Electro Optics Market Projected to Reach $15.63 Billion, Globally, by 2032 at 4.5% CAGR: Allied Market Research
The electro optics market is driven by factors such as a rise in demand for surveillance and security systems, advantages of electro optical system, and increase in military expenditure worldwide.
Wilmington, Delaware, Oct. 05, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Electro Optics Market by Application and End User: Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the electro optics market was valued for $10.17 billion in 2022 and is estimated to reach $15.63 billion by 2032, exhibiting a CAGR of 4.5% from 2023 to 2032.
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Prime determinants of growth
The electro optics market is anticipated to expand significantly during the forecast period owing to the rise in demand for surveillance and security systems. In addition, the advantages of electro optical systems fuel the market growth. Moreover, the electro optics market is anticipated to benefit owing to the rapid technological advancements, and the increase in demand for electro optical systems in the military sector is expected to present enormous opportunities for the market over the forecast period. On the other hand, high initial investment is anticipated to restrain the market growth during the forecast period.
Report Coverage and Details:
|Market Size in 2022||$10.17 billion|
|Market Size in 2032||$15.63 billion|
|No. of Pages in Report||240|
|Segments covered||Application, End User, and Region|
|Drivers||Rise in demand for Surveillance and Security Systems|
|Advantages of electro optical systems|
|Increase in military expenditure worldwide|
|Opportunities||Rapid technological advancements|
|Increase in demand for electro optical systems in the military sector|
|Restraints||High Initial Investment|
- The COVID-19 pandemic had a significant impact on the electro-optics market. It initially disrupted supply chains, causing production delays, and led to reprioritization of defense budgets.
- However, increased demand for surveillance and security technologies, along with ongoing research and development, spurred innovation in the defense sector. Remote collaboration tools became crucial for design and evaluation, while shifting global dynamics influenced procurement strategies and partnerships. Economic uncertainty also played a role, requiring governments to carefully assess spending priorities, ultimately resulting in a mixed impact that included setbacks and growth in various aspects of the electro-optics market within the defense sector.
The Air Based segment to maintain its leadership status throughout the forecast period.
Based on application, the Air Based segment held the highest market share in 2022, accounting for more than two-fifths of the global electro optics industry revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 5.24% from 2023 to 2032, owing to increase in defense expenditures of various nations.
The defense segment to maintain its leadership status throughout the forecast period.
Based on end user, the defense segment held the highest market share in 2022, accounting for more than three-fourths of the global electro optics market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the aerospace is projected to manifest the highest CAGR of 5.52% from 2023 to 2032, due to increasing incorporation of multi-sensor electro-optical systems, including cameras, infrared sensors, and lidar, aerospace provides comprehensive situational awareness and improves navigation, targeting, and threat detection capabilities. These trends and growth factors present significant opportunities for electro optics providers in the aerospace segment.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around one-third of the global electro optics market revenue. Moreover Asia-Pacific region is expected to witness the fastest CAGR of 5.66% from 2023 to 2032, owing to increasing investment in defense sector which are fueling the growth of the market in this region.
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Leading Market Players:
- FLIR Systems Inc.
- Northrop Grumman Corporation
- Leonardo DRS
- Raytheon Technologies Corporation
- Lockheed Martin Corporation
- Thales Group
- Safran Group
- Textron Systems
- BAE Systems plc
- L3Harris Technologies, Inc.
The report provides a detailed analysis of these key players of the global electro optics market. These players have adopted different strategies such as Product launch and acquisition business strategies and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electro optics market analysis from 2022 to 2032 to identify the prevailing electro optics market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electro optics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electro optics market trends, key players, market segments, application areas, and market growth strategies.
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