Land Based Military Electro Optical & IR Systems Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 1.56 Billion |
| Market Size (2028) | USD 1.81 Billion |
| CAGR (2023 - 2028) | 3.05 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Land Based Military Electro Optical & IR Systems Market Analysis
The Land-based Military Electro-optical and Infrared Systems Market size is expected to grow from USD 1.56 billion in 2023 to USD 1.81 billion by 2028, at a CAGR of 3.05% during the forecast period (2023-2028).
The COVID-19 pandemic and the subsequent shutdowns have affected the defense manufacturing sector in several countries. The pandemic has affected the global defense supply chains as several defense manufacturers enforced production cuts in 2020. Though several nations maintained colossal budgets even in 2020, continuing the same levels of defense spending during the forecast period in the aftermath of the pandemic requires sustained political will from the governments.
Advanced optronic systems have become essential to enhance land vehicles' combat effectiveness. Thermal sights, panoramic vision, and enhanced driver vision capabilities are some of the elements available for new and upgraded fighting vehicles. The amalgamation of these systems with advanced processing techniques enables operators to obtain wide-angle coverage for situational awareness and target acquisition, thereby helping them make better decisions on the battlefield.
In the current battlefield scenario, soldiers and land vehicles are required to function in the day, night, and under adverse weather and limited visibility conditions, where human vision is not enough. To counter this, military forces have been equipping their man-portable systems and armored vehicles with electro-optical vision systems to prepare them to fight in modern battlefield scenarios. This is expected to bolster the market prospects during the forecast period.
Land Based Military Electro Optical & IR Systems Market Trends
This section covers the major market trends shaping the Land Based Military Electro Optical & IR Systems Market according to our research experts:
Vehicle-mounted Segment is Expected to Record the Highest CAGR During the Forecast Period
Advanced optronic systems are becoming essential to enhance armored vehicles’ combat effectiveness. Thermal imaging, 360-degree vision, and enhanced night vision capabilities are some of the technologies being focused upon for land vehicles and dismounted infantrymen. With the focus growing on enhancing vehicle protection systems, players are working on sensors that provide expanded visibility, situational awareness, and threat warning to military armored vehicles and crews. The ongoing modernization efforts for land vehicles are also expected to generate demand for newer generation vehicle-based EO/IR sensors. RWS for land vehicles has grown more effective with the incorporation of features, like fire-on-the-move capabilities, day and night imaging, automatic target tracking, laser range finder for accurate ballistics, last round warning, manual backup, and high ammunition storage capabilities, among others. Due to this, many countries are upgrading their weapon systems to newer versions to take advantage of the latest technologies. Also, the focus on ground-based on-the move-surveillance is expected to generate significant demand for land-based EO/IR systems. In January 2021, FLIR Systems Inc. announced that it had received awards from the United States to deliver improved air and ground surveillance capabilities using advanced thermal imaging and drone technology. The combined awards are potentially worth more than USD 23 million and include the delivery of the next-generation FLIR LVSS (Lightweight Vehicle Surveillance System) for the Mobile Surveillance Capability (MSC) program, among others. Such developments are expected to drive the segment’s growth during the forecast period.
North America Held the Largest Market Share in 2021
North America held the largest market share among all the regions in 2021, driven by high demand from the US. The enhanced capabilities of China and Russia on the battlefield forced the US to increase its investments into technologically-advanced military vehicles and weapon systems. Some of the large acquisitions planned by the US army over the next two years include a collection of night vision devices, including night-vision goggles, laser target locator modules, monocular night vision devices, the Integrated Visual Augmentation System (IVAS) heads-up display, and multi-function laser illuminators. In October 2020, L3Harris Technologies and Elbit Systems’ US subsidiary were awarded a potential USD 442 million other transaction authority contract to manufacture binocular night vision devices for the US Army. Elbit Systems also announced that it had received an initial USD 22.5 million order under the OTA to begin low-rate initial production of the goggles. The two companies’ ENVG-B offerings will undergo qualification procedures, such as system and field tests, before being selected for a major contract. Also, the Integrated Visual Augmentation System (IVAS), an augmented reality goggle based on Microsoft’s HoloLens, underwent extreme cold-weather testing at the US Army Cold Regions Test Center. The IVAS prototype heads-up display includes a variety of sophisticated capabilities, including night vision and thermal scope settings. Also, the country’s focus on obtaining advanced ISR capabilities is proving to be fruitful for several EO/IR technology providers. The procurement of unmanned ground vehicles for ISR purposes is expected to increase in the country in years to come, which will propel the demand for land-based military EO/IR systems from North America during the forecast period.
Land Based Military Electro Optical & IR Systems Industry Overview
Some of the prominent players in the market are Teledyne FLIR LLC, L3Harris Technologies Inc., BAE Systems PLC, Thales Group, and Leonardo DRS. Players in the market are trying to modify and enhance their current capabilities through continuous R&D and introduce sophisticated features to deliver value-added EO/IR solutions to end-users. Most of the integration programs are long-term, and hence, several IDIQ contracts are currently underway, signifying design modification and production of sophisticated EO/IR sensors as per end-user specifications. Gaining such contracts will help the players with continuous cash inflow, thereby helping their sustained growth. Furthermore, the development of a new integration platform drives demand for the integration of sophisticated EO/IR sensors and systems, which is expected to create a positive outlook for the market during the forecast period.
