Military Platform Electro-Optics Market Size to Reach US$ 5.2 Billion in 2027, Says Stratview Research
Military Platform Electro-Optics Market: Highlights
Electro-optics are largely used for military applications on different platforms. These systems include both, visible and IR sensors, and provide situational awareness during day as well as night. These systems are largely utilized by military forces for imaging, targeting, and surveillance applications and improve situational awareness during day-night and low-light conditions. Image stabilization and long-range imaging capabilities are two key elements of these systems. These systems are usually installed on military vehicles, aircraft, ships, and UAVs and their usage is primarily focused on target recognition, tracking mobile targets, surveillance, and imaging, even over great distances and in adverse weather conditions. These advanced systems provide the advantage of stabilized panoramic viewing and targeting. The platform remains one of the key application areas of electro-optics as a whole and captures over 40% of the total electro-optical system market.
Unlike other markets and industries, military/defense was relatively untouched by the pandemic. There were some temporary hiccups in the electro-optical system production mainly due to the supply chain sabotage but the year 2020 remained intact with good demand overall. Increasing military expenditure, especially in the major countries, is rendering a positive impact despite the COVID-19 tsunami in the ecosystem. Even the long-term market perspective seems fruitful with good growth opportunities for the market participants. The market is estimated to grow at a healthy CAGR of 4.1% to reach a value of US$ 5.2 billion by 2027.
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Based on the platform type, the military platform electro-optics is bifurcated as airborne electro-optics, land electro-optics, and naval electro-optics. In 2021, airborne platforms contributed to a major market share of the market due to the growing usage of electro-optics in UAVs for tracking, surveillance, reconnaissance, and search and rescue. During the projection period, the land platform is expected to grow at a faster pace as compared to the naval platform. Rising geopolitical index across regions in the wake of growing terror threats, territorial conflicts, and border concerns compelled the governments to pay greater attention to surveillance, threat detection, and target identification.
Based on the product type, multispectral electro-optics occupy a lion's share of the market. The multispectral systems commonly collect data from three to six spectral bands in a single observation, whereas the hyperspectral system collects data through several hundred spectral bands in a single acquisition. Such features make multispectral systems cost-effective. Due to their attributes, hyperspectral systems are expensive as they demand more technological advancements to produce more detailed spectral data, which gives rise to issues related to increased sensor and image costs along with data volumes and data-processing costs.
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In terms of regions, North America accounted for the largest market share of the market in the wake of huge expenditure on their overall military assets along with the presence of several major players. The USA remains the workhorse of the North American as well as global market. All the leading electro-optical system providers have a presence in the country to tap the huge market potential. Asia-Pacific, another noticeable region, is expected to witness the fastest growth in the coming five years. Over the years, major countries, such as China and India, have been increasing their military expenditure to solidify their capabilities. Technology advancements remain at the core of these countries.
Electro-optical systems are considered to be specialized products with the presence of limited players. Most of the major players are extremely diversified with the presence in other business segments. Following are the key players in the military platform electro-optics market:
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. Following are the key features of the report:
This report studies the military platform electro-optics market and has segmented the market in three ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the three ways in which the market is segmented:
Military Platform Electro-Optics Market, by Platform Type
Military Platform Electro-Optics Market, by Product Type
Military Platform Electro-Optics Market, by Region
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