The Electro Optical Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electro Optical Systems Global Market Report 2024, 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 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 $17.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. 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.
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 2022, according to the Federal Aviation Administration, a US-based Department of Transportation, there were around 800,000 small drone registrations in 2020, and approximately 1.58 million small drones already accounted for in 2021. Further, the number of small drones is expected to increase to 1.81 million units by 2026. Therefore, the Rising deployment of UAVs is driving the growth of the electro-optical system market.
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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
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 and defense 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, and light detection and ranging, or LiDAR. When combined with AI, RAIVEN creates a precise image of the 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.
The electro optical systems market report table of contents includes:
1. Executive Summary
2. Electro Optical Systems Market Characteristics
3. Electro Optical Systems Market Trends And Strategies
4. Electro Optical Systems Market – Macro Economic Scenario
5. Global Electro Optical Systems Market Size and Growth
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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
Top Major Players:
- Raytheon Technologies Corp
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Honeywell International Inc
- Canon Inc
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