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Electro-Optical Targeting System Market Analysis of Key Vendors with Their Size, Share and Year-over-Year Growth 2026

The study methodologies used to examine Electro-Optical Targeting System Market for the forecast period, 2020 - 2026 further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.

 

New York, NY -- (SBWIRE) -- 03/08/2021 -- The Global Electro-Optical Targeting System market was valued at USD 28.73 Billion in 2018 and is projected to grow at a CAGR of 5.93% from 2019 to 2026. Increasing military spending by various countries globally is an important market indicator of the rising Electro-Optical Targeting system market. One of the factors restraining the growth of the market is the cost of equipment that can particularly affect the growth of the market in developing countries.

Key participants include Lockheed Martin (U.S.), L3 Harris, Raytheon, Ebit Systems, Leonardo DRS, BAE Systems, Rheinmetall AG, Collins Aerospace, Thales Group, and FLIR Systems Inc.

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Electro-Optical Targeting system is employed to track and locate targets in aerial warfare. Electro-optical targeting system includes an electro-optical sensor that converts light or a change in light into an electronic signal. Rising military spending in many countries is the main factor contributing to the growth of the Electro-Optical Targeting System. Another factor contributing to the growth of the market is the increasing demand for better sensors that can enhance situational awareness in the military battlespace. A major trend observed across the industry is miniaturization of the components in order to reduce the total weight of the aircraft.

For the purpose of this study, Reports and Data has segmented the Electro-Optical Targeting System Market on the basis of Technology, Wavelength, and Region:

Technology (Revenue, USD Million; 2016–2026)

Forward-Looking Infrared
Infrared search and track
Both

Wavelength (Revenue, USD Million; 2016–2026)

Ultraviolet
Near-Infrared
SWIR
Medium Wavelength IR
Long Wavelength IR

Regional Outlook (Revenue in USD Million; 2016–2026)

North America
Europe
Asia Pacific
Rest of the World
Middle East & Africa
Latin America

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In the method for forming a forward-looking infrared system, an imaging lens system is arranged along an optical path in combination with a detector array to focus collimated radiation upon the detector array. The detector array subtends the field of view along a first direction. A reimaging afocal system is incorporated along the optical path to provide collimated radiation to the imaging lens system, and a scanning device is positioned between the reimaging afocal system and the imaging lens system to vary the field of view along a second direction in order to provide a two-dimensional image.

The rising complexity of modern defense systems ensures that asymmetric, low-cost threats will continue to proliferate. At the same time, Electro-Optical Targeting Systems have been increasingly proving themselves as serious contenders for specific missions: countering soft, short-range targets such as surface explosives, unmanned aerial vehicles, swarm boats, and sensors. As a result, there is now sufficient evidence to identify, with a high degree of confidence, applications where the Electro-Optical Targeting System has a higher likelihood of being a practical tool.

On the basis of platform, the market has been segmented into Aerial, Land, and Naval. Land-based systems occupy the largest share in the market. Increasing instances of naval-based systems are being observed across the globe by various countries.

The increasing security concerns around the globe will increase the demand for Electro-Optical Targeting System further over the forecast period of 2019-2026.

Further key findings from the report suggest

There has been an increasing demand for better sensors and equipment to get a positional awareness in the battlespace, which is further driving the need of the market.

A recent trend in the market has witnessed market players developing components that are smaller and lighter, thus aid the maneuverability of the aircraft.

Lockheed Martin is a pioneer in the industry, having produced a sensor possessing both, the capabilities of forward-looking IR and Infrared search and track.

Rising demand from various countries trying to improve their battlespace awareness is the primary factor contributing to the growth of the market.

North America occupies the largest share of the market on account of possessing numerous military aircraft.

The prominence of leading market players in the region is another major factor affecting the growth of the market in the North American region.

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Table of Content:

Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Introduction
2.2. Summary Snapshot, 2016 – 2026
2.3. Assumptions
2.4. Limitations
Chapter 3. Indicative Metrics
Chapter 4. Global Electro-Optical Targeting Systems Market Segmentation & Impact Analysis
4.1. Global Electro-Optical Targeting Systems Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market Indicators Analysis
4.2.2. Market Drivers Analysis
4.2.2.1. Increasing demand for battlespace awareness
Continued…

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