The sea-based military electro-optical and infrared systems market is expected to exhibit a growth rate of more than 3% during the forecast period.
– The growth in maritime disputes and threats to naval vessels across the world is forcing the countries to invest in advanced Electro-optical and Infrared (EO/IR) systems for maritime applications such as threat detection, surveillance, and target identification.
– Several countries are heavily investing in the modernization, upgrading, and expansion of their naval fleet. The rising tensions between countries near the Northern Atlantic and Arctic waters, the South China Sea, etc. are driving the growth for naval vessel and boat development and procurement. This factor is propelling the market growth of Sea-based Military Electro-Optical and Infrared Systems Market.
– Technological innovations are fuelling the development of advanced EO/IR systems across the world. The deployment of advanced EO/IR sensor based imaging and tracking systems provide an edge to the navies in day/night and extreme weather situations, thereby enhancing their situational awreness at sea.
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Key Market Trends
Global Expansion of Naval Fleet Is Propelling The Growth of the Market
Major countries such as United States, Russia, and China are investing in the expansion of their existing naval fleets and this factor is significantly propelling the market growth for Military Sea-based Electro-Optical and Infrared Systems. The United States, for instance, will be investing more than USD 100 billion to expand the size of its existing fleet from nearly 295 ships to 350 ships by the year 2030. Russia is also expanding its naval fleet and by the end of 2020, it is planning to add 2 new Admiral Gorshkov class frigates to its fleet for Baltic Sea operations while 13 more frigates will be added to the naval fleet in coming years. The United Kingdom is planning to introduce Type 26 frigates by 2025-2026. The frigates will be replacing Type 45 destroyers and will receive advanced upgrades for air defense operations by 2030. Countries such as Iran, Israel, etc. in the middle east are also investing in procurement and up-gradation of small to medium-sized vessels such as corvettes, missile boats, and coastal patrol boats for surveillance and threat detection and identification applications. The procurement of all such naval vessels is expected to generate demand for the EO/IR systems aboard the vessels, thereby driving the growth of the market during the forecast period.
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Asia-Pacific To Exhibit The Highest Growth Rate During the Forecast Period
Due to a rise in maritime disputes in the Asia-Pacific region, the market in Asia-Pacific in exhibiting a significant growth rate. Countries such as China have shifted its focus on modernization of its sea fleet and heavy investments are being made into the technological developments in the EO/IR industry. China is actively integrating its Over-the-horizon Surface Wave (OTH-SW) radars, electro-optical sites, etc., into its Anti-Ship Missile systems. The combined system provides accurate targeting information about enemy ships and submarines. In 2018, India’s defense ministry cleared the naval vessel acquisition program worth nearly USD 1.8 Billion for the procurement of next-generation missile vessels. Such developments in the naval industry and ongoing naval vessel procurement and modernization programs are expected to drive the market growth for the sea-based military electro-optical and infrared systems market in the Asia-Pacific region.
Elbit Systems Limited, Rheinmetall AG, Flir Systems Inc., Thales Group, Safran SA, etc., are some of the prominent players in the market. The market is witnessing a lot of innovation in technologies like long distance and infrared ranging and sensor fusion. The key players in the market compete on the price and quality of the products and the growing naval market provides a huge opportunity for key players to generate revenues by gaining new installation and system upgrade contracts.
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