Electro-Optics in Naval Market Size, Share and Growth by 2028

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Electro-Optics in Naval Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Camera, Sensor, and Laser Range Finder), Application (Target Detection, Identification, and Tracking; Surveillance; Fire Control; and Others), and End Use (Defense and Commercial)

Publication Month: Feb 2023 | Report Code: TIPRE00029823 | No. of Pages: 222 | Category: Aerospace and Defense | Status: Published

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 - Strategic Insights

Report Coverage - Electro-Optics in Naval Market
Report CoverageDetails
Market Size Value inUS$ 8,629.35 million in 2022
Market Size Value byUS$ 11,139.38 million by 2028
Growth rateCAGR of 4.3% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages222
No. of Tables137
No. of Charts & Figures87
Historical data availableYes
Segments coveredTechnology, Application, and End Use
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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

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.

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

  1. Safran SA
  2. L3Harris Technologies Inc
  3. Ultra
  4. Tonbo Imaging
  5. Aselsan AS
  6. Elbit Systems Ltd
  7. SAAB AB
  8. Chess Dynamics Ltd
  9. Israel Aerospace Industries Ltd
  10. Naval Group
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