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The global electro-optics in naval market was valued at US$ 8,629.35 million in 2022 and is expected to reach US$ 11,139.38 million by 2028; it is estimated to register a CAGR of 4.3% during the forecast period.
The naval electro-optics systems consist of multi-sensor imaging modules catering to the needs of surveillance, monitoring, fire control, and panoramic search-and-track. In addition, the electro-optic enables the detection of all airborne and surface threats, both symmetrical and asymmetrical, regardless of the time of the day and weather conditions. Moreover, for high sea and coastal security operations, electro-optic systems provide surveillance, fire control, and air defense systems for several surface vessels, including aircraft carriers, frigates, corvettes, ocean and coastal patrol boats, and high-speed craft. Moreover, electro optic sensors are operational in various airborne, ground, and naval applications, providing position and orientation data required for operation and target acquisition. Also, the sensors provide early-warning, abnormal activity monitoring, incident management, and comprehensive observation and reaction capabilities.
Furthermore, electro-optic has enabled successful mission execution, possessing unique features and capabilities best suited for naval targeting, surveillance, and situational awareness. Companies in the market are designing an electro-optic solution to provide superior operation and surveillance in a lightweight and lower-cost package that effectively supports multiple mission requirements for full-spectrum surface detection, identification, surveillance, and target assessment.
Electro-Optics in Naval Market -
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Electro-Optics in Naval Market: Strategic Insights
Market Size Value in US$ 8,629.35 million in 2022 Market Size Value by US$ 11,139.38 million by 2028 Growth rate CAGR of 4.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Electro-Optics in Naval Market: Strategic Insights
| Market Size Value in | US$ 8,629.35 million in 2022 |
| Market Size Value by | US$ 11,139.38 million by 2028 |
| Growth rate | CAGR of 4.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Electro-Optics in Naval Market Growth
Global economic stability has been completely upended by COVID-19 pandemic, which has halted businesses, paused production lines for defense electronics, temporarily shut down shipbuilding companies, and disturbed routine operations at several manufacturing facilities. The defense electronics industry is attempting to manage and mitigate the harmful effects of the crisis, as it appears that few enterprises have been spared. Furthermore, the supply chain interruptions stopped manufacturing activities. Thus, the COVID-19 pandemic had a marginally negative impact on the global electro-optics in naval market growth. However, in 2021, the industrial manufacturing operations have returned to their normal pace, and the global electro-optics in naval market size is expected to surpass the 2019 market levels by 2023.
Lucrative Regions for Electro-Optics in Naval Market
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Market Insights – Electro-Optics in Naval Market
Based on technology, the electro-optics in the naval market is segmented into camera, sensor, and laser range finder. The camera segment dominated electro-optics in naval market in 2021, as electro-optic camera in maritime imaging systems provides a critical capability to enhance navigation, intelligence, surveillance, and reconnaissance. 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 market is bifurcated into defense and commercial. The electro-optics in naval market for the defense segment is further segmented into frigates, corvettes, destroyers, aircraft carriers, submarines, and others. The defense segment held a larger electro-optic market share in 2021 due to rapid incorporation of unmanned surface vehicle (USV) in the defense industry, which are remotely controlled and highly autonomous and conducts a wide spectrum of defense and maritime security missions. The electro-optics in naval market for the commercial segment is further segmented into cruise ships, merchant vessels, and cargo ships. By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The electro-optics in naval market players are focusing on product differentiation to gain a competitive advantage and remain competitive in the market. 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 electro-optics in naval market players.
Technology-Based Insights
Based on technology, the global electro-optics in naval market is segmented into camera, sensor, and laser range finder. The camera segment held the largest share of the electro-optics in naval market in 2021. The electro-optic camera technology in maritime imaging systems provides a critical capability to enhance navigation, intelligence, surveillance, and reconnaissance. In addition, high-performance maritime imaging systems provide total situational awareness during daylight and low-light camera imaging for long-range vessel detection, identification, and threat assessment. Moreover, the camera utilizes advanced sensors and cutting-edge algorithms to detect a range of threats and thermal anomalies passively. Generally, the camera weighs less than 55 lb and offers a 982mm focal length on a stabilized platform. Also, its features include a split screen; picture-in-picture; multi-field-of-view spotter scope; medium-wave infrared (MWIR) thermal camera; and short-wave infrared (SWIR) camera to see thorough mist, smog, smoke, and haze. Thus, automatic processing for object detection imposes specific demands on the image quality, such as stable performance with high detection rates.
The electro-optics in naval market players are mainly focusing on partnerships to create customer value.
- In 2022, The Israel Ministry of Defense signed a US$ 95 million contract with Elbit Systems Ltd to purchase advanced electro-optical systems for the IDF Ground Forces. The systems include long-range deployable observation systems, thermal weapon sights, and night vision equipment. These systems will provide the IDF with observation capabilities, target acquisition, and enemy exposure in various combat scenarios during day and nighttime.
- In 2022, L3Harris Technologies signed a contract worth a potential US$ 593 million for EO/IR sensor for the U.S. Navy. The contractor would then manufacture up to 21 SPEIR initial production units and 21 wide and narrow fields of view components of the system.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Application, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The estimated global market size for the electro-optics in naval market in 2022 is expected to be around US$ 8629.35 million
• Continuous Growth of Global Defense Sector
• Rising Focus of Vendors on Developing Innovative Products
Rapid Developments in Electro-Optics Technology
L3Harris Technologies Inc, ASELSAN AS, Thales SA, Teledyne FLIR LLC, and Elbit Systems Ltd are the key market players expected to hold a major market share of electro-optics in naval market in 2022
Asia Pacific is expected to register highest CAGR in the electro-optics in naval market during the forecast period (2022-2028)
US, Germany, France, India, China, and Australia, are expected to register high growth rate during the forecast period
China is expected to hold a major market share of electro-optics in naval market in 2022
Defense segment is expected to hold a major market share of electro-optics in naval market in 2022
The global market size of electro-optics in naval market by 2028 will be around US$ 11,139.38 million
The electro-optics in naval market is expected to register an incremental growth value of US$ 2510.03 million during the forecast period
The List of Companies - Electro-Optics in Naval Market
- Safran SA
- L3Harris Technologies Inc
- Ultra
- Tonbo Imaging
- Aselsan AS
- Elbit Systems Ltd
- SAAB AB
- Chess Dynamics Ltd
- Israel Aerospace Industries Ltd
- Naval Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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