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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Electro-Optical/Infrared (EO/IR) Systems Market Size
The global electro-optical/infrared (EO/IR) systems market attained a value of USD 15.07 billion in 2023. The market is projected to grow at a CAGR of 3.7% between 2024 and 2032 to reach USD 18.88 billion by 2032.
Key Trends in the Market
Devices that use a combination of optics and electronics for producing, detecting, and measuring radiation on the optical spectrum are referred to as electro-optical systems, or EO systems. Law enforcement and military departments generally use electro optical systems or infrared systems as imaging systems to improve situational awareness of settings during the day, at night, and even in low light situations. Common applications of EO/IR systems include airborne homeland security, surveillance, patrol, warfare, search and rescue, and reconnaissance missions.
- There is a growing need to integrate different systems so they may work together to create enterprise-like systems that provide a more comprehensive perspective of the battlefield. As a result, several forces are increasingly concentrating on real-time data collection and enhanced situational awareness. Due to their enhanced target recognition abilities and high range capabilities, EO/IR sensors will be useful in the military sector. As a result, many countries are heavily investing in these systems.
- Additionally, the electro-optical/infrared (EO/IR) systems market is expected to grow due to the increasing need for modernisation of older systems. Electronic warfare, optical surveillance, and observation systems, as well as missile warning receivers, can all benefit from updated EO/IR systems.
- EO/IR systems are increasingly utilised in diverse applications, fuelled by the expanding trend of system miniaturisation, and need for increasing accuracy, and cost- and reliability-effectiveness. Improved EO/IR systems are being developed as a result of research into third generation nonlinear crystals, forward-looking infrared, sophisticated 3D visualisation, laser radars, smart seekers and sensors, and hyperspectral and multispectral sensors, which is having a beneficial impact on the market.
Electro-Optical/Infrared (EO/IR) Systems Market Report Snapshots
Electro-Optical/Infrared (EO/IR) Systems Market Size
Electro-Optical/Infrared (EO/IR) Systems Market Analysis
Electro-Optical/Infrared (EO/IR) Systems Market Share
Electro-Optical/Infrared (EO/IR) Systems Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market size for electro-optical/infrared (EO/IR) systems attained a value of nearly USD 15.07 billion.
The market for electro-optical/infrared (EO/IR) systems is projected to grow at a CAGR of 3.7% between 2024 and 2032.
The market for electro-optical/infrared (EO/IR) systems is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 18.88 billion by 2032.
The major drivers of the electro-optical/infrared (EO/IR) systems market include rising military spending, increasing accuracy, and cost- and reliability-effectiveness, and investments in the research and acquisition of electro optical systems for various military platforms.
The expanding trend of system miniaturisation, increasing need for modernisation, and growing applications of EO/IR systems are the key market trends propelling the growth of the market.
The major players in the market are Raytheon Technologies Corporation, Lockheed Martin Corporation, Thales Group, Northrop Grumman Corporation, BAE Systems PLC, and Rheinmetall AG, L3Harris Technologies, Inc., among others.
Working wavelength or spectral quantum efficiency distinguishes the two: The electro-optic (EO) spectral band, often known as the near ultraviolet (UV) to near IR range of light, can be detected by a CCD, while IR detectors can detect the entire IR spectrum.
EO surveillance is a multi-sensor targeting and surveillance system that enables aircrews to find, track, and identify targets at a distance.
A sensor that uses electro-optics (EO) transforms light waves into electronic impulses. It takes a measurement of the actual amount of light and converts it into a form that a machine can read.
Optical sensors can detect light, typically in a particular area of the electromagnetic spectrum (ultraviolet, visible, and infrared). The sensor converts the wavelength, frequency, or polarisation of the detected light into an electric signal as a result of the photoelectric effect.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124