Military Optronics Surveillance and Sighting Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Image Intensification, Military Laser Systems, Electro-Optics/Infrared); Device Type (Night Vision Devices, Handheld Thermal Imaging Devices, Integrated Observation Equipment, Standalone Infrared, Seismic and Acoustic Sensors, Others); Platform (Ground, Airborne, Naval) and Geography
Publication Month: Nov 2021 |
Report Code: TIPRE00025007
| No. of Pages: 174
| Category: Aerospace and Defense
| Status: Published
The military optronics surveillance and sighting systems market is expected to grow from US$ 15,099.84 million in 2021 to US$ 21,394.01 million by 2028. It is estimated to grow at a CAGR of 5.1% during the period of 2021–2028.
A night vision device provides soldiers with greater situational awareness by illuminating the surroundings during their night-time operations, while thermal imaging help soldiers locate a target in poor visibility conditions. Earlier, night vision devices used relatively heavier components, adding weight to soldiers. However, various market players are focusing on innovation to produce lightweight products keeping their comfort in mind. For example, ACTinBlack has developed a lightweight binocular night vision device with high optical performance and an ergonomic design. Due to the increasing innovation and the rising threat of terrorist attacks at night, the uptake of night vision devices with thermal imaging is also increasing. The demand for highly advanced individual warfighter systems is gaining momentum in various regions. It is more in demand in Europe and North America, where land forces are looking forward to equipping soldiers with optical devices, personnel protective equipment, and intelligence capabilities, enabling them to perform with utmost competence on the modern battlefield. Moreover, high budget allocation for advanced military systems and equipment procurement, territorial disputes among the countries, and increasing attacks at the boarders make imagery a crucial aspect in decision-making processes. This factor is expected to raise the adoption of night vision optoelectronic devices in the military and defense sector over the next few years.
Strategic Insights
Report Coverage - Military Optronics Surveillance and Sighting Systems Market
Report Coverage
Details
Market Size Value in
US$ 15,099.84 million in 2021
Market Size Value by
US$ 21,394.01 million by 2028
Growth rate
CAGR of 5.1% from 2021 to 2028
Forecast Period
2021-2028
Base Year
2021
No. of Pages
174
No. of Tables
88
No. of Charts & Figures
80
Historical data available
Yes
Segments covered
Technology, Device Type, and Platform
Regional scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available
Impact of COVID-19 Pandemic on Military Optronics Surveillance and Sighting Systems Market
The US is the largest spending country in military technologies across the world, making North America the leading market for military technologies. Despite the COVID-19 pandemic, the worldwide military expenditure has witnessed a growth of nearly 4% wherein majority of countries, worldwide, have increased their military budget. According to the study, the US accounted for around 29% of the total military optronics surveillance and sighting systems market in 2020 and witnessed a decline of 3.4%, owing to the pandemic challenges that vendors faced. Other countries in this region also faced the demand & supply gap across their respective military technologies markets.
Military technology manufacturers observed drop in deliveries for new defense technologies. Together with cancelation or rescheduling of military orders and delivery, labor shortage, and several other factors, this hampered their businesses and ability to deliver substantial volumes of new products to the customers.
Lucrative Regions for Military Optronics Surveillance and Sighting Systems Providers
Get more information on this report :
Military Optronics Surveillance and Sighting Systems Market Insights
Increasing Implementation of Next-Gen Technologies in Defense Systems Fuels Growth of Military Optronics Surveillance and Sighting Systems Market
The world is undergoing the ‘fourth industrial’ revolution, characterized by a rapid and converging advances in multiple next-generation technologies, including artificial intelligence (AI). AI is not just undergoing a renaissance in its technical development but is also starting to shape deterrence relations among nuclear-armed states. The potential of weaker nuclear-armed states can be increased with the integration of AI into their military platforms.
