Electro Optical Systems Market to cross $20 billion by 2032, Says Global Market Insights inc.
Electro optical systems industry size is expected to register 5.5% CAGR between 2023 and 2032 propelled by the growing demand for surveillance & security applications.
Selbyville, Delaware, Aug. 15, 2023 (GLOBE NEWSWIRE) — Electro Optical Systems Market is expected to surpass USD 20 billion by 2032, as per a recent study by Global Market Insights Inc.
According to the report, the industry growth is driven by the rapid advancements in technology and increasing security concerns across various industries. Electro Optical Systems combine optics and electronics to generate, detect, and manipulate light, enabling a wide range of applications including surveillance, targeting, remote sensing, and imaging. Additionally, the adoption of non-imaging systems, such as laser-based target designators, is increasing in the defense and military sectors. As the cross-border tensions rise, these systems are used for target acquisition & tracking, threat detection & countermeasures, and C3 operations to provide situational awareness to the defense team. Increasing product usage for ensure protection of military personnel and assets will push the electro optical systems market growth.
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Higher operational efficiency of sensors to promote market development
In terms of components, the market is divided into lasers, sensors, cameras, photodetectors, and others. The sensors segment of electro optical systems market is predicted to witness high product demand from 2023 to 2032. The high-performance sensor components such as infrared detectors, image intensifiers, and laser rangefinders are widely adopted across defense, aerospace, and industrial sectors. These sensors provide enhanced detection capabilities, improved sensitivity, and longer detection ranges, thereby bolstering the operational efficiency. Furthermore, the integration of sensor fusion technologies, such as the combination of thermal and visible imaging, offers enhanced situational awareness, leading to increased adoption of electro optical sensors across various applications.
Easy tracking by non-imaging systems to push industry growth
Based on systems, the industry is segmented into imaging and non-imaging. The electro optical systems market share from the non-imaging segment is expected to observe significant growth through 2032. Non-imaging systems, such as laser-based target designators and range finders, play a crucial role in target identification, guidance, and tracking. These systems offer precise and accurate targeting capabilities, contributing to enhanced operational efficiency and reduced collateral damage. The growing need for precision strikes in defense and military applications is propelling the adoption of non-imaging systems.
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Growing defense sector in APAC region to influence product demand
Regionally, Asia Pacific electro optical systems market value is slated to gain momentum during 2023 and 2032. Rapid economic growth, increasing defense budgets, and the presence of major manufacturing firms in countries like China, India, and South Korea are contributing to the regional market expansion. There is a surge in infrastructural development, especially in the aerospace and defense sectors, leading to a higher demand for electro optical systems. Moreover, the rising security concerns and geopolitical tensions in the Asia Pacific region are pushing the adoption of advanced surveillance and reconnaissance systems, thereby shaping the market outlook.
Some of the major players prevailing in the global electro optical systems market are Thales Group, Teledyne FLIR LLC, Northrop Grumman Corporation, BAE Systems PLC, L3Harris Technologies, Inc., and Lockheed Martin Corporation. These firms are focusing on M&A’s and collaborations to expand their service base and gain profit from wider customer range.
For instance, in June 2023, Thales Group proposed an acquisition of Tesserent, one of Australia and New Zealand’s largest cybersecurity companies. The union of Thales and Tesserent will produce an expert provider of much-needed cybersecurity services in Australia and New Zealand.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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