North America Military Optronics Surveillance and Sighting Systems Market to Grow at a CAGR of 4.4% to reach US$ 8,328.13 million from 2021 to 2028

The military optronics surveillance and sighting systems market in North America is expected to grow from US$ 6,147.19 million in 2021 to US$ 8,328.13 million by 2028; it is estimated to grow at a CAGR of 4.4% from 2021 to 2028.

The US, Canada, and Mexico are major economies in North America. Night vision device provides soldiers with greater situational awareness by illuminating the surroundings during nighttime operations. while thermal imaging help soldiers locate a target in poor visibility conditions. Earlier, night vision devices used relatively heavier components, adding weight to a soldier. Various market players are now introducing lightweight products. For example, ACTinBlack has developed a lightweight binocular night vision device with high optical performance and an ergonomic design. Due to increasing innovation and rising threat of terrorist attacks at night Tthe emergence adoption of night vision devices is also increasing with thermal imaging is due to increasing innovation and rising threat of terrorist attacks at night. The drive toward highly advanced individual warfighter systems is currently picking up speed in various regions majorly in Europe and North America, where land forces are looking forward to equipping soldiers with optical devices, personnel protective equipment, and intelligence capabilities to enable them to perform on the modern battlefield. Moreover, high budget allocation for advanced military systems and equipment procurement, territorial disputes among the countries, and increasing attacks make imagery in decision-making processes crucial will rise the adoption of night vision optoelectronic devices. Thus, Light-weight night vision devices getting highly adopted is the major factor driving the growth of the North America military optronics surveillance and sighting systems market.

The US has the highest military expenditure across the world that makes North America largest market for military technologies. Despite the COVID-19 pandemic, the worldwide military expenditure has witnessed a growth of nearly 4% wherein almost majority of countries have increased their military budget except few of the countries. Moreover, the US is known for its military power and highest spending in defense technology, accounted for around 29% of the total military optronics surveillance & sighting systems market in 2020, according to the study. Also, the US witnessed a decline of 3.4% in FY 2020 in the market owing to the pandemic challenges faced by the vendors for their operations during the FY 2020 where all other countries were also facing the demand and supply gap across their respective military technologies market. In addition, the military technology manufacturers observed drop in deliveries for new defense technologies, cancelation or rescheduling of military orders and deliveries. Also, labor shortage, and other factors that hampered their businesses and ability to deliver substantial volumes of new products to the customers. The increase in order backlogs and orders along with disrupted supply chain led to decline in the revenues of the military optronics surveillance & sighting systems market.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America military optronics surveillance and sighting systems market. The North America military optronics surveillance and sighting systems market is expected to grow at a good CAGR during the forecast period.

North America Military Optronics Surveillance and Sighting Systems

Market Revenue and Forecast to 2028 (US$ Million)

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North America Military Optronics Surveillance and Sighting Systems Market Segmentation

North America Military Optronics Surveillance and Sighting Systems Market – By Product Type

• Image Intensification
• Military Laser Systems
• Electro-Optics/Infrared

North America Military Optronics Surveillance and Sighting Systems Market – By Modularity

• Night Vision Devices
• Handheld Thermal Imaging Devices
• Integrated Observation Equipment
• Standalone Infrared
• Seismic and Acoustic Sensors
• Others

North America Military Optronics Surveillance and Sighting Systems Market – By Industry Vertical

 

• Ground
• Airborne
• Naval

North America Military Optronics Surveillance and Sighting Systems Market, by Country

• US
• Canada
• Mexico

North America Military Optronics Surveillance and Sighting Systems Market - Companies Mentioned  

• HENSOLDT
• Israel Aerospace Industries
• L3Harris Technologies Inc.
• Lockheed Martin Corporation
• Rafael Advanced Defense Systems Ltd.
• Raytheon Company
• Safran S.A.
• Teledyne FLIR LLC
• Thales Group
• Ultra Electronics Holdings plc.