User (Commercial and Military), and Regional Forecast, 2019- 2026”. the market size stood at USD 13.15 billion in 2018 and is predicted to exhibit a CAGR of 5.84% between 2019 to 2026.
Contracts Won by Leonardo DRS to Soar Market Sales
Leonardo DRS, a US-based defense contractor announced that it received contracts for Electro-Optical/Infrared programs worth up to $800 million. The Department of Defense contracts include, a ten-year Indefinite Delivery Indefinite Quantity contract from the U.S. Army to manufacture the Lightweight Laser Designator Rangefinder 3, a next-generation lightweight precision laser targeting system, allowing forward observers to call for precision-guided munitions onto targets. The contract involves a transaction of $231 million for a period of 10 years. Moreover, Lockheed Martin signed an agreement with the U.S. Marine Corps for the development of electro-optical and infrared (EO/IR) fire-control systems in Marine Corps AH-1Z Viper attack helicopters. The TSS equipment for Marine Corps Viper helicopter gunships is part of the Marine Corps H-1 upgrades program for the remanufacture of legacy aircraft with state-of-the-art designs to convert the Marine Corps' existing fleet of AH-1W SuperCobra attack helicopters to the AH-1Z Viper. The order of five AN/AAQ-30 target sight systems (TSS) worth $11.8 million from Lockheed Martin Missiles and Fire Control segment will boost the electro-optical/infrared (EO/IR) systems market trends.
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Stellar Development of Unmanned Vehicles to Accelerate Business Prospects
The growing production of unmanned vehicles by manufacturer to cater to needs for land, sea, and air security will bolster healthy growth of the market during the forecast period. The increasing application of unmanned vehicles in military and commercial applications such as surveillance, policing, navigation, product deliveries, photography, and agricultural monitoring will foster the market growth in the forthcoming years. The advancement in unmanned vehicles with integrated sensors and cameras to retrieve wavelength range data for detection and surveillance will spur opportunities for the market in the foreseeable future. For instance, the EO/IR sensors are mounted on the UAVs to get accurate data and noise-free image of target present at long-range or mid-range wavelength.
Adoption of Pioneering Technology by Key Players to Reinforce Position
The major manufacturers operating in the electro-optical/infrared (EO/IR) systems market are Lockheed Martin Corporation, L-3Harris Technologies Inc., Northrop Grumman Corporation, Raytheon Company, BAE Systems Plc., and Elbit Systems Ltd. The key players are focused on the development of advanced and novel military electronics. Numerous companies are adopting trailblazing strategies, such as deals, mergers, partnerships and long-term-systems-providing contracts with the government to strengthen its position in the market. The companies are also investing heavily in R&D activities and also concentrated on enhancing their product portfolio to remain on the front foot among other competitors.
The Report Lists the Key Companies in the EO/IR Systems Market:
Further Report Findings:
The EO/IR Systems Market is Segmented into:
SEGMENTATION | DETAILS |
Study Period | 2015-2026 |
Base Year | 2018 |
Forecast Period | 2019-2026 |
Historical Period | 2015-2017 |
Unit | Value (USD Billion) |
By Systems |
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By Technology |
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By Sensor Technology |
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By Imaging Technology |
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By Wavelength |
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By Platform |
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By End-User |
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By Region |
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