Technology - - Jul 24,2017
According to statistics, the global military EO/IR systems market is projected to grow at a CAGR of 2.64% over the forecast period.
In the present time, the increasing complexities in the field of modern day war techniques have caused a heightened requirement for Intelligence, Surveillance and Reconnaissance (ISR) activities, which has further resulted in various defense spenders to heavily invest in the research and development of ISR systems. These arrangements primarily consist of thermal sights, laser target designators, and infrared vision systems.
As per a recent report published by Market Research Hub (MRH), the military EO/IR systems considering the global market is valued at US$11 billion in 2017. In the coming years, the concerned market is projected to grow at a CAGR of 2.64% by the end of 2027, with an evaluation of US$14.3 billion.
Currently, growing territorial disputes among countries have enhanced the focus on naval warfare, thus, driving several naval agencies to elevate the target acquisition competency of their existing naval platforms with progressive EO/IR sensors and combat systems. Further, the rising demand for new sighting devices and wearable night vision, as well as thermal imaging systems, is contributing considerably to the growth of the global market for military EO/IR systems.
Also, airborne platforms have developed as one of the most important resources for defense organizations on the global scenario. Such equipment enables strong and efficient security and surveillance for the environment.
Moreover, in consideration to geographical expanse, the top market regions include the U.S., Australia, India, Russia, China, France, U.K., Saudi Arabia, Brazil, Algeria, and UAE. Interestingly, the North America region is projected to dominate the sector occupying a share of 32.8%, followed by Asia Pacific, with an anticipated share of 31.4%. It has been analyzed that, the major growth factor in North America is primarily due to the increasing demand for public safety, military and commercial sectors.
For more information on this report visit- http://www.marketresearchhub.com/report/global-military-electro-opticalinfrared-eoir-systems-market-2017-2027-report.html