Military Electro-Optical and Infrared (EOIR) Systems Market
The Global Military Electro-Optical and Infrared (EOIR) Systems Market size is estimated to be USD 12.72 billion in 2019 and is predicted to reach USD 24.65 billion by 2030 with a CAGR of 6.2% from 2020-2030.
Military Electro-Optical and Infrared (EOIR) Systems consist of visible and infrared sensors that help the user to work in the dark or low light conditions. EOIR system comprises of devices and components designed to interact between the optical and the electronic state. The use of Military EOIR system enables defence forces to achieve higher battlefield awareness through intelligence, surveillance and reconnaissance (ISR). Other applications of EOIR system in the defence sector include night vision devices (NVDs), visible-light cameras, infrared (IR) sensors, lasers, distance measuring devices and many more.
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Top Companies: BAE Systems Ltd, DRS Technologies Inc, European Aeronautics Defence and Space (EADS), Elbit Systems Ltd, EOIR Technologies Inc, Excelitas Technologies, Exelis Inc, Finmeccanica SpA, FLIR Systems Inc, General Atomics Aeronautical Systems Inc., General Dynamics Corporation, Harris Corporation, Israel Aerospace Industries (IAI) Ltd, L-3 Communications, Leidos and others.
The global military electro-optical and infrared systems market share is segmented based on type and geography. On the basis of type, the market is divided into airborne EO/IR systems, naval EO/IR systems, and ground EO/IR systems. Geographic bifurcation of military EOIR market includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America holds the lion share in the EOIR systems market owing to the increased adoption of military EOIR systems. This is due to the presence of key players, technological innovations, developed economy and the greater defense expenditure by the U.S. However, Asia Pacific is expected to show a steady rise in the adoption of military electro-optical systems market due to the presence of emerging economies, military modernization that encourages the use of modern technologies, along with the growing tensions between China and other Asian countries.
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