The electro optical systems market size has grown strongly in recent years. It will grow from $13.33 billion in 2023 to $14.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The historic growth of electro-optical systems can be attributed to factors such as military modernization programs, the expansion of commercial applications, heightened security concerns, and increased demand for automotive safety.
The electro optical systems market size is expected to see strong growth in the next few years. It will grow to $17.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The forecasted growth of electro-optical systems can be attributed to factors such as the increase in counterterrorism measures, integration into smart cities, growing adoption in healthcare, expanding space exploration initiatives, and the emergence of advanced manufacturing. Additionally, major trends in the forecast period include a focus on non-destructive testing (NDT), enhanced night vision technologies, integration of augmented reality (AR) displays, applications in medical imaging and diagnosis, and a focus on environmental monitoring and climate studies.
The escalation in unmanned aerial vehicle (UAV) usage is positioned to propel the growth of the electro-optical system market. UAVs, whether autonomous or remotely operated, heavily rely on electro-optical systems for crucial functions such as navigation, obstacle detection, and motion sensing. Notably, the Federal Aviation Administration registered a substantial surge in small drone numbers from 800,000 in 2020 to 1.58 million in 2021. Projections indicate a further increase to 1.81 million units by 2026. This considerable rise in UAV deployment significantly impacts the expansion of the electro-optical system market.
The anticipated integration of industrial automation stands as a driving force behind the expansion of the electro-optical systems sector. Industrial automation enhances manufacturing processes through the utilization of control systems and advanced technology. Electro-optical systems hold a pivotal role in delivering real-time monitoring and feedback within this framework. Notably, in the UK, the International Federation of Robotics witnessed a 6% increase in the count of industrial robots in factories in 2021, totaling 23,000 units. Moreover, the sales of new robots experienced an 8% growth, reaching 2,205 units in 2020. This substantial surge in industrial automation adoption notably propels the growth trajectory of electro-optical systems.
The challenges presented by the COVID-19 pandemic have cast a shadow on the prospects of the electro-optical system market, potentially hindering its projected growth. The pandemic-induced disruptions in supply chains and production have caused delays and shortages in electro-optical systems. Reports from MDPI have highlighted how the pandemic compelled numerous companies to reduce investments in Industrial IoT (IIoT). This reduction has had a significant impact on the development and adoption of electro-optical systems across various sectors, including smart homes, buildings, cities, and transportation. Consequently, the adverse effects stemming from the COVID-19 pandemic pose notable constraints to the growth prospects of the electro-optical system market.
Major players in the electro-optical system market are actively engaged in pioneering innovative technologies such as electro-optical intelligent sensing (EOIS) to fortify their market presence. EOIS represents a technology domain that amalgamates electro-optical sensors with artificial intelligence (AI) to craft systems capable of sensing, interpreting, and acting upon real-world information. An exemplary instance is Raytheon Technologies Corp's launch of RAIVEN in April 2023. RAIVEN, an advanced electro-optical intelligent-sensing capability, stands out for its real-time simultaneous recognition of objects optically and spectrally. Its 'intelligent-sensing' capacity extends visibility up to five times farther and clearer than traditional optical imaging. RAIVEN synthesizes artificial intelligence, hyperspectral imaging, and Light Detection and Ranging (LiDAR). When AI is integrated, RAIVEN generates a precise battlespace image and identifies present threats from extensive data. The AI's automated threat recognition and categorization enable operational automation, empowering operators to make critical decisions.
In June 2022, Rafael Advanced Defense Systems Ltd., an Israeli defense technology firm, acquired PVP Advanced EO Systems Inc., an undisclosed acquisition. This strategic move is anticipated to bolster Rafael's manufacturing and engineering capabilities, catering to customer demands while reinforcing its U.S. supply chain. PVP Advanced EO Systems Inc. specializes in providing high-reliability Electro-Optical solutions and systems in the United States.
