Global Military Electro Optical Infrared (EO/IR) Market to Reach $10 Billion by 2024

SAN FRANCISCO - March 6, 2014 - PRLog -- The Global Military Electro Optical Infrared (EO/IR) market is expected to value US$7.3 billion by the end of 2014, which is estimated to increase to US$10 billion by 2024, representing a CAGR of 3.22% during the forecast period, according to Reportstack's latest report on The Global Military Electro Optical Infrared(EO/IR)Market 2014-2024. The military EO/IR Systems market is expected to be dominated by North America, followed by Europe and Asia-Pacific. Modern warfare places a greater emphasis on information superiority and situational awareness and this expected to be a major factor driving spending in this sector.

Key Insights Include:

Miniaturization is one of the biggest challenges faced by the sector in recent times. It is also expected that it will scale up further during the forecast period. EO/IR sensors are becoming standard fitment across several military platforms especially in the air force. The military’s round the world are focusing heavily on decreasing the size of the aircraft which is putting enormous pressure on the manufacturers as they have to compromise on performance in order to reduce the size and weight of the device especially the sensors.

EO/IR Systems were continuously deployed in Afghanistan on ground vehicles, UAVs and aircraft to support NATO troops with intelligence, surveillance, and reconnaissance and target acquisition capabilities in difficult terrains. In the process, these countries have piled up a large number of EO/IR System payloads and their associated sensors. The US and the UK purchased EO/IR Systems as urgent operational requests and thus, as stated by the UK MoD, the future use of these systems after the troops’ withdrawal is unclear.

The sector growth in the past has come from new procurements these have been on the lower side after the recession due to budget cuts by defense ministries in the US and western European countries. Although, these developments have not significantly impacted the growth in the EO/IR industry, they have clogged the growth rates which have been forecasted to remain unprecedentedly high before the economic downturn in 2007.

In particular, it provides an in-depth analysis of:

- Global Military Electro Optical Infrared (EO/IR) market size and drivers: detailed analysis of the Global Military Electro Optical Infrared (EO/IR) market over the next ten years, alongside potential market opportunities to enter the industry, using detailed market size forecasts.

- Recent development and industry challenges: Recent years have witnessed the spiraling importance of network-centric warfare (NCW), which utilizes digitized operational assets to leverage information supplied in times of war. Various technological and structural efforts aim to create an information-based army that is capable of responding to threats more quickly, thereby effectively fighting asymmetric enemies.

- SWOT analysis of the Military Electro Optical Infrared (EO/IR) systems market: a study of the Global Electro Optical Infrared (EO/IR) systems industry’s characteristics, using SWOT analysis to determine its strengths, weakness, opportunities, and threats.

- Global Military Electro Optical Infrared (EO/IR) systems country analysis: analysis of the key market in each region, providing an analysis of the top three government biometric systems segments expected to be in demand in each region.

- Major programs: details of the top three programs in each segment expected to be in demand in each region.

- Competitive landscape and strategic insights: analysis of competitive landscape of the Global Military Electro Optical Infrared (EO/IR) systems industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives, and a brief financial analysis.

The report will facilitate:

- Clear identification of the market opportunities and entry strategies to gain or grow market share in the Global Military Electro Optical Infrared (EO/IR) systems market.

- A proper understanding of the competitive landscape of the Global Military Electro Optical Infrared (EO/IR) systems market, including key domestic and foreign defense companies, key alliances and strategic initiatives.

The companies mentioned in this report are DRS Technologies, FLIR Systems, BAE Systems, Selex ES, Lockheed Martin, Raytheon Company, Thales , Corning, Chess Dynamics, Harris Corporation, Elbit Systems, L-3 Communications. Please visit Global Military Electro Optical Infrared market report to know more details about this report.

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