Land Based Military Electro Optical & IR Systems Market Leaders
L3Harris Technologies Inc.
BAE Systems plc
Thales Group
Leonardo DRS
Teledyne FLIR LLC
*Disclaimer: Major Players sorted in no particular order
Land Based Military Electro Optical & IR Systems Market News
· In October 2021, Leonardo DRS announced that it had received a contract valued at USD 18.9 million from the US Army to produce advanced infrared (IR) machinegun weapon sights with automatic targeting. Following the awarding of the contract, the company became the sole producer of the family of weapon sight-crew served (FWS-CS) systems for the US Army.
· In March 2021, Saudi Arabia’s Science Technology partnered with South Korea’s Hanwha Defense to jointly produce new K30 Biho (Flying Tiger) II air defense systems (ADS). The K30 Biho twin 30 mm self-propelled anti-aircraft weapon combines an electro-optically guided 30 mm gun system with a surveillance radar system on a K200 chassis. The system consists of an electro-optical targeting system (EOTS), panoramic periscope, forward-looking infrared system (FLIR), laser rangefinder (LRF), thermal sight, a TV camera, and a digital fire-control system.
Land Based Military Electro Optical & IR Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
1.3 Currency Conversion Rates for USD
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1 Market Size and Forecast, Global, 2018 - 2031
3.2 Market Share by Type, 2021
3.3 Market Share by Geography, 2021
3.4 Structure of the Market and Key Participants
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Trends
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers/Consumers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size and Forecast by Value - USD billion, 2018 - 2031)
5.1 Type
5.1.1 Vehicle-mounted
5.1.2 Man-portable
5.2 Geography
5.2.1 North America
5.2.1.1 US
5.2.1.1.1 By Type
5.2.1.2 Canada
5.2.1.2.1 By Type
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.1.1 By Type
5.2.2.2 France
5.2.2.2.1 By Type
5.2.2.3 Gemany
5.2.2.3.1 By Type
5.2.2.4 Italy
5.2.2.4.1 By Type
5.2.2.5 Rest of Europe
5.2.2.5.1 By Type
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.1.1 By Type
5.2.3.2 India
5.2.3.2.1 By Type
5.2.3.3 Japan
5.2.3.3.1 By Type
5.2.3.4 South Korea
5.2.3.4.1 By Type
5.2.3.5 Rest of Asia-Pacific
5.2.3.5.1 By Type
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.1.1 By Type
5.2.4.2 Mexico
5.2.4.2.1 By Type
5.2.4.3 Rest of Latin America
5.2.4.3.1 By Type
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.1.1 By Type
5.2.5.2 United Arab Emirates
5.2.5.2.1 By Type
5.2.5.3 Rest of Middle-East and Africa
5.2.5.3.1 By Type
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 BAE Systems PLC
6.1.2 Elbit Systems Ltd
6.1.3 Teledyne FLIR LLC
6.1.4 Israel Aerospace Industries Ltd
6.1.5 Rheinmetall AG
6.1.6 Saab AB
6.1.7 Thales Group
6.1.8 HENSOLDT AG
6.1.9 L3Harris Technologies Inc.
6.1.10 Leonardo SpA
6.1.11 Tonbo Imaging
7. MARKET OPPORTUNITIES
Land 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. The land-based military electro-optical and infrared systems market is segmented by type into vehicle-mounted and man-portable systems. The report also offers the market sizes and forecasts for the land-based military electro-optical and infrared systems market in major countries across all the regions. For each segment, the market sizes and forecasts are represented by value (USD billion).
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Land Based Military Electro Optical & IR Systems Market Research FAQs
How big is the Land-based Military Electro-optical and Infrared Systems Market?
The Land-based Military Electro-optical and Infrared Systems Market size is expected to reach USD 1.56 billion in 2023 and grow at a CAGR of 3.05% to reach USD 1.81 billion by 2028.
What is the current Land-based Military Electro-optical and Infrared Systems Market size?
In 2023, the Land-based Military Electro-optical and Infrared Systems Market size is expected to reach USD 1.56 billion.
Who are the key players in Land-based Military Electro-optical and Infrared Systems Market?
L3Harris Technologies Inc., BAE Systems plc, Thales Group, Leonardo DRS and Teledyne FLIR LLC are the major companies operating in the Land-based Military Electro-optical and Infrared Systems Market.
Which is the fastest growing region in Land-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 Land-based Military Electro-optical and Infrared Systems Market?
In 2023, the North America accounts for the largest market share in the Land-based Military Electro-optical and Infrared Systems Market.
Land-based Military Electro-optical and Infrared Systems Industry Report
Statistics for the 2023 Land-based Military Electro-optical and Infrared Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Land-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.