Major companies operating in the electro optical systems market report are Raytheon Technologies Corp., Lockheed Martin Corporation, Northrop Grumman Corporation, Honeywell International Inc., Canon Inc., BAE Systems Plc., Fujifilm Holdings Corporation, Safran S.A, Collins Aerospace, Thales Group, L3Harris Technologies Inc., Leidos Holdings Inc., Corning Incorporated, Rheinmetall AG, Elbit Systems Ltd., Teledyne Technologies Inc., General Dynamics Mission Systems Inc., Saab AB, MKS Instruments Inc., Coherent Inc., Leonardo DRS Inc., Jenoptik AG, EOS GmbH, Textron Systems Corporation, Thorlabs Inc., Instro Precision Limited, Optikos Corporation, FLIR LLC,
North America was the largest region in the electro optical systems market in 2023. The regions covered in the electro optical systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the electro optical systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electro-optical systems market consists of revenues earned by entities by providing services such as situational awareness, target acquisition, tracking, and identification. The market value includes the value of related goods sold by the service provider or included within the service offering. The electro-optical systems market also includes sales of thermal imaging systems, UV imaging systems, and photometry systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
There are two primary types of electro-optical systems such as imaging and non-imaging. Imaging electro-optical systems generate a usable output image by capturing, detecting, and measuring optical spectrum radiation. Key components of these systems include sensors, cameras, lasers, photodetectors, and more. These systems find applications in various domains such as air electro-optical systems, land electro-optical systems, and sea electro-optical systems, serving both defense and commercial end users.
The electro optical systems market research report is one of a series of new reports that provides electro optical systems market statistics, including electro optical systems industry global market size, regional shares, competitors with a electro optical systems market share, detailed electro optical systems market segments, market trends and opportunities, and any further data you may need to thrive in the electro optical systems industry. This electro optical systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 1-3 business days.
The electro optical systems market size is expected to see strong growth in the next few years. It will grow to $17.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The forecasted growth of electro-optical systems can be attributed to factors such as the increase in counterterrorism measures, integration into smart cities, growing adoption in healthcare, expanding space exploration initiatives, and the emergence of advanced manufacturing. Additionally, major trends in the forecast period include a focus on non-destructive testing (NDT), enhanced night vision technologies, integration of augmented reality (AR) displays, applications in medical imaging and diagnosis, and a focus on environmental monitoring and climate studies.
The escalation in unmanned aerial vehicle (UAV) usage is positioned to propel the growth of the electro-optical system market. UAVs, whether autonomous or remotely operated, heavily rely on electro-optical systems for crucial functions such as navigation, obstacle detection, and motion sensing. Notably, the Federal Aviation Administration registered a substantial surge in small drone numbers from 800,000 in 2020 to 1.58 million in 2021. Projections indicate a further increase to 1.81 million units by 2026. This considerable rise in UAV deployment significantly impacts the expansion of the electro-optical system market.
The anticipated integration of industrial automation stands as a driving force behind the expansion of the electro-optical systems sector. Industrial automation enhances manufacturing processes through the utilization of control systems and advanced technology. Electro-optical systems hold a pivotal role in delivering real-time monitoring and feedback within this framework. Notably, in the UK, the International Federation of Robotics witnessed a 6% increase in the count of industrial robots in factories in 2021, totaling 23,000 units. Moreover, the sales of new robots experienced an 8% growth, reaching 2,205 units in 2020. This substantial surge in industrial automation adoption notably propels the growth trajectory of electro-optical systems.
The challenges presented by the COVID-19 pandemic have cast a shadow on the prospects of the electro-optical system market, potentially hindering its projected growth. The pandemic-induced disruptions in supply chains and production have caused delays and shortages in electro-optical systems. Reports from MDPI have highlighted how the pandemic compelled numerous companies to reduce investments in Industrial IoT (IIoT). This reduction has had a significant impact on the development and adoption of electro-optical systems across various sectors, including smart homes, buildings, cities, and transportation. Consequently, the adverse effects stemming from the COVID-19 pandemic pose notable constraints to the growth prospects of the electro-optical system market.
Major players in the electro-optical system market are actively engaged in pioneering innovative technologies such as electro-optical intelligent sensing (EOIS) to fortify their market presence. EOIS represents a technology domain that amalgamates electro-optical sensors with artificial intelligence (AI) to craft systems capable of sensing, interpreting, and acting upon real-world information. An exemplary instance is Raytheon Technologies Corp's launch of RAIVEN in April 2023. RAIVEN, an advanced electro-optical intelligent-sensing capability, stands out for its real-time simultaneous recognition of objects optically and spectrally. Its 'intelligent-sensing' capacity extends visibility up to five times farther and clearer than traditional optical imaging. RAIVEN synthesizes artificial intelligence, hyperspectral imaging, and Light Detection and Ranging (LiDAR). When AI is integrated, RAIVEN generates a precise battlespace image and identifies present threats from extensive data. The AI's automated threat recognition and categorization enable operational automation, empowering operators to make critical decisions.
