Military EO, IR Systems Market Set for Growth

The military electro-optics and IR systems market is expected to reach $14.20 billion by 2022, according to a report by MarketandMarkets.

The market is currently valued at $10.15 billion, with an anticipated compound annual growth rate of 5.75 percent.

Increased demand for battle space awareness by defense forces and technological advancements resulting in improved efficiency of electro-optical and IR systems are the major factors driving market growth. The growing demand for border surveillance and situational awareness has resulted in increased use of unmanned aerial vehicles. Increase in R&D activities in the aerospace and defense sector has contributed to the development of miniaturized and lightweight components and defense equipment, especially for airborne applications. Based on sensor technology, the staring sensor segment is projected to lead the market.

North America is estimated to lead the military electro-optics and infrared systems market during the forecast period due to the increasing demand across military, public safety and commercial sectors.

MarketsandMarkets Ltd. is a global market research and intelligence company.