Airborne electro-optic systems are expected to register a CAGR of 6.51% during the forecast period.
(PRWEB) June 05, 2014
The evolution of technology is aiding the development of highly capable electro-optic systems that can be deployed in a variety of applications. The advancement in the field of imaging sensors has enabled electro-optic systems to have increased range of surveillance and detection of targets. Airborne electro-optic systems are estimated to rise in the defense segment as UAVs are increasingly being deployed in air forces around the world. Electro-optic systems will be the core of UAV’s reconnaissance and surveillance capability.
Ground-based electro-optic systems are also finding increasing deployment as they act as standalone and complementary systems for ground-based radar to search and track stealth aircraft that are increasingly becoming hard to track via traditional radar. Thermal imaging is another attractive market that majorly uses infrared electro-optic systems for automation control and manufacturing sectors.
The APAC electro-optic systems market is estimated to grow from $1,564.08 million in 2014 to $2,039.27 million in 2020, registering a CAGR of 4.52%. Airborne electro-optic systems are expected to register a CAGR of 6.51% during the forecast period. The growth of airborne segment in the APAC region will be driven by fighter jet procurement programs in countries such as India, Indonesia, and South Korea.
Browse through the market data tables, figures and detailed ToC on the “Asia-Pacific Electro-Optical Market” - http://www.micromarketmonitor.com/market/asia-pacific-electro-optical-9048298354.html.
North American Electro-Optic Systems Market
The North American electro-optic systems market is estimated to contribute to 26.5% of the total electro-optic systems market, and is estimated to grow from $3,116.40 million in 2014 to $3,790.73 million in 2020, registering a CAGR of 3.32%. The U.S. airborne segment is estimated to grow from $436.30 million in 2014 to $594.39 million by 2020, registering a CAGR of 5.29%. The growth will be driven by the F-35 joint strike fighters and UAVs. The U.S. Air Force will eventually buy 1,763 F-35 jets.
European Electro-Optