Future Market Insights
Rising global concern for safety and security are the key factors influencing the growth of the electro-optical system market globally. The major applications of the electro-optical system are in defence and military sector. Currently, more than 25% of the demand for the electro optical system come from these sectors. Electro optical system comprises of electrical devices (like LEDs, Lasers) with an extended part of material physics that operates by the proliferation and communication of light. Electro optical system is known for providing distinctive capabilities to enable the commanders to make decisions at a very fast pace by providing effective situational awareness, intelligence gathering and targeting action.
Global Electro Optical System Market: Market Dynamics
The main action integral to armed forces are intelligence, surveillance, target acquisition and reconnaissance (ISTAR) capabilities which are provided by electro optical system like multi spectral day and night imaging sensors, nigh vision goggles(NVG), laser rangefinders(LRF), forward looking infrared(FLIR) systems, and infrared targeting pods. These capabilities lead to market growth for an electro-optical system in defence and military applications.
The electro-optical system enables flexible deployment of targeted military force based on accurate and timely surveillance and recognisance with increased affordability combined with interoperability and mission-critical functions suited to military departments. Also, the naval forces worldwide implement in electro optical system in new and diverse ways such as EO fire control directors and IR search and track systems. The continued research in the next several years is expected to manufacture next-generation sensors for the weapons and body armour and communications equipment. Also Airborne EO Systems and Land & Sea-Based EO Systems are the other two areas of deployment for electro-optical system expected to flourish in the near future. With continued research and development of advanced technologies, countries will continue to invest in advanced electro optical system to maintain their competitive position worldwide.
However, high implementation cost and long-term return on investment are some of the factors that can restrain the growth of Electro optical system market.
Global Electro Optical System Market: Segmentation
Global Electro Optical System market is segmented on the basis of systems, application platform, and region.
On the basis of systems, the global Electro-Optical System market can be segmented into Imaging and Non-Imaging. Optical imaging is basically the use of visible light to obtain detailed images of an entity which is required to be observed keenly while non-imaging is the use of optimal light illuminated on an object under observation.
On the basis of the application platform, the global Electro Optical System market can be segmented into Air, Land and sea.
Global Electro Optical System Market: Regional Outlook
Regionally, the global Electro Optical System market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
The Asia Pacific has dominated the market and is expected to have the fastest growth owing to increased surveillance in the region with an advanced stage of energy management solutions. North America an early adopter of technology is expected to witness a healthy CAGR with Europe to witness moderate growth in the forecast period.
Global Electro Optical System Market: Competition Landscape
The key vendors in the global Electro Optical System market are Lockheed Martin, Instro, L3 Communication Holdings, Northrop Grumman, BAE Systems Plc, DRS Technologies. Collaborating with other players and service providers in the building energy management market is the key strategy followed by major market vendors to gain a competitive edge.
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