Electro Optical Systems Market to Reach $17.36 Billion by 2028, Fueled by Military Modernization and Security Demand

The electro optical systems market size has grown strongly in recent years. It will grow from $13.33 billion in 2023 to $14.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to military modernization programs, commercial applications expansion, increased security concerns, demand in automotive safety.

The electro optical systems market size is expected to see strong growth in the next few years. It will grow to $17.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rise in counterterrorism measures, integration into smart cities, growing adoption in healthcare, expanding space exploration initiatives, emergence of advanced manufacturing. Major trends in the forecast period include focus on non-destructive testing (ndt), enhanced night vision technologies, integration of augmented reality (ar) displays, application in medical imaging and diagnosis, focus on environmental monitoring and climate studies.

Market Overview -
An electro-optical system is an imaging system that uses a combination of electronics and optics to generate, detect, and measure radiation in the optical spectrum. They are used to convert light into an electrical signal and to detect electromagnetic radiation with wavelengths ranging from infrared to ultraviolet.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=13124&type=smp

Surging Uav Deployment Fuels Growth In The Electro-Optical System Market
The rising deployment of unmanned aerial vehicles (UAV) is expected to boost the growth of the electro-optical system market going forward. An unmanned aerial vehicle (UAV) is a powered aerial vehicle without a human operator that can fly autonomously or under remote control, carry a lethal or nonlethal payload, and be expendable or recoverable. In Unmanned aerial vehicles (UAV), electro-optical systems are used as sensors to navigate appropriately, sense and avoid obstacles, and detect movement. For instance, in 2022, according to the Federal Aviation Administration, a US-based Department of Transportation, there were around 800,000 small drone registrations in 2020, and approximately 1.58 million small drones already accounted for in 2021. Further, the number of small drones is expected to increase to 1.81 million units by 2026. Therefore, the Rising deployment of UAVs is driving the growth of the electro-optical system market.

Competitive Landscape -
Major companies operating in the electro optical systems market report are Raytheon Technologies Corp., Lockheed Martin Corporation, Northrop Grumman Corporation, Honeywell International Inc., Canon Inc., BAE Systems Plc., Fujifilm Holdings Corporation, Safran S.A, Collins Aerospace, Thales Group, L3Harris Technologies Inc., Leidos Holdings Inc., Corning Incorporated, Rheinmetall AG, Elbit Systems Ltd., Teledyne Technologies Inc., General Dynamics Mission Systems Inc., Saab AB, MKS Instruments Inc., Coherent Inc., Leonardo DRS Inc., Jenoptik AG, EOS GmbH, Textron Systems Corporation, Thorlabs Inc., Instro Precision Limited, Optikos Corporation, FLIR LLC,

Innovative Electro-Optical Intelligent Sensing Technologies Redefining The Electro-Optical System Market
Major companies operating in the electro-optical system market are focusing on developing innovative technologies such as electro-optical intelligent sensing to strengthen their market position. Electro-optical intelligent sensing (EOIS) is a field of technology that combines electro-optical sensors with artificial intelligence (AI) to create systems that can sense, interpret, and act on information in the real world. For instance, in April 2023, Raytheon Technologies Corp, a US-based manufacturer of technology-related products and services to the aerospace and defense sectors, launched RAIVEN, an advanced electro-optical intelligent-sensing capability. The unique feature of RAIVEN is its capacity to recognize objects optically and spectrally in real-time simultaneously. The 'intelligent-sensing' capacity of RAIVEN enables operators to see up to five times farther and more apparent than conventional optical imaging. It combines artificial intelligence, hyperspectral imaging, and light detection and ranging, or LiDAR. When combined with AI, RAIVEN creates a precise image of the battlespace and the threats present in it from reams of data. The AI automatically recognizes and categorizes threats, enabling automation that allows the operator to pick which decisions must be made.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/electro-optical-systems-global-market-report

Key Segments -
The electro optical systems market covered in this report is segmented -
1) By System: Imaging, Non-Imaging
2) By Component: Sensor, Camera, Laser, Photodetectors, Other Components
3) By Application: Air Electro Optical System, Land Electro Optical System, Sea Electro Optical System
4) By End Use: Defense, Commercial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.