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Electro-Optical Systems Market - New Revenue Pockets
Majority of the revenue will be from the defense segment followed by homeland security and aerospace segments. With respect to the defense segment, EO systems are utilized for monitoring, target acquisition, and target engagement. EO systems are airborne, naval, and land based. The airborne segment will be driven by procurement of new fighter aircrafts by countries such as Brazil, India, and Indonesia. EO systems growth will also be driven by the military UAV market. Land based EO systems are used for range finding, target acquisition and target engagement. In naval platforms, EO systems are used as a complement of radars in Close InWeapon System. Eye safe lasers are becoming favorable and will be replacing the conventional range finders used by defense forces around the world.
According to Market Research, Aerospace and Defense business unit at MarketsandMarkets “The electro optical systems market is expected to show substantial growth by 2020 with a CAGR of 3.00%”.
Border disputes in countries such as India will increase the procurement of EO systems as these systems are vital for monitoring the border and prevent intrusions. EO systems are also finding use by customs and law enforcement agencies. These agencies use EO systems to track suspects.
EO systems in the U.S and Europe are estimated to have flat growth due to the end of the wars in Iraq and Afghanistan. However, NATO deployments in Eastern Europe are set to increase due to recent Russian aggression and hence will enable procurement of EO systems. Countries such as Turkey will also invest in development of indigenous EO equipment to meet the growing need as Turkey is in close proximity to an unstable Syria.
Electro-Optical Market by Product (Infrared and Laser), by Segments (Defense, Aerospace, and Homeland Security), by Application (Airborne, Naval and Land-based Systems) & by Geography (Asia-Pacific, Europe, The Middle East, North America and South America) – Forecasts & Analysis 2014-2020
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