The global electro optical systems market size is set to reach US$ 18 billion, expanding at 4.1% CAGR from 2022 to 2032, as per industry analysis by Fact.MR, a market research and competitive intelligence provider.
Electro optics is a subfield of electronics and material physics that deals with devices, components, and systems that rely on the transmission and interaction of light with diverse materials. The technology is designed to interact with the electromagnetic (optical) and electrical (electronic) states of materials.
Electro optical systems are largely utilized by law enforcement and military agencies to improve situational awareness of environments during the day, night, and even in low-light situations. Electro optical systems, which include electro-optical and infrared sensors, can provide precise optical data, both during the day and at night. Increasing usage of electro optical systems market in fire control systems, homeland security (airborne), situational awareness, search and rescue operations, target acquisition, and intelligence, surveillance, and reconnaissance (ISR) is driving the growth of the global market.
Moreover, the growing usage of advanced sensor-based systems in the military space is pushing the demand for electro optical systems. Furthermore, the global electro optical systems market is being driven by increased deployment in unmanned vehicles and for battle-space awareness, as well as increased use by armed forces to cope with security threats more effectively.
Rising focus of several countries on modernizing their military forces and upgrading to new products is raising the demand for electro optical systems. These systems are also utilized for non-destructive testing in the aerospace industry and by border protection authorities to detect incursions.
Additionally, rising emphasis on miniaturization will aid in the development of portable, sophisticated, and small electro optical systems for intelligence, surveillance, and reconnaissance (ISR) and situational awareness applications around the world.
Key Takeaways from Market Study
“The electro optical systems market is expected to expand steadily due to the rising demand for safety and security and a growing requirement for robust defense systems. Moreover, increasing usage of electro optical systems in unmanned vehicles is projected to boost global market expansion,” says a Fact.MR analyst
The United States is the leading place to manufacture electro-optical systems
North America captured 34.5% of the global sales of electro optical systems in 2021. The United States is projected to take the lead in North America in the years to come.
The price of technologically advanced UAVs has contributed to the accelerating sale of electro optical systems in the United States.
Winning Strategy
Key manufacturers of electro optical systems are implementing inorganic and organic growth strategies such as huge investments in R&D, constant systems innovation, mergers and acquisitions, and long-term systems contracts with the government.
Key Companies Profiled
Key Segments in Electro Optical Systems Industry Research
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