Air Based Military Electro Optical & IR Systems Market Size
Study Period | 2018 - 2028 |
Market Size (2023) | USD 4.70 Billion |
Market Size (2028) | USD 5.41 Billion |
CAGR (2023 - 2028) | 2.84 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Air Based Military Electro Optical & IR Systems Market Analysis
The Air-based Military Electro-optical and Infrared Systems Market size is expected to grow from USD 4.70 billion in 2023 to USD 5.41 billion by 2028, at a CAGR of 2.84% during the forecast period (2023-2028).
- Increasing defense expenditures of various nations are fuelling the procurement of military aircraft and guided munitions, which, in turn, is generating demand for various EO/IR sensors onboard those aerial platforms.
- The rise in terrorism, border tensions, and the growth of insurgent groups across the world is increasing the emphasis on inculcating systems these EO/IR sensors on various aerial platforms that aid in obtaining better airborne situational awareness.
- The development of newer generation aerial platforms is fuelling the need for new and advanced sensor systems that have better functionality in harsh environments. This factor is currently driving the market growth.
Air Based Military Electro Optical & IR Systems Market Trends
This section covers the major market trends shaping the Air Based Military Electro Optical & IR Systems Market according to our research experts:
Global Expansion of Military Air Fleet Is Driving The Growth of Market
The need for advanced airborne electro-optics and infrared systems is more than ever before owing to the rise in conflicts, terrorism, border clashes, etc. The governments across the world are investing heavily in the procurement and development of advanced aircraft to address the surveillance, reconnaissance, and airborne early warning need of their airborne forces. Germany, Spain, and France are developing Future Combat Air System (FCAS) stealth fighter aircraft to replace their fleet of Eurofighter Typhoons in the future. United Kingdom’s Tempest autonomous stealth fighter program is expected to enter the service by 2035 and it will replace the fleet of Typhoon aircraft. Thus, as many aircraft are being developed, and also upgraded by the countries across the world, there is also an increasing need to equip those aircraft with the latest EO/IR sensors. On this note, companies are developing advanced EO/IR sensors to meet the needs of the militaries. For instance, in February 2020, United States Air force, Lockheed Martin and Collins Aerospace completed the development and flight testing of Senior Year Electro-Optical Reconnaissance System Sensor (SYERS-2C) for U2 Dragon Lady aircraft. Such developments are propelling market growth across the world.
Asia-Pacific to Exhibit the Highest Growth Rate During the Forecast Period
Asia-Pacific is marked by the presence of countries such as China, Japan, South Korea, India, etc. that has some of the largest defense budgets in the world. China and India are significantly increasing their defense spending on the development, up-gradation, and modernization of their aircraft fleet. The military stand-offs between neighboring nations, tensions at the South China sea, and the growing nuclear threats in the region have led to the increasing procurement of aerial systems by several countries in Asia-Pacific. In June 2020, after the border stand-off with China, India decided to buy 21 Mig-29 and 12 Su-30 MKI aircraft from Russia at an estimated cost of nearly USD 800 million to enhance its air patrolling capabilities at its international borders. In addition, these countries are also investing in the development of missiles and other smart munitions, which also require advanced EO/IR systems for effective functioning. For instance, in May 2020, China’s AVIC successfully completed the prototype testing for its AV500 VTOL Unmanned Aerial Vehicle equipped with advanced Electro-optical Infrared sensor system equipped turret. Such developments are propelling the growth of air-based military electro-optical and infrared systems market in the Asia-Pacific region.
Air Based Military Electro Optical & IR Systems Industry Overview
Northrop Grumman Corporation, Leonardo SpA, Thales Group, FLIR Systems, Raytheon Technologies Corporation, are some of the prominent players in the market. Players in the market are heavily investing in R&D to develop advanced products that offer better situational awareness. Developing advanced products can help the players in winning upgrade, retrofitting, and line fitting contracts from the governments and defense agencies, thereby propelling their growth during the forecast period.
Air Based Military Electro Optical & IR Systems Market Leaders
Northrop Grumman Corporation
Thales Group
Leonardo SpA
FLIR Systems
Raytheon Technologies Corporation
*Disclaimer: Major Players sorted in no particular order
Air Based Military Electro Optical & IR Systems Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 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 Market Drivers
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4.3 Market Restraints
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4.4 Porter's Five Force Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers/Consumers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Geography
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5.1.1 North America
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5.1.1.1 United States
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5.1.1.2 Canada
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5.1.2 Europe
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5.1.2.1 Germany
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5.1.2.2 United Kingdom
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5.1.2.3 France
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5.1.2.4 Russia
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5.1.2.5 Rest of Europe
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5.1.3 Asia-Pacific
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5.1.3.1 India
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5.1.3.2 China
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5.1.3.3 Japan
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5.1.3.4 South Korea
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5.1.3.5 Rest of Asia-Pacific
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5.1.4 Latin America
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5.1.4.1 Brazil
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5.1.4.2 Mexico
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5.1.4.3 Rest of Latin America
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5.1.5 Middle-East and Africa
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5.1.5.1 Israel
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5.1.5.2 Saudi Arabia
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5.1.5.3 South Africa
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5.1.5.4 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Elbit Systems Limited
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6.2.2 Saab AB
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6.2.3 General Dynamics Corporation
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6.2.4 Leonardo SpA
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6.2.5 Thales Group
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6.2.6 Northrop Grumman Corporation
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6.2.7 FLIR Systems
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6.2.8 Rafael Advanced Defense Systems Limited
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6.2.9 HENSOLDT Inc
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6.2.10 Raytheon Technologies Corporation
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6.2.11 Israel Aerospace Industries
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Air Based Military Electro Optical & IR Systems Industry Segmentation
Electro-optical and infrared systems also referred to as EO/IR systems, cover a wide range of distinct technologies based on targets and their missions. These sensors include both visible spectrum and infrared sensors, due to which EO/IR systems provide total situational awareness during both day and night, even in low light conditions. Their applications include, but are not limited to, airborne security, combat, patrol, surveillance, reconnaissance, the guidance of munitions and search and rescue operations.
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Air Based Military Electro Optical & IR Systems Market Research FAQs
How big is the Air-based Military Electro-optical and Infrared Systems Market?
The Air-based Military Electro-optical and Infrared Systems Market size is expected to reach USD 4.70 billion in 2023 and grow at a CAGR of 2.84% to reach USD 5.41 billion by 2028.
What is the current Air-based Military Electro-optical and Infrared Systems Market size?
In 2023, the Air-based Military Electro-optical and Infrared Systems Market size is expected to reach USD 4.70 billion.
Who are the key players in Air-based Military Electro-optical and Infrared Systems Market?
Northrop Grumman Corporation, Thales Group, Leonardo SpA, FLIR Systems and Raytheon Technologies Corporation are the major companies operating in the Air-based Military Electro-optical and Infrared Systems Market.
Which is the fastest growing region in Air-based Military Electro-optical and Infrared Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Air-based Military Electro-optical and Infrared Systems Market?
In 2023, the North America accounts for the largest market share in the Air-based Military Electro-optical and Infrared Systems Market.
Air-based Military Electro-optical and Infrared Systems Industry Report
Statistics for the 2023 Air-based Military Electro-optical and Infrared Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Air-based Military Electro-optical and Infrared Systems analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.