Global Electro-Optical Market Research Report

The electro-optic systems product market is split into infrared and laser. Based on the application segments, the electro-optic systems are split into defense, commercial, and homeland security. Based on platforms, these systems are split into airborne, naval, and land-based systems. Each region-specific report for this market has incorporated procurement and operational costs of electro-optic systems in these regions. The regions are Asia-Pacific, North America, Latin America, and Europe. Key countries from these regions are also analyzed. Major high potential growth markets for electro-optic systems are U.S., Europe, India, Japan, South Korea, and Brazil.

The global electro-optic market is estimated to reach a value of $11.76 billion in 2014 and is expected to register a CAGR of 3% to reach $14.03 billion by 2020. Electro-optic systems are used for a wide range of operations on ground-based, naval, and airborne platforms.

Electro-optic systems are finding increasing use in next-generation close in weapon systems (CIWS). CIWS use electro-optic systems as a complement for radars for target acquisition and engagement.

Increasing deployment for surveillance and evolution of technology are the primary drivers of this market. Atmospheric interference reduces the effectiveness of the electro-optic systems. This is one of the major challenges of the electro-optic systems market.

The key players in this market are ElbitSytems, Raytheon, Lockheed Martin, L3 Communications Holdings, Northrop Grumman, General Dynamics, and FLIR.