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Market Research Report

Military Electro-Optical and Infrared Systems Market - Growth, Trends, and Forecast (2019 - 2024)

Published by Mordor Intelligence LLP Product code 597229
Published Content info 110 Pages
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Military Electro-Optical and Infrared Systems Market - Growth, Trends, and Forecast (2019 - 2024)
Published: September 1, 2019 Content info: 110 Pages
Description

Market Overview

The military electro-optical and infrared systems market is anticipated to grow at a CAGR of 5.5% during the forecast period.

  • The increasing military spending of many countries is fuelling the development and procurement of new and advanced systems that use a wide variety of sensors including EO/IR sensors.
  • In the networked digital battlespace, the need for better sensors that can enhance situational awareness of the military personnel on the battlespace is increasing. This is anticipated to act as a major driving factor for the military electro-optical and infrared systems market.
  • The increasing miniaturization and improving accuracy, along with high reliability and availability at low costs is propelling EO/IR systems utilization across all platforms.
  • The significant investment in R&D and necessary certifications to meet military-grade requirements can act as challenges for the entry of new players in the market.

Key Market Trends

Sea-based Segment to Experience the Highest Growth During the Forecast Period

The sea-based segment of the market is anticipated to grow at the highest CAGR during the forecast period. The growth of territorial conflicts and border issues have led to increasing emphasis on surveillance, target detection, and target identification at sea. This is generating a need for better sensor systems that are highly reliable and are available at low costs for maritime patrol and improve situational awareness. Since 2014, the US Navy has been looking for persistent multispectral 360-degree electro-optical systems for its naval vessels. As of 2018, this need has not yet been fulfilled, and lots of systems are being tested on-board US ships working in cooperation with usual RADARs and surveillance systems. This system is expected to be the future of warfare and will be a very crucial deciding factor for victory and for keeping friendly casualties minimum. Similarly, the Safran Electronics & Defense Australasia was selected by Saab Australia, to provide the latest version of its Vigy Engage electro-optic sensor, as part of the situational awareness system, for the Royal Australian Navy's SEA 1180 Offshore Patrol Vessel (OPV) project. The contract is expected to run over the 12-year OPV shipbuilding program, which is expected to include the delivery of 12 new ships to the Royal Australian Navy. Such on-going projects by navies of different countries are contributing to the growth of the segment during the forecast period.

Asia Pacific Region is Expected to Generate the Highest Demand During the Forecast Period

Asia Pacific region is expected to generate the highest demand for unmanned systems market during the forecast period. With the hike in military spending of some of the countries in the region along with increasing territorial issues, the armed forces in this region are now investing heavily in soldier modernization and equipment modernization programs. For instance, in late 2018, Electro-Optics Industries (Elop) was selected by the Korean Air Force to supply real-time electro-optical/infrared (EO/IR) long-range oblique imagery systems for its F-16 aircraft. The increasing procurement of aircraft, UAVs, rotorcraft, etc., for surveillance missions and maritime patrol, are anticipated to generate demand for better sensors systems like EO/IR sensors embedded in them. Recently, on February 2019, the Singapore Navy displayed one of its two newest Sikorsky S-70B Seahawk helicopters at the Singapore Airshow. The new aircraft has updated avionics software and features that allow tactical coordination officers to operate electro-optical turret mounted on the nose. Such developments in the defense industry of Asia-Pacific are expected to boost the growth of the market in the coming future.

Competitive Landscape

The market of EO/IR systems is a highly fragmented market with many suppliers who provide EO/IR sensors and EO/IR systems. Some of the prominent players in the market are L3Harris Technologies, Inc., Leonardo DRS, Lockheed Martin Corporation, Elbit Systems Ltd., and Raytheon Company. The development of new technologies and products is anticipated to help the companies to gain customers for expansion into new ventures and increase their geographic presence. For instance, in 2018, Lockheed Martin claimed to develop µLAD SW/MW IR camera core, a new dual-band IR camera core, which is the industry-first mid- and short-wave IR camera in the footprint of the single-band sensor. Such developments are anticipated to support the revenue and profit margins of the company. Also, the brand value is anticipated to act as a major factor in receiving the contracts from the armed forces around. The high R&D cost and stringent regulations for military certifications are expected to act as the barriers for the entry of new players into the market.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
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  • 3 months of analyst support
Table of Contents
Product Code: 54246

Table of Contents

1 INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Restraints
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Buyers/Consumers
    • 4.4.2 Bargaining Power of Suppliers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 Image Intensification
    • 5.1.2 Infrared
    • 5.1.3 Laser
  • 5.2 System
    • 5.2.1 Imaging
    • 5.2.2 Non-imaging
  • 5.3 Platform
    • 5.3.1 Air-based
    • 5.3.2 Land-based
    • 5.3.3 Sea-based
  • 5.4 Geography
    • 5.4.1 North America
      • 5.4.1.1 United States
      • 5.4.1.2 Canada
      • 5.4.1.3 Mexico
    • 5.4.2 Europe
      • 5.4.2.1 United Kingdom
      • 5.4.2.2 France
      • 5.4.2.3 Gemany
      • 5.4.2.4 Italy
      • 5.4.2.5 Spain
      • 5.4.2.6 Russia
      • 5.4.2.7 Rest of Europe
    • 5.4.3 Asia Pacific
      • 5.4.3.1 China
      • 5.4.3.2 India
      • 5.4.3.3 Japan
      • 5.4.3.4 Australia
      • 5.4.3.5 South Korea
      • 5.4.3.6 Rest of Asia Pacific
    • 5.4.4 Middle East & Africa
      • 5.4.4.1 Saudi Arabia
      • 5.4.4.2 United Arab Emirates
      • 5.4.4.3 South Africa
      • 5.4.4.4 Rest of Middle East & Africa
    • 5.4.5 South America
      • 5.4.5.1 Brazil
      • 5.4.5.2 Argentina
      • 5.4.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles
    • 6.2.1 Lockheed Martin Corporation
    • 6.2.2 Saab AB
    • 6.2.3 L3Harris Technologies, Inc.
    • 6.2.4 Northrop Grumman Corporation
    • 6.2.5 BAE Systems PLC
    • 6.2.6 Leonardo DRS
    • 6.2.7 Rheinmetall AG
    • 6.2.8 Collins Aerospace
    • 6.2.9 Raytheon Company
    • 6.2.10 Thales Group
    • 6.2.11 FLIR Systems Inc.
    • 6.2.12 Elbit Systems Ltd.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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