In June 2022, Rafael Advanced Defense Systems Ltd., an Israeli defense technology firm, acquired PVP Advanced EO Systems Inc., an undisclosed acquisition. This strategic move is anticipated to bolster Rafael's manufacturing and engineering capabilities, catering to customer demands while reinforcing its U.S. supply chain. PVP Advanced EO Systems Inc. specializes in providing high-reliability Electro-Optical solutions and systems in the United States.
Major companies operating in the electro optical systems market report are Raytheon Technologies Corp., Lockheed Martin Corporation, Northrop Grumman Corporation, Honeywell International Inc., Canon Inc., BAE Systems Plc., Fujifilm Holdings Corporation, Safran S.A, Collins Aerospace, Thales Group, L3Harris Technologies Inc., Leidos Holdings Inc., Corning Incorporated, Rheinmetall AG, Elbit Systems Ltd., Teledyne Technologies Inc., General Dynamics Mission Systems Inc., Saab AB, MKS Instruments Inc., Coherent Inc., Leonardo DRS Inc., Jenoptik AG, EOS GmbH, Textron Systems Corporation, Thorlabs Inc., Instro Precision Limited, Optikos Corporation, FLIR LLC,
North America was the largest region in the electro optical systems market in 2023. The regions covered in the electro optical systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the electro optical systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electro-optical systems market consists of revenues earned by entities by providing services such as situational awareness, target acquisition, tracking, and identification. The market value includes the value of related goods sold by the service provider or included within the service offering. The electro-optical systems market also includes sales of thermal imaging systems, UV imaging systems, and photometry systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
There are two primary types of electro-optical systems such as imaging and non-imaging. Imaging electro-optical systems generate a usable output image by capturing, detecting, and measuring optical spectrum radiation. Key components of these systems include sensors, cameras, lasers, photodetectors, and more. These systems find applications in various domains such as air electro-optical systems, land electro-optical systems, and sea electro-optical systems, serving both defense and commercial end users.
The electro optical systems market research report is one of a series of new reports that provides electro optical systems market statistics, including electro optical systems industry global market size, regional shares, competitors with a electro optical systems market share, detailed electro optical systems market segments, market trends and opportunities, and any further data you may need to thrive in the electro optical systems industry. This electro optical systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 1-3 business days.
Table of Contents
1. Executive Summary2. Electro Optical Systems Market Characteristics3. Electro Optical Systems Market Trends and Strategies32. Global Electro Optical Systems Market Competitive Benchmarking33. Global Electro Optical Systems Market Competitive Dashboard34. Key Mergers and Acquisitions in the Electro Optical Systems Market
4. Electro Optical Systems Market - Macro Economic Scenario
5. Global Electro Optical Systems Market Size and Growth
6. Electro Optical Systems Market Segmentation
7. Electro Optical Systems Market Regional and Country Analysis
8. Asia-Pacific Electro Optical Systems Market
9. China Electro Optical Systems Market
10. India Electro Optical Systems Market
11. Japan Electro Optical Systems Market
12. Australia Electro Optical Systems Market
13. Indonesia Electro Optical Systems Market
14. South Korea Electro Optical Systems Market
15. Western Europe Electro Optical Systems Market
16. UK Electro Optical Systems Market
17. Germany Electro Optical Systems Market
18. France Electro Optical Systems Market
19. Italy Electro Optical Systems Market
20. Spain Electro Optical Systems Market
21. Eastern Europe Electro Optical Systems Market
22. Russia Electro Optical Systems Market
23. North America Electro Optical Systems Market
24. USA Electro Optical Systems Market
25. Canada Electro Optical Systems Market
26. South America Electro Optical Systems Market
27. Brazil Electro Optical Systems Market
28. Middle East Electro Optical Systems Market
29. Africa Electro Optical Systems Market
30. Electro Optical Systems Market Competitive Landscape and Company Profiles
31. Electro Optical Systems Market Other Major and Innovative Companies
35. Electro Optical Systems Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Electro Optical Systems Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on electro optical systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for electro optical systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:1) By System: Imaging; Non-Imaging
2) By Component: Sensor; Camera; Laser; Photodetectors; Other Components
3) By Application: Air Electro Optical System; Land Electro Optical System; Sea Electro Optical System
4) By End Use: Defense; Commercial
Key Companies Mentioned: Raytheon Technologies Corp.; Lockheed Martin Corporation; Northrop Grumman Corporation; Honeywell International Inc.; Canon Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Methodology
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