The Military Electro-Optics/Infrared (EO/IR) Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Military Electro-Optics/Infrared (EO/IR) Systems Global Market Report 2024, The military electro-optics/infrared (eo/ir) systems market size has grown strongly in recent years. It will grow from $9.75 billion in 2023 to $10.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased threats and conflicts, modernization of military platforms, counterinsurgency operations, border surveillance requirements, search and rescue missions.

The military electro-optics/infrared (eo/ir) systems market size is expected to see strong growth in the next few years. It will grow to $13.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to geopolitical instabilities, growing emphasis on unmanned systems, counter-drone capabilities, enhanced targeting and fire control, natural disaster response. Major trends in the forecast period include integration with command and control (c2) systems, development of 3d imaging technologies, advances in image processing algorithms, focus on cybersecurity for eo/ir systems, application in urban warfare and asymmetric threat environments.

The growing need for intelligence, surveillance, and reconnaissance (ISR) is expected to propel the growth of the military electro-optics and infrared (EO/IR) systems market going forward. ISR, also known as intelligence, surveillance, and reconnaissance, is a military term that refers to the coordinated gathering, management, and dissemination of precise, timely information and intelligence to aid a commander's decision-making. Electro-Optical Infra-Red (EO/IR) system sensor technology supports distributed intelligence, surveillance, and reconnaissance (ISR) for military airborne, land-based, and naval platforms. For instance, in March 2022, according to the Defense Intelligence Agency, a US-based intelligence and combat support agency, for the year 2022, there were 550 ISR (intelligence, surveillance, and reconnaissance) satellites that will support military activities. A decade ago, there were almost 100 ISR (intelligence, surveillance, and reconnaissance) satellites. Furthermore, in December 2022, according to Skykam Technical Inspection, a UK-based company that provides UAV building inspection services, the FAA registered 855,860 drones in the United States as of 2023, with 37% of registrations (316,075) for commercial operations used for ISR operations. Therefore, the growing need for intelligence, surveillance, and reconnaissance (ISR) drives the military's electro-optics and infrared (EO/IR) systems market.

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The military electro-optics/infrared (eo/ir) systems market covered in this report is segmented –

1) By Product Type: Handheld System, EO/IR Payload.

2) By Component: Human Machine Interfaces, Stabilization Units, Control Systems, Optics, Sensors, Processor.

3) By Imaging Technology: Scanning, Starring, Hyperspectral, Multispectral.

4) By Platform: Land, Airborne, Naval.

5) By Application: Military Intelligence, Surveillance, Reconnaissance.

Integration of artificial intelligence is a key trend gaining popularity in the military electro-optics/infrared (EO/IR) systems market. Companies operating in the military electro-optics/infrared (EO/IR) systems market are focused on integrating artificial intelligence to sustain their position in the market. For instance, in April 2023, Raytheon Technologies Corporation, a US-based aerospace and defense company, launched RAIVEN, an electro-optical intelligent-sensing capability for electro-optics and infrared (EO/IR) systems. RAIVEN promotes platform durability and protects warfighters by providing precise, persistent target surveillance and rapid information dissemination. The 'intelligent-sensing' capacity of RAIVEN enables operators to see up to five times farther and more precisely than conventional optical imaging. It combines artificial intelligence, hyperspectral imaging, and light detection and ranging, or LiDAR. This improves platform survival and gives the warfighter a strategic edge against adversaries.

The military electro-optics/infrared (eo/ir) systems market report table of contents includes:

Executive Summary
Military Electro-Optics/Infrared (EO/IR) Systems Market Characteristics
Military Electro-Optics/Infrared (EO/IR) Systems Market Trends And Strategies
Military Electro-Optics/Infrared (EO/IR) Systems Market - Macro Economic Scenario
Global Military Electro-Optics/Infrared (EO/IR) Systems Market Size and Growth
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Global Military Electro-Optics/Infrared (EO/IR) Systems Market Competitive Benchmarking
Global Military Electro-Optics/Infrared (EO/IR) Systems Market Competitive Dashboard
Key Mergers And Acquisitions In The Military Electro-Optics/Infrared (EO/IR) Systems Market
Military Electro-Optics/Infrared (EO/IR) Systems Market Future Outlook and Potential Analysis
Appendix
Top 5 Major Key Players Are:

Raytheon Technologies Corporation
Lockheed Martin Corporation
Northrop Grumman Corporation
Thales Group
L3Harris Technologies Inc
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