In January 2021, Lockheed Martin Corp announced three new next-generation infrared spacecraft to help detect enemy ballistic missile launches. In March 2021, Elbit Systems, an Israeli defense company, launched its next-generation advanced multi-sensor payload system (AMPS NG). Team Tempest—a UK technology and a defense partnership formed by BAE Systems, Leonardo, MBDA, Rolls-Royce, and the RAF—announced the development of a new radar technology by 2035 to deliver unparalleled data processing capability on the battlefield. Technological advancements in the military and defense system are driving the military optronics surveillance and sighting systems market substantially.
Device Type -Based Market Insights
Based on the device type, the military optronics surveillance and sighting systems market is segmented into night vision devices, handheld thermal imaging devices, integrated observation equipment, standalone infrared, seismic and acoustic sensors, and others. In 2020, the seismic and acoustic sensors segment accounted for the largest market share.
Military Optronics Surveillance and Sighting Systems Market, by Device Type, 2020 and 2028 (%)
Get more information on this report :
Platform-Based Market Insights
Based on platform, the military optronics surveillance and sighting systems market is categorized into ground, airborne, and naval. In 2020, the ground segment accounted for the largest share in the market.
Leading players operating in the military optronics surveillance and sighting systems market adopt various strategies, such as technological innovations and mergers, acquisitions, and partnerships, to maintain their positions in the market. Some of the developments in this market are listed below:
In July 2021, under its Night Vision Capability Programme, Organisation Conjointe de Cooperation en matière d’Armement (OCCAR) awarded the contract to a consortium of THEON SENSORS and HENSOLDT for the production and delivery of binocular night vision goggles (BNVG).
In April 2018, Thales Group and MKU Limited signed two MoUs for strategic co-operation in the production of optronics devices. This strategic co-operation envisages manufacturing of night vision goggles, thermal infrared sensor engine, and hand-held thermal imagers for Indian Army.
The global military optronics surveillance and sighting systems market has been segmented as mentioned below:
The military optronics surveillance & sighting systems have been in use for several years worldwide, however, the technology has been experiencing immense demand in recent years. The noteworthy increasing adoption of light-weight night vision devices is supporting the growth of military optronics surveillance & sighting systems market. Moreover, the increasing implementation of next-gen technologies in defense systems is also the crucial growth parameters for the military optronics surveillance & sighting systems market.
The increasing deployment of UAVs for airborne and naval surveillance and mapping missions is resulting in a growing need for optronics surveillance and sighting system that can be effectively integrated within the UAV platform and will provide growth opportunities to the market players during the forecast period.
The global military optronics surveillance & sighting systems market was dominated by the electro-optics/infrared segment with market share of 45.7% in 2020. The increasing awareness among the market players about the advantages of the electro-optics/infrared is projected to increase investments in the segment, which lead to an increased production and sales, thereby boosting the segment growth. 
In 2020, North America led the market with a substantial revenue share, followed by APAC and Europe. Asia Pacific is a prospective market for military optronics surveillance & sighting systems market players.
The major companies in military optronics surveillance & sighting systems includes Lockheed Martin Corporation, L3Harris Technologies, Inc., Elbit Systems Ltd., Thales Group, and Safran S.A. The ranking has been derived analysing multiple parameters such as annual revenue earned from military optronics surveillance & sighting systems portfolio, client base, geographic locations, R&D expenditure, brand image, and number of employees, among others. These companies are actively participating in developing military optronics surveillance & sighting systems for various applications.
US led the military optronics surveillance & sighting systems market globally with a market share of 72% in the year 2020 followed by Canada and Mexico. Considering growing threat of terrorist activities, demand for military optronics surveillance and sighting systems is anticipated to growing considerably in the North America region in coming years
The List of Companies - Military Optronics Surveillance & Sighting System Market
Airbus
Lockheed Martin Corporation
Thales Group
General Dynamics Corporation
L3Harris Technologies Inc
Israel Aerospace Industries
Leidos inc
Rafael Advanced Defense Systems Ltd
Raytheon Company
Safran S.A.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global military optronics surveillance & sighting systems market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis.