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    Electro Optics Market Size Forecast to Reach $19.0 Billion by 2026
    (I-BusinessNews.Com, January 12, 2022 ) Electro Optics Market Size is forecast to reach $19.0 billion by 2026, at a CAGR of 6.8% during 2021-2026. The rising concern for safety and security and the need for advanced defense systems and equipment are the primary factors driving the growth of the electro optics market share. In addition increasing deployment of electro optics systems in unmanned vehicles is another factor driving the growth of the electro optical industry. Moreover, the electro optics system is also being used for non-destructive testing in the aerospace sector and also border protection agencies use these systems for monitoring an intrusion attempt. As terrorist activities are on a rise across various regions, there is an immense need for advanced surveillance systems and the need to prevent intrusion attempts by the terrorist organization, which is driving the market forward. Moreover, these equipment include multispectral day and night imaging sensors, laser rangefinders (LRF), night vision goggles, and infrared targeting pods, optical fibers among others. These capabilities have led to the growth of electro optics market share in defense and military applications in the forecast period 2021-2026.



    Electro Optics Market Segment Analysis - By Platform



    The naval segment of the market is anticipated to register the highest CAGR of 7.5% during the forecast period. The growth of territorial conflicts and border issues increased the risk for maritime assets of militaries, which led to increasing emphasis on surveillance, threat detection, and target identification at sea. In addition, the need for better sensor systems that are highly reliable and accurate for maritime patrol to improve sea-based situational awareness has increased. Adding to this, as the naval vessels are isolated from the terrain, it becomes important for them to possess advanced threat detection and countermeasure systems for their long-time survival from impending threats. This is driving the growth of R&D in these sea-based electro optics currently. Moreover various regions are upgrading their electro optics system. In January 2020, US Navy placed its first production order for 40 WESCAM MX-10MS electro-optical, infrared (EOIR) sensor suites from L3Harris Technologies in support of their Military Sealift Command Electro-Optical System (MSC-EOS) program. The MSC-EOS Systemís primary mission is to provide enhanced visual imagery to augment existing electronic sensors. Likewise, in August 2019, the US Department of Defense announced the agreement with FLIR Surveillance Inc. for the supply, repair, and up gradation of Sea Star SAFIRE III Electro-optics Sensor Systems. The project is expected to be completed by August 2024. Hence developments as such are expected to drive the market for naval platform thereby driving the growth of Electro Optics Market share in the forecast period 2021-2026.



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    Electro Optics Market Segment Analysis - By End User



    Defense sector in Electro Optics market is expected to witness a highest CAGR of 7.4% during the forecast period. With the increasing demand for technologically advanced security and surveillance systems due to the increasing acts of insurgency, and growing demand for the drone-powered electro-optical systems for surveillance are some of the factors driving the market. These systems present various advantages, such as in case of low visibility, low light cameras are used as they give better performance with comparatively less power consumption and better output. Moreover, with the ongoing advancements in electro optics system, they have enabled 24-hour situational awareness, 360-degree rotation, guidance for defense gunnery, and automated object detection. Further Electro Optics systems can recognize the targets in the day or at night and in high as well as in low contrast environments. Owing to the increasing military expenditure worldwide, with the armed forces acquiring various devices such as electro optical systems and also developing new technologies in this field, thus electro optics industry is expected to witness further growth.



    Electro Optics Market Segment Analysis - By Geography



    Electro Optics market in Asia-Pacific region held significant market share of 36.5% in 2020, Electro optics and related equipment are being increasingly used by the armed forces in this region due to the advantages provided by these systems such as enabling fast-paced decision-making through effective imagery solution, intelligence gathering and targeting solutions. Further governments of countries such as China, India are investing heavily for procurement of these systems. In 2020, India has committed to spend $130 billion on military modernization in the next 5 years, as achieving self- reliance in defence production is a key target for the Government of India. Similarly, China has increased its defense budget 6.8% in 2021. These countries are continuously trying to modernize their armed forces to face any security threats from terrorist organizations in a better way. Moreover, soldier modernization programs are also driving the market in this region. The development of eye-safe laser equipment that is harmless on a soldier eyes have become a global need and will replace the existing equipment used for search applications for defense forces is also a factor which drives the electro optics market size.



