Electro-Optics in Naval Market is expected to reach US$ 11,139.38 million by 2028
The global electro-optics in naval market size is expected to reach USD 11,139.38 million by 2028; registering at a CAGR of 4.3% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Increasing Procurement of Next Generation Naval Vessels to Drive Electro-Optics in Naval Market During 2022–2028
North America held the largest share of the global electro-optics in the naval market in 2021. Over the years, countries in North America have experienced a rise in their military expenditure for enhancing their land, sea, and air troop capabilities, which is leading to the adoption of advanced technologies among the military forces. In February 2022, the US Navy awarded a contract to Teledyne FLIR, a subsidiary of Teledyne Technologies, to maintain and supply BRITE Star II multi-sensory imaging systems for the US Navy’s H-1 program. Also, there is increased adoption of advanced cameras and sensor technologies in naval ships for applications such as target detection, tracking, surveillance, and fire control. All these factors are collectively catalyzing the electro-optics in the naval market growth in the region.
Electro-Optics in Naval Market Share — by Geography, 2021
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Source: The Insight Partners Analysis
Europe is anticipated to hold a significant share of the global electro-optics in naval market during the forecast period. The region homes several electro-optics in naval market players, including Hensoldt AG, Aselsan A.S, and Leonardo S.p.A. Increase in product development strategies and a rise in procurement contracts received by these companies from several naval forces are catalyzing the growth of the market. In October 2022, Leonardo S.p.A launched its new Distributed Static Staring-InfraRed Search and Tracking System (DSS-IRST) in EURONAVAL 2022 to ensure enhanced protection across modern naval units. The product is specifically designed for navigational and maritime situational awareness applications.
The Asia Pacific electro-optics in naval market is expected to grow tremendously during the forecast period. Collective efforts by private players and defense agencies in China, Japan, India, South Korea, and other emerging economies in the form of investments are expected to fuel the electro-optics in naval market size in Asia Pacific region during the forecast period. Moreover, the rise in military expenditure of the countries mentioned above is influencing the demand for naval vessels and other advanced technologies such as cameras and sensors, thereby contributing to the Asia Pacific electro-optics in the naval market growth.
In the Middle East, the leaders in the naval industry adopt the next generation of fighter, vessel, or armored vessels, and navy engineers are unlocking new architectures. They are increasingly demanding an electro-optic sensor for marine corps perimeter security. South & Central America has a growing emphasis on modernizing naval forces by procuring a newer fleet or retrofitting the existing fleet with advanced technologies. The shipping industry is categorized into general cargo ships, container ships, bulk carriers, and other ships types. The constant growth in the shipping industry is bolstering the demand for newer technologies and propelling the growth of the electro-optics in the naval market.
Based on technology, the electro-optics in naval market is segmented into camera, sensor, laser range finder, and others. By application, the electro-optics in naval market is segmented into target detection, identification, and tracking; surveillance; fire control, and others. Based on end use, the electro-optics in naval market is bifurcated into defense and commercial. By region, the electro-optics in the naval market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Safran SA; L3Harris Technologies, Inc.; Ultra Maritime; Tonbo Imaging; Aselsan AS; Elbit Systems Ltd.; SAAB AB; Chess Dynamics; Isreal Aerospace Industries Ltd.; and Naval Group are among the major market players profiled during this study on the electro-optics in naval market. Several other important players were studied and analyzed during this market study to get a holistic view of the global electro-optics in naval market growth and its ecosystem.
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