The global electro-optical/infrared systems market size was valued at USD 13.15 billion in 2018 and is projected to reach USD 20.36 billion by 2026, exhibiting a CAGR of 5.84% during the forecast period.
Browse Summary Of This Research Report:
https://www.fortunebusinessinsights.com/electro-optical-infrared-eo-ir-systems-market-102742
The Report Lists the Main Companies in the EOIR Systems Market:
Lockheed Martin Corporation
Raytheon Company
Leonardo S.p.A.
Elbit Systems Ltd.
L-3Harris Technologies Inc.
BAE Systems PLC
Thales Group
Northrop Grumman Corporation
General Dynamics
UTC Aerospace
Rheinmetall AG
Saab Group
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Competitive Landscape:
Contract Bagged by Elbit Systems to Accelerate Market Potential
Elbit Systems Ltd., an Israel-based international defense electronics company announced that its subsidiary, Elbit Systems of America LLC received a contract by Raytheon Company, a manufacturer and leader in weapons and military electronics for the U.S. defense, to deliver the Two-Color Laser System (TCLS) for the Multi-Spectral Targeting System. The agreement between Elbit Systems of America LLC and Raytheon Company will promote the electro-optical/infrared (EO/IR) systems market revenue during the forecast owing to the Two-Color Laser System (TCLS) capabilities in airborne missions. For instance, TCLS is used in multiple military airborne platforms, including the next-generation targeting systems onboard unmanned aerial vehicles. Furthermore, President and CEO of Elbit Systems of America, Raanan Horowitz, said in a statement, “The Two-Color Laser System provides increased targeting accuracy and flexibility, minimizing the potential for collateral damage. These attributes are key to U.S. warfighters who depend on these systems for a successful mission.”
Nonetheless, the growing adoption of advanced sensors integrated systems for military applications will drive the electro-optical/infrared (EO/IR) systems market share in the foreseeable. The rising demand for unmanned vehicles for detection and surveillance will perpetually support the growth of market.
Regional Analysis:
Rising Emphasis on Border Security to Propel Market in Asia Pacific
The market in North America stood at USD 6.21 billion and is expected to grow rapidly in the forthcoming years owing to the presence of major players in the region. Asia Pacific is predicted to witness a high growth rate in the forthcoming years due to the rising military expenditure. The increasing border security will subsequently foster the growth of the market in the region. The increasing technological advancement in military electronics will facilitate growth in the region. The rising development and production of high-class military aircrafts and UAVs for military operations will favor healthy growth in Asia Pacific. The growing deals and agreements among players will consequently bode well for the market in Asia Pacific. For instance, Elbit Systems Ltd. announced that it was granteda deal of approximately $670 million contract to supply defense solutions to a country in Asia-Pacific. The contract will be performed over 25 months.