Electro-Optics/Infrared (EO/IR) system is a type of electronic device that includes both electro-optical and infrared sensors and can give optical information during the day as well as at night. The electro-optical sensor can convert light into an electric signal and infrared sensor can give correct detect structure in surrounding emitting the infrared radiation. The systems can measure electromagnetic spectrum with wavelengths in the 0.1-1000 micrometers range, which includes visible light, infrared radiation, and ultraviolet radiation. Military EO/IR systems are used to improve target identification, assess threats from a specified distance and target monitoring in different weather conditions. Moreover, airborne EO/IR systems comprise optic sights, night vision systems inspection systems, and helmet-mounted displays. Land-based systems include weapon-mounted sights, optronic devices, night vision devices, thermal imagers, designators, and laser range finders. Naval-based systems consist of infrared imagers and detectors, thermal imagery systems, surveillance & tracking systems, and photonics mast systems. Furthermore, EO/IR is divided are classified as imaging EO/IR and non-imaging EO/IR systems. The imaging system is dedicated to scanning the structure and delivering noise-free images for accurate detection and non-imaging EO/IR systems are used for long-range target monitoring tasks. 

Market Scope and Structure Analysis:

COVID-19 Impact Analysis: 

Government across the all the major countries have announced a lockdown due to COVID-19 pandemic resulting in the halt of business. This has led to disruption in manufacturing of defense equipment. Moreover, due to decline in economy and increase in focus on health budget, many countries have reduced their defense budget affecting the demand for military electro-optics/infrared (EO/IR) systems. Furthermore, due lockdown there was unavailability of raw materials required for manufacturing of military electro-optics/infrared (EO/IR) systems. Moreover, due to social distancing & travelling restriction norms, there was unavailability of labor required for production of military electro-optics/infrared (EO/IR) systems. Defense is an evolving sector which had a slight setback due to the pandemic, but it is expected to recover and drive the growth of military electro-optics/infrared (EO/IR) systems market post pandemic.

Top Impacting Factors 

•  Rise in government investment in military & defense, surge in adoption of sensors integrated systems for military equipment, and increase in use of AI & IoT in military equipment drive growth of the market.
•  Inefficient performance in extreme weather conditions and high cost of equipment hinder the market growth. 
•  Rise in demand for EO/IR systems for UAV, increase in demand for new technology, and surge in threats of terrorist attacks act as an opportunity for growth of the market.

Market Trends

Rise in Government Investment in Military & Defense

Rise in threats of terrorist attacks has increased the investment of government in the military & defense sector. The military personnel must undertake difficult missions at night and in difficult terrains, they require good EO/IR equipment for detecting any terrorist movements. Thus, to improve the safety & security, and operational efficiency of military personnel during government mission is investing heavily into military & defense equipment. For instance, the U.S. Navy placed its first production order for 40 WESCAM MX-10MS electro-optical, infrared (EO/IR) sensor suites from defense contractor L3Harris Technologies in support of their military sealift command electro-optical system (MSC-EOS) program.

Moreover, in August 2019, the U.S. Department of Defense announced the agreement with thermal imaging infrared camera manufacturer FLIR Surveillance Inc. for the supply, repair, and upgradation of Sea Star SAFIRE III Electro-optics Sensor Systems. Thus, rise in government investment in military & defense drive the   growth of the military electro-optics/infrared (EO/IR) systems market.
    
Key Segments Covered:

Key Benefits of the Report:

•  This study presents the analytical depiction of the military electro-optics/infrared (EO/IR) systems market along with the current trends and future estimations to determine the imminent investment pockets.
•  The report presents information related to key drivers, restraints, and opportunities along with challenges of the military electro-optics/infrared (EO/IR) systems market.
•  The current market is quantitatively analyzed from 2020 to 2030 to highlight the growth scenario of the military electro-optics/infrared (EO/IR) systems market.
•  The report provides detailed military electro-optics/infrared (EO/IR) systems market analysis based on competitive intensity and the competition that will take shape in coming years.

Questions Answered in the Military Electro-Optics/Infrared (EO/IR) Systems Market Research Report:

•  Who are the leading market players active in the military electro-optics/infrared (EO/IR) systems market?
•  What would be the detailed impact of COVID-19 on the market?
•  What are the current trends that would influence the market in the next few years?
•  What are the driving factors, restraints, and opportunities in the military electro-optics/infrared (EO/IR) systems market?
•  What are the future projections that would help in taking further strategic steps?