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EO/IR Gimbal Market Expected to Reach $1,506.6 Million by 2027

 

Report Code : A06283

quote Surge in demand for intelligent technologies is one of the major EO/IR gimbal market trend fuels the global market growth. In addition, the leading market players are investing in R&D in the developing multiple axis EO/IR gimbals owing to upsurge in demand for various end use industries such as UAV, defense, and marine. The increase in interest of business to develop next generation logistics and surge in demand for drones for recreational purposes contributes to the increase in EO/IR gimbal market size quote

Ruchal Humbare
Lead Analyst, Semiconductor and Electronics at Allied Market Research

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According to a recent report published by Allied Market Research, titled, “EOIR Gimbal Market by Product Type and End Use: Opportunity Analysis and Industry Forecast, 2020-2027,” the global market was valued at $533.2 million in 2019, and the EO/IR Gimbal market size is projected to reach $1,506.6 million by 2027, growing at a CAGR of 13.9% from 2020 to 2027.

In 2019, U.S. dominated the EO/IR market share among all countries analyzed, contributing more than 40% share of the overall revenue, followed by rest of the world. High EO/IR gimbal market growth in U.S. is mainly attributed to the increase in technological advancement and innovation. This is expected to improve the defense and military power of the U.S. defense and military sector. There are a lot of drones purchased by the U.S. defense. Rise in adoption of commercial drones across a wide range of industries is expected to provide growth for the EOIR gimbals market.

EO/IR gimbal systems are used for unmanned aerial vehicles (UAVs), drones, and unmanned vehicles including USVs and UGVs as well as fixed-site installations. EO/IR gimbal is idyllic for unmanned aerial platforms such as multirotor, fixed-wing & hybrid UAVs, aerostats, and balloons. Gimbal system is mainly used to search, observe, and track the land or sea, which can satisfy the aerial photography, flight navigation, reconnaissance, and other application demands. 

Factors such as increase in demand for intelligent sensors and sighting devices, countermeasures, and reconnaissance drive the growth of the global EO/IR gimbal market. However, regulations imposed by various countries on the use of drones is expected to hamper the EO/IR gimbal market growth to a certain extent. Furthermore, increase in investments in defense systems by various countries and surge in R&D investments by market players for product development are expected to offer lucrative opportunities for the growth of the market globally. 

Region wise, the market is analyzed across U.S. and Rest of the world. Rest of the world was the highest revenue generator in 2019, accounting for $322.2 Million, and is estimated to garner $866.1 Million by 2027, growing at a CAGR of 13.2%. This is attributed to the fact that the segment is inclusive of all the regions other than the U.S. 

The global EO/IR gimbals market is segmented into product type, end use, and region. By product type, the market is bifurcated into 2-axis EO/IR gimbals and 3-axis EO/IR gimbals. By end use, the EO/IR gimbals market is analyzed across UAV/UAS, defense, marine, law enforcement, and others. By region, the market is analyzed across the U.S. and the rest of the world.

Key Findings Of The Study

  • By product type, the 3-AXIS EO/IR gimbals segment held the highest revenue of $277.3 million in 2019 and contributed a major part in EO/IR gimbal market share.

  • By end use, the others segment held the highest revenue share of the market in 2019, generating $186.3 million as per the EO/IR gimbal market analysis.

  • By region, rest of the world is expected to dominate the market, garnering a major EO/IR gimbal industry share during the forecast period.

Key players operating in the EO/IR Gimbal market include Leonardo DRS, CONTROP Precision Technologies Ltd., L3Harris Wescam, Ascent Vision Technologies LLC, FLIR Systems, Inc., Lockheed Martin, PVP Advanced EO Systems, I2Tech, Harris Aerial, AeroVironment, Inc., Ukrspecsystems, ZHIYUN, and MERIO, which are profiled in this report. The EO/IR gimbal industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, agreements, among others to influence the market growth.
 

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quote EO/IR Gimbal Market by Product Type (2-axis EO/IR Gimbals and 3-axis EO/IR Gimbals), and End Use (UAV/UAS, Defense, Marine, Law Enforcement, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

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