17 Sep 2021
Posted in Aerospace, Defense & Security
Integration of advanced technologies to push EO/IR market to US$12.9bn by 2031, says GlobalData
The need for advanced situational awareness and information dissemination abilities is driving the development and procurement of several Electro-Optic Infrared (EO/IR) systems. The global military EO/IR systems market is valued at US$9.2bn in 2021 and will grow at a compound annual growth rate (CAGR) of 3.43% to reach a value of US$12.9bn by 2031, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Global Military Electro-Optical/Infrared (EO/IR) Systems Market to 2031’, reveals that the Man-Portable EO/IR segment is estimated to be the largest market segment globally with a share of 45.6% over the next ten years and is one of the fastest-growing segments in the US (at 5.90% growth rate), followed by China (2.37%), Russia (2.49%), South Korea (2.85%), India (3.54%) and Saudi Arabia (4.59%). The latest designs will address the complex challenges of battlefield operations with an emphasis on man-portable and airborne segments.
Rahul Bhushan, Aerospace & Defense Analyst at GlobalData, comments: “Increased adoption and requirements of EO/IR from militaries have also pushed technologies such as artificial intelligence (AI) and augmented reality (AR) to be improvised for tactical applications in cost effective ways, while not compromising on operational efficiencies. For instance, Raytheon has developed its multi-spectral targeting system, a turreted EO/IR sensor for use in maritime and land intelligence, surveillance, reconnaissance (ISR) missions for the US armed forces.
“The expenditure on man-portable EO/IR is primarily directed towards enhancing soldier capabilities with an aim to deploy soldiers with technologically advanced systems, such as advanced night vision systems and thermal weapon sights, to improve their combat effectiveness and to reduce casualties during night-time and other operations.”