According to a new market research report of "Electro-Optical Market by Product (Infrared and Laser), by Segments (Defense, Aerospace, and Homeland Security), Application (Airborne, Naval and Land-based Systems) & by Geography (Asia-Pacific,Europe, The Middle East, North America and South America) - Forecasts & Analysis (2014-2020)", published by MarketsandMarkets, is projected to cross $18.42 Billion by 2020, growing at a CAGR of 3.00% from 2014 to 2020.
Browse more than 69 Market Data Tables with 7 Figures spread through 165 Pages and in-depth TOC on "Electro-Optical Market"
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The Electro-Optical Market revenue will predominantly be from the defense segment followed by homeland security and aerospace segments. The market will be driven by upgrade and replacement of existing hardware of the defense segment. Geographic regions such as APAC, North America and Europe will see majority of the growth. Airborne electro optic systems are estimated to rise due to increased deployment of UAVs for surveillance in aerospace and homeland security. Major markets for EO systems are identified to be the U.S., European Union (EU), India, Japan, South Korea, and Brazil.
Electro-Optic systems are increasingly being used by defense forces around the world. The versatility offered by electro optic systems is vital for defense, homeland security, and aerospace segments. The global Electro-Optics market is projected to be $11.76 billion in 2014 and is expected to register a CAGR of 2.98 % to reach $14.03 billion by 2020.
The growth will be driven by increasing usage of electro optic systems in surveillance operations. Border protection agencies are using electro optic equipment to monitor and prevent intrusion attempts. Electro optic infrared systems are being used as a complement for radar systems on land and ships. Electro optic systems acting as a complement for radar systems on land are effective in tracking stealth aircraft and low observable missiles. In naval platforms, electro optic systems are finding increasing use in next generation close in weapon system (CIWS). CIWS use electro optic systems as a complement for radars for target acquisition and engagement.
The report analyzes the defense, civilian, and homeland security application of electro optic systems. With respect to defense application, the sub segments considered are airborne, naval, and land based. Law and order deployment is considered for homeland security and civilian aircraft applications are considered under aerospace and homeland security application.
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