The global electro-optical/infrared (EO/IR) systems market share is expected to reach USD 20.36 billion by 2026, exhibiting a CAGR of 5.84% during the forecast period. The growing necessity to improve target identification, assess threats, and monitoring in different weather conditions will spur opportunities for the market during the forecast period. The increasing application of EO/IR in fire control system, airborne homeland security, search and rescue, surveillance, and intelligence, surveillance, target acquisition, and reconnaissance (ISR) will boost the electro-optical/infrared (EO/IR) systems market trends, states Fortune Business Insights 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.
Competitive Landscape:
Contract Bagged by Elbit Systems to Accelerate Market Potential
Elbit Systems Ltd., an Israel-based international defense electronics company announced that its subsidiary, Elbit Systems of America LLC received a contract by Raytheon Company, a manufacturer and leader in weapons and military electronics for the U.S. defense, to deliver the Two-Color Laser System (TCLS) for the Multi-Spectral Targeting System. The agreement between Elbit Systems of America LLC and Raytheon Company will promote the electro-optical/infrared (EO/IR) systems market revenue during the forecast owing to the Two-Color Laser System (TCLS) capabilities in airborne missions. For instance, TCLS is used in multiple military airborne platforms, including the next-generation targeting systems onboard unmanned aerial vehicles. Furthermore, President and CEO of Elbit Systems of America, Raanan Horowitz, said in a statement, “The Two-Color Laser System provides increased targeting accuracy and flexibility, minimizing the potential for collateral damage. These attributes are key to U.S. warfighters who depend on these systems for a successful mission.”
Browse Summary
https://www.fortunebusinessinsights.com/electro-optical-infrared-eo-ir-systems-market-102742
