PUBLISHER: The Business Research Company | PRODUCT CODE: 1414419
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414419
“Military Platform Electro Optics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on military platform electro optics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for military platform electro optics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The military platform electro optics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Military platform electro-optics involves the integration of electro-optical systems and technologies on military platforms such as aircraft, ground vehicles, ships, and unmanned systems. These specialized electro-optic systems are designed for military applications, offering enhanced visual capabilities, situational awareness, and targeting functionalities to support military operations.
The main types of military platform electro-optics include hyperspectral electro-optics and multispectral electro-optics. Hyperspectral electro-optics utilizes technology that combines hyperspectral imaging with electro-optical sensors, capturing images of a scene in numerous narrow spectral bands, often ranging from hundreds to thousands of bands. These systems are deployed on various military platforms, encompassing land electro-optics, naval electro-optics, and airborne electro-optics. They are distributed through original equipment manufacturers (OEM) and aftermarket channels.
The military platform electro optics market research report is one of a series of new reports from The Business Research Company that provides military platform electro optics market statistics, including military platform electro optics industry global market size, regional shares, competitors with an military platform electro optics market share, detailed military platform electro optics market segments, market trends and opportunities, and any further data you may need to thrive in the military platform electro optics industry. This military platform electro optics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The military platform electro optics market size has grown steadily in recent years. It will grow from $4.28 billion in 2023 to $4.48 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The expansion observed in the historical period can be attributed to modernization initiatives, heightened threats and conflicts, increased demand from naval platforms, requirements for airborne surveillance, and integration into ground vehicles.
The military platform electro optics market size is expected to see steady growth in the next few years. It will grow to $5.31 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be attributed to an emphasis on unmanned systems, enhanced targeting for precision strikes, applications for countering drones, advancements in naval electro-optics, and integration with command and control (C2) systems. Major trends expected in the forecast period include the integration with unmanned aerial vehicles (UAVs), advances in thermal imaging for all-weather operations, the development of multi-sensor fusion systems, a heightened focus on cybersecurity measures, and the use of hyperspectral imaging for target discrimination.
The anticipated rise in the threat of terrorism and illegal activities is set to drive the growth of the military platform electro-optics market in the coming years. Terrorism, characterized by the use of violence or its threat against civilians to achieve political, religious, or ideological goals, coupled with illegal activities, necessitates advanced military platform electro-optics for effective countermeasures. These electro-optics systems provide real-time, high-resolution imagery of battlefields or other critical areas, aiding in the identification of potential threats, tracking enemy movements, and assessing the aftermath of attacks. A notable example is the report by the Institute for Economics and Peace (IEP) in March 2023, revealing that the Sahel region in sub-Saharan Africa accounted for 43% of global terrorism deaths. The global increase in terrorist attacks, reaching 5,226 in 2021, with a concentration in the Middle East, North Africa, South Asia, and Sub-Saharan Africa, underscores the imperative role of military platform electro-optics in addressing these challenges.
Rising geopolitical tensions emerge as another significant driver for the growth of the military platform electro-optics market. Geopolitical tensions, driven by conflicts, disputes, or heightened competition among nations or geopolitical entities, necessitate the deployment of advanced electro-optics technologies for enhanced situational awareness, intelligence gathering, and target identification. These technologies empower military forces to operate effectively in complex environments, maintain a strategic advantage, and safeguard national security. A survey by Oxford Economics in August 2023 revealed that approximately 36% of businesses consider geopolitical tensions as top risks, with over 60% regarding them as a "very significant risk" to the world economy. This underscores the crucial role of military platform electro-optics in addressing challenges arising from geopolitical tensions.
AI-enabled threat identification systems emerge as a prominent trend in the military platform electro-optics market, with companies embracing new technologies to reinforce their market positions. In April 2023, Raytheon Technologies, a US-based aerospace and defense company, introduced RAIVEN, an AI-powered system equipped with electro-optics and infrared capabilities. RAIVEN is designed to detect and identify threats in real-time military operations, leveraging advanced technologies such as hyperspectral imaging, LiDAR (light detection and ranging), and artificial intelligence to deliver unparalleled targeting, battlespace awareness, range, and visual superiority.
Major companies operating in the military platform electro-optics market focus on product innovations to enhance tactical capabilities for various military units. The development of the Point Blank missile exemplifies this approach, aiming to augment the lethality of tactical units, including small tactical teams. This hand-launched missile, operated by a single soldier, incorporates advanced electro-optical systems for real-time surveillance, enabling precise target targeting and strikes. Israel Aerospace Industries Corporation unveiled the Point Blank in January 2023, presenting a hand-launched electro-optical guided missile designed to be carried in a soldier's backpack.
In May 2021, Teledyne Technologies Incorporated, a US-based provider of digital imaging products, completed the acquisition of FLIR Systems Inc. for $8.2 billion. This strategic move allowed Teledyne to expand its product portfolio and customer segments in new markets. FLIR Systems Inc., a US-based company, specializes in designing, manufacturing, and marketing electro-optical thermal imaging sensors and systems for military applications.
Major companies operating in the military platform electro optics market report are L3Harris Technologies Inc., Raytheon Technologies Corporation, Lockheed Martin Corporation, Leonardo S.p.A., Elbit Systems Ltd., Thales Group, BAE Systems, Northrop Grumman, Safran Group, Teledyne FLIR LLC, Aselsan AS, Rheinmetall AG, Alpha Design Technologies, Ultra Electronics Holdings, Israel Aerospace Industries, Collins Aerospace, DRS Technologies, FLIR Systems, Harris Corporation, Luminator Technology Group, Opgal Optronics Industries, Rafael Advanced Defense Systems, RADA Electronic Industries, Sierra Olympic Technologies, SPI Corp, Textron Inc., Boeing and Engility, Kratos Defense & Security Solutions Inc., Space Systems Loral, Hensoldt AG
North America was the largest region in the military platform electro-optics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global military platform electro-optics market report during the forecast period. The regions covered in the military platform electro optics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the military platform electro optics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The military platform electro-optics market consists of sales of electro-optical sensors, infrared sensors, imaging systems, and visible sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.