The global EO/IR gimbal market size reached US$ 813.3 Million in 2023. Looking forward, the publisher expects the market to reach US$ 1.76 billion by 2032, exhibiting a growth rate (CAGR) of 9% during 2023-2032. The growing use of drones for military-based activities, increasing focus on security and surveillance, and the rising geopolitical tensions and defense spendings are primarily driving the market's growth.
EO/IR Gimbal Market Analysis:
- Major Market Drivers: The rising need for surveillance and the escalating demand for intelligent sensors and sighting devices represent several key factors positively influencing the market. Moreover, the increasing investments in airborne homeland security, combat, patrol, and defense systems, are encouraging key market players to introduce more advanced product variants, further escalating the market's growth.
- Key Market Trends: The growing investments in research and development (R&D) activities in next-generation logistics are providing a thrust to the market growth. In addition to this, the development of nanostructure-based material technology to benefit next-generation EO/IR sensors is also supporting the market growth.
- Competitive Landscape: Some of the prominent EO/IR gimbal market companies include AeroVironment Inc., Ascent Vision Technologies (CACI International Inc), CONTROP Precision Technologies Ltd. (Rafael Advanced Defense Systems Ltd.), Harris Aerial, Innovative Intuitive Technology Inc., L3Harris Technologies Inc., Leonardo DRS (Leonardo S.p.A.), Lockheed Martin Corporation, Merio - UAV Payload Systems, Teledyne FLIR LLC (Teledyne Technologies Incorporated), and Ukrspecsystems., among many others.
- Geographical Trends: According to the EO/IR gimbal market dynamics, North America acquires a prominent share in the market owing to the large defense budget and extensive defense and aerospace industries. Moreover, the European market is also growing owing to the ongoing modernization of military assets and rising geopolitical tensions.
- Challenges and Opportunities: High development costs associated with gimbal systems and extensive competition among key players are hampering the market's growth. However, the rising use of unmanned aerial vehicles (UAVs) for surveillance, reconnaissance, and commercial applications is stimulating the industry's demand.
EO/IR Gimbal Market Trends:
Rising Demand for Unmanned Vehicles
The growing adoption of unmanned aerial vehicles (UAVs), drones, and unmanned ground vehicles (UGVs) for surveillance, reconnaissance, and military operations is driving the market's growth. For instance, according to the publisher, India’s unmanned aerial vehicle (UAV) market size is projected to exhibit a growth rate (CAGR) of 13.20% during 2024-2032. EO/IR gimbals are essential for providing high-quality, stabilized imaging, and targeting capabilities on these platforms. These factors are expected to propel the EO/IR gimbal market in the coming years.Increased Defense Spending
Governments worldwide are investing heavily in defense technology, including EO/IR systems for surveillance, reconnaissance, and targeting. For instance, in July 2024, the Ministry of Defense approved INR 300 crore through its Technology Development Fund to improve capacities in cutting-edge technology and promote 'Aatmanirbharta' in defense. The government planned to increase India's yearly defense manufacturing. These systems are essential for modern military operations and homeland security. These factors further positively influence the EO/IR gimbal market forecast.Technological Advancements
Improvements in sensor technology, image processing, and stabilization systems have enhanced the performance and capabilities of EO/IR gimbals. For instance, in July 2024, UAVOS launched the Gimbal 155, a new gimbaled camera designed specifically for the UAS Survey Mission program. The GOS-155 two-axial gimbal is an EO/IR system. It consists of a 30x optical zoom HD (1280×720) visible camera and a fixed focal length, uncooled thermal LWIR (1280×1024) camera. This allows users to capture intricate pictures in both the visible and infrared spectrums, thus boosting mission success. This technological progress makes these systems more attractive for a wide range of applications, thereby boosting the EO/IR gimbal market revenue.Global EO/IR Gimbal Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the global EO/IR gimbal market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type and end user.Breakup by Product Type:
- 2-Axis EO/IR Gimbals
- 3-Axis EO/IR Gimbals
Breakup by End User:
- UAV/UAS
- Defense
- Marine
- Law Enforcement
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:- AeroVironment Inc.
- Ascent Vision Technologies (CACI International Inc)
- CONTROP Precision Technologies Ltd. (Rafael Advanced Defense Systems Ltd.)
- Harris Aerial
- Innovative Intuitive Technology Inc.
- L3Harris Technologies Inc.
- Leonardo DRS (Leonardo S.p.A.)
- Lockheed Martin Corporation
- Merio - UAV Payload Systems
- Teledyne FLIR LLC (Teledyne Technologies Incorporated)
- Ukrspecsystems
EO/IR Gimbal Market Recent Developments:
- July 2024: UAVOS launched the Gimbal 155, a new gimbaled camera designed specifically for the UAS Survey Mission program. The GOS-155 two-axial gimbal is an EO/IR system.
- July 2024: Seiko Epson Corporation developed and launched volume manufacturing of M-G570PR, a new premium model for its series of inertial measurement units, featuring high-performance six-axis sensors. It is used in the vibration control for EO/IR camera gimbals.
- February 2024: Overwatch Imagine launched the Overwatch Automated Sensor Operator (ASO) software to enhance full-motion video gimbals with automated search, detection, and analysis capabilities. It is compatible with EO/IR sensor payloads.
Key Questions Answered in This Report:
- How has the global EO/IR gimbal market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global EO/IR gimbal market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global EO/IR gimbal market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface3 Executive Summary10 Value Chain Analysis12 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global EO/IR Gimbal Market
6 Market Breakup by Product Type
7 Market Breakup by End User
8 Market Breakup by Region
9 SWOT Analysis
11 Porters Five Forces Analysis
13 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- AeroVironment Inc.
- Ascent Vision Technologies (CACI International Inc)
- CONTROP Precision Technologies Ltd. (Rafael Advanced Defense Systems Ltd.)
- Harris Aerial
- Innovative Intuitive Technology Inc.
- L3Harris Technologies Inc.
- Leonardo DRS (Leonardo S.p.A.)
- Lockheed Martin Corporation
- Merio - UAV Payload Systems
- Teledyne FLIR LLC (Teledyne Technologies Incorporated)
- Ukrspecsystems.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 146 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 0.81 Billion |
| Forecasted Market Value ( USD | $ 1.76 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
