• 出版社/出版日：Mordor Intelligence / 2021年5月25日
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The military electro-optical and infrared systems market is poised to register a CAGR of 2.51% during the forecast period, reaching USD 9,314.13 million by 2026.
The outbreak of the COVID-19 pandemic had a severe impact on the global economy. However, the defense spending in 2020 registered a growth compared to 2019. Nevertheless, it is anticipated that the economic downturn will impact the defense budget allocation in the near future. As governments re-align their priorities, it is quite likely that they will impose defense budget cuts, affecting long-term procurement plans. Furthermore, the outbreak of COVID-19 and the subsequent shutdowns have affected the defense manufacturing sector in several countries. The negative impacts of the pandemic are clearly visible in the global defense supply chains, as several programs rely upon a unique global network of part suppliers.
The market studied is likely to grow steadily during the latter half of the forecast period due to the growing demand for enhanced ISR capabilities for various manned and unmanned systems. These systems make use of EO/IR sensors. Countries are progressively adopting these systems for increasing their situational awareness.
However, various design challenges, technological constraints, supply chain risks, the evolving global crisis, and unprecedented factors are projected to restraint the market growth during the forecast period.
Key Market Trends
The Sea-based Segment to Experience the Highest Growth During the Forecast Period
The sea-based segment of the market is anticipated to register the highest CAGR during the forecast period. The growth of territorial conflicts and border issues increased the risk for maritime assets of militaries, which led to increasing emphasis on surveillance, threat detection, and target identification at sea. As modern combats involve a greater emphasis on these capabilities, armed forces are mostly focusing on the incorporation and integration of sophisticated and advanced sensor systems into their naval vessels. It is important for navies to obtain motion imagery from EO/IR sensors that provide day-night and long-range eyes on the target, which improves their ability to identify targets, perform threat assessment, assess intent in accordance with the rules of engagement, and support weapon engagement through automatic tracking and fire control solutions through line-of-sight. Thus, the need for better sensor systems that are highly reliable and accurate for maritime patrol to improve sea-based situational awareness has increased. In addition, as the naval vessels are isolated from the terrain, it becomes important for them to possess advanced threat detection and countermeasure systems for their long-time survival from impending threats. This is driving the growth of R&D in these sea-based EO/IR sensors currently. Several nations are upgrading their naval EO/IR sensor systems. In January 2020, US Navy placed its first production order for 40 WESCAM MX-10MS electro-optical, infrared (EOIR) sensor suites from L3Harris Technologies in support of their Military Sealift Command Electro-Optical System (MSC-EOS) program. The MSC-EOS System’s primary mission is to provide enhanced visual imagery to augment existing electronic sensors. Likewise, in August 2019, the US Department of Defense announced the agreement with FLIR Surveillance Inc. for the supply, repair, and upgradation of Sea Star SAFIRE III Electro-optics Sensor Systems. The project is expected to be completed by August 2024. Such developments are expected to bolster the prospects for the sea-based segment in the years to come.
North America held the Largest Market Share in 2020
North America held the largest share in the market in 2020, primarily due to high demand from the US armed forces for the EO/IR systems. The enhanced capabilities of the adversaries on the battlefield forced the United States to increase its investment in technologically advanced weapon systems. Also, the growing involvement of the US armed forces in various global conflicts significantly contributed to the growth of the procurement of advanced ISRsystems and other systems that enhance the situational awareness of the military. In February 2020, the US president proposed the FY 2021 budget of USD 740.5 billion for national security, of which, USD 705.4 billion is allocated for the Department of Defense (DoD). The FY 2021 base budget includes a funding of about USD 125 billion for enhancing the mission readiness of various armed forces of the country. The focus of the country on obtaining advanced ISR capabilities is proving to be fruitful for several EO/IR technology providers. Raytheon, in August 2019, secured a potential seven-year, USD 534 million contract to develop an infrared thermal viewer system for the US Army and provide the related engineering services. As a part of the modernization of military equipment, in October 2019, L3Harris Technologies received an order of worth USD 454 million for 65 WESCAM MX-10D electro-optical sensor suite units from the US Army. These sensors will be mounted on the Tactical Unmanned Air Systems Shadow UAV (RQ-7Bv2) that is currently in service, which will allow the drones to geolocate and tag air and ground targets. Also, these sensors will provide additional situational awareness against the new vehicles and weapons. Similar orders for new electro-optical sensors and the upgrading of various military systems with advanced EO/IR sensors is anticipated to propel the growth of the market in the region during the forecast period.
Some of the prominent players in the market are Leonardo SpA, FLIR Systems Inc., L3Harris Technologies Inc., BAE Systems PLC, Thales Group, Ultra Electronics Holding, and Lockheed Martin Corporation. Prominent market players have a multifaceted product portfolio. Additionally, they try to modify and enhance their current capabilities through continuous R&D and introduce sophisticated features to deliver value-added EO/IR solutions to end users. This also helps introduce low differentiated products at competitive pricing. Most of the integration programs are long-term, and hence, several IDIQ contracts are currently underway, signifying design modification and production of sophisticated EO/IR sensors as per end-user specifications. Since the end-user requirements are diverse, it encourages strategic collaboration between market players. Furthermore, the development of new integration platforms drives the demand for integration of sophisticated EO/IR sensors and systems, which, in turn, may create a positive outlook for the market during the forecast period.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value – USD million)
5.2.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.2.4 Latin America
126.96.36.199 Rest of Latin America
5.2.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 United Arab Emirates
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BAE Systems PLC
6.2.2 Elbit Systems Ltd
6.2.3 FLIR Systems Inc.
6.2.4 Israel Aerospace Industries
6.2.5 L3Harris Technologies Inc.
6.2.6 Leonardo SpA
6.2.7 Lockheed Martin Corporation
6.2.8 Raytheon Technologies Corporation
6.2.9 Rheinmetall AG
6.2.10 Saab AB
6.2.11 Thales Group
6.2.12 Ultra Electronics Holdings
7 MARKET OPPORTUNITIES AND FUTURE TRENDS