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What are the key drivers behind the electro optical systems market’s growth in recent years?
The rising deployment of unmanned aerial vehicles (UAV) is expected to boost the growth of the electro-optical system market going forward. An unmanned aerial vehicle (UAV) is a powered aerial vehicle without a human operator that can fly autonomously or under remote control, carry a lethal or nonlethal payload, and be expendable or recoverable. In Unmanned aerial vehicles (UAV), electro-optical systems are used as sensors to navigate appropriately, sense and avoid obstacles, and detect movement. For instance, in May 2024, according to the International Trade Administration, a US-based government agency, VUL (Association of Unmanned Aviation), anticipates a 40% increase in the global number of commercially used drones between 2022 and 2030. Therefore, the Rising deployment of UAVs is driving the growth of the electro-optical system market.
Electro Optical Systems Market Driver: Industrial Automation’s Impact On The Growth Of The Electro Optical Systems Marke
The increasing adoption of industrial automation is expected to propel the growth of the electro-optical systems market going forward. Industrial automation uses control systems, Industry, and technology to automate manufacturing and industrial processes. Industrial automation leads to enhanced production efficiency, reduced downtime, and increased manufacturing throughput, where electro-optical systems play a crucial role by providing real-time monitoring and feedback, enabling quick adjustments and process optimization. For instance, in April 2024, according to the International Federation of Robotics, a Germany-based professional non-profit organization, manufacturing firms in the United States markedly escalated their investment in automation, with the total number of industrial robot installations surging by 12% to reach 44,303 units in 2023. Therefore, the increasing adoption of industrial automation drives the growth of the electro-optical systems market.
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How does the future projection of the electro optical systems market size compare to its historical growth?
The electro optical systems market size has grown steadily in recent years. It will grow from $14.08 billion in 2024 to $14.72 billion in 2025 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to military modernization programs, commercial applications expansion, increased security concerns, demand in automotive safety.
The electro optical systems market size is expected to see strong growth in the next few years. It will grow to $18.6 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to rise in counterterrorism measures, integration into smart cities, growing adoption in healthcare, expanding space exploration initiatives, emergence of advanced manufacturing. Major trends in the forecast period include focus on non-destructive testing (NDT), enhanced night vision technologies, integration of augmented reality (AR) displays, application in medical imaging and diagnosis, focus on environmental monitoring and climate studies.
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Which key players are shaping the future of the electro optical systems market?
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,
What trends will propel the growth and evolution of the electro optical systems market?
Major companies operating in the electro-optical system market are focusing on developing innovative technologies such as electro-optical intelligent sensing to strengthen their market position. Electro-optical intelligent sensing (EOIS) is a field of technology that combines electro-optical sensors with artificial intelligence (AI) to create systems that can sense, interpret, and act on information in the real world. For instance, in April 2023, Raytheon Technologies Corp, a US-based manufacturer of technology-related products and services to the Aerospace & Defence sectors, launched RAIVEN, an advanced electro-optical intelligent-sensing capability. The unique feature of RAIVEN is its capacity to recognize objects optically and spectrally in real-time simultaneously. The ‘intelligent sensing’ capacity of RAIVEN enables operators to see up to five times farther and more apparent than conventional optical imaging. It combines artificial intelligence, hyperspectral imaging, light detection and ranging, or LiDAR. When combined with AI, RAIVEN creates a precise image of battlespace, and the threats present in it from reams of data. The AI automatically recognizes and categorizes threats, enabling automation that allows the operator to pick which decisions must be made.
Which regions are expected to become dominant players in the electro optical systems market?
North America was the largest region in the electro optical systems market in 2024. The regions covered in the electro optical systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the emerging key segments in the electro optical systems market, and how are they evolving?
The electro optical systems market covered in this report is segmented –
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
Subsegments:
1) By Imaging: Visible Imaging Systems, Infrared Imaging Systems, Multispectral Imaging Systems, Hyperspectral Imaging Systems
2) By Non-Imaging: Lidar Systems, Laser Range Finders, Optical Sensors, Surveillance Systems
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How is the electro optical systems market defined, and what are its core characteristics?
An electro-optical system is an imaging system that uses a combination of electronics and optics to generate, detect, and measure radiation in the optical spectrum. They are used to convert light into an electrical signal and to detect electromagnetic radiation with wavelengths ranging from infrared to ultraviolet.
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