Military Electro-Optical and Infrared (EOIR) Systems Market by Type (Image Intensification, Infrared, and Laser), by System (Imaging and Non Imaging), by Platform (Air-based, Land-based, and Sea-based) - Global Opportunity Analysis and Industry Forec

Market Definition:
The Global Military Electro-Optical and Infrared (EOIR) Systems Market size was valued at 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 with both wavelengths which enable the workers to work in the dark or low light conditions. These systems are generally used in aerospace and defense sector to achieve greater levels of battlefield awareness through intelligence, surveillance and reconnaissance (ISR). Also, these systems are an integral component of advanced targeted acquisition systems through Infrared Search and Track (IRST) systems, and for missile defense through Common Infrared Countermeasures (CIRCM). One of the major role of EO/IR systems is to provide situational awareness by gathering information.
Market Dynamics and Trends
EO/IR systems play an important role in the development of sophisticated and effective Intelligence Surveillance and Reconnaissance (ISR) technologies. Given the uncertain geopolitical conditions, the strategic importance of ISR operations is expected to increase during this forecast period. Such increased ISR needs are a sustained driver of the EO/IR market globally.
Other factors include the growth in the adoption of unmanned aerial vehicles during this forecast period and increased demand of highly accurate, miniaturized along with availability of low cost systems, which are also expected to enhance the market growth. However, stagnant product lifecycle coupled with inefficient performance in extreme weather conditions are expected to inhibit the growth of Military Electro-Optical and Infrared Systems market. On the other hand, increasing research and development activities coupled with increased adoption of advanced sensors and technologies are also expected to create ample opportunities in the Military Electro-Optical and Infrared Systems market.
Market Segmentations and Scope of the Study:
The global military electro-optical and infrared systems market share is analyzed on the basis of type and geography. On the basis of type, the market is segmented into airborne EO/IR systems, naval EO/IR systems, and ground EO/IR systems. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to account for the major market share owing to the increased adoption of Military Electro-Optical and Infrared Systems. Moreover, increased expenditure on military and defense coupled with technological innovations and the presence of key players are also expected to support the growth of Military Electro-Optical and Infrared Systems market in this region. Asia Pacific is expected to show rapid growth with gradual increase in market share owing to the increasing tensions between China and other Asian countries.

Competitive Landscape

The military electro-optical and infrared systems market is highly competitive and consists of a number of major players. Some of the major market players include Lockheed Martin Corporation, Northrop Grumman Corporation, Saab AB, Leonardo DRS, L3Harris Technologies, Inc., Collins Aerospace, BAE Systems PLC, Raytheon Company, Rheinmetall AG, FLIR Systems Inc., Thales Group, and Elbit Systems Ltd. among others.
Over the period of time, there have been various developments taken place in the market and are also expected to take place in the near future. For instance, in December 2019, FLIR Systems, Inc. and Providence Photonics, LLC has announced that FLIR has made a strategic investment in Providence Photonics, developers of advanced software used to quantify invisible gas emissions using FLIR Optical Gas Imaging (OGI) cameras.
KEY MARKET SEGMENTS:
• Global Military Electro-Optical and Infrared (EOIR) Systems market –

By Type

o Airborne EO/IR Systems
o Naval EO/IR Systems
o Ground EO/IR Systems
• Global Military Electro-Optical and Infrared (EOIR) Systems market –By Geography
o North America
 U.S.
 Canada
o Europe
 UK
 Germany
 Turkey
 Italy
 Rest of Europe
o Asia-Pacific
 South Korea
 India
 Australia
 Rest of Asia-Pacific
o RoW
 Israel
 Qatar
 Saudi Arabia
 Remaining Countries
KEY PLAYERS:
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Saab AB
• Leonardo DRS
• L3Harris Technologies, Inc.
• Collins Aerospace
• BAE Systems PLC
• Raytheon Company
• Rheinmetall AG
• FLIR Systems Inc.
• Thales Group
• Elbit Systems Ltd.