    Electro Optics Market Drivers



    Increasing Adoption of Technologically Advanced UAVs to Propel Market Growth



    Rising deployment of advanced UAVs for surveillance purposes is expected to drive electro-optics market during the forecast period. According to a new report issued by the General Atomics. General Atomics received $7.4 billion MQ-9 Reaper contract with U.S. Air Force. Similarly, in 2020, Textron Inc. announced to collaborate with Shield AI to advance the multi-domain autonomy for military applications to provide reliable, highly capable unmanned aerial system. In 2020, BAE Systems announced to sign a $400 million contract with the U.S Air Force under Skyborg program to develop a low cost unmanned aerial vehicle, capable of operating autonomously to bolster the air combat power. As Electro-optics enable unmanned vehicles to see and avoid obstacles, detect movement, navigate accurately, and warn of the potential for buried improvised explosive devices (IEDs). Hence these factors are analyzed to drive the electro optics market growth in the forecast period 2021-2026.



    Growing adoption of Electro optics in Military



    Change in warfare and battlefield operations has increased the need for modernization of conventional military equipment into highly advanced systems. Modernization is necessary to keep pace with the technological advancements during warfare. This is expected to increase the demand for long-range Electro Optics for surveillance purposes. The U.S. Department of Defense (DoD) is strongly focused on upgrading their defense platforms. For instance, in 2019, the US spent $718.69 billion to modernize its armed forces and enhance its combat capabilities. Growing defense budgets have led to the rise in the procurement of advanced military equipment, as electro optics is used for various applications in military segment hence modernization will have significant impact on the growth electro optics industry outlook during the forecast period.



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    Electro Optics Market Challenges



    Design Complexities



    The electro optics are highly preferred for military applications due to its advanced features such as high operational efficiency, high integration, and compatibility to operate under various unmanned aerial system platforms for night light target identification and target tracking. However, design complexity and fundamental theories limit the long-range photography, camera size, and performance of the electro optics. These constraints in the design and development of the military miniature lightweight electro-optics are expected to hamper the growth of the market.



    Electro Optics Market Landscape



    Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Electro Optics market. Electro Optics top 10 companies include Northrop Grumman Corporation, Leonardo DRS, Elbit Systems Ltd., BAE Systems plc, FLIR Systems, L-3 Technologies, Lockheed Martin Corporation, Raytheon Company, Thales Group, Safran SA among others.



    Acquisitions/Product Launches



    In June 2019, Lockheed Martin successfully delivered the 500th Electro-Optical Targeting System (EOTS). EOTS is the world's first sensor to combine forward-looking infrared and infrared search and track functionality to provide F-35 pilots with precise air-to-air and air-to-ground targeting capability.



    In March 2019, FLIR Systems, Inc. announced that it has completed its previously announced acquisition of Endeavour Robotic Holdings, Inc., a leading developer of battle-tested, tactical unmanned ground vehicles (UGVs) for the global military, public safety, and critical infrastructure markets, from Arlington Capital Partners.



    Key Takeaways



    Defense sector in Electro Optics market is expected to witness a highest CAGR of 7.4% during the forecast period. With the increasing demand for technologically advanced security and surveillance systems due to the increasing acts of insurgency, and growing demand for the drone-powered electro-optical systems for surveillance are some of the factors driving the market.



    Electro optics and related equipment are being increasingly used by the armed forces in APAC due to the advantages provided by these systems such as enabling fast-paced decision-making through effective imagery solution, intelligence gathering and targeting solutions.



    The naval segment of the market is anticipated to register the highest CAGR of 7.5% during the forecast period. The growth of territorial conflicts and border issues increased the risk for maritime assets of militaries, which led to increasing emphasis on surveillance, threat detection, and target identification at sea.



    The increasing defense budgets have led to the rise in the procurement of advanced surveillance equipment, air defence systems, unmanned helicopters warships, submarines, missiles, and others, which is predicted to boost the growth of the Electro optics market during the forecast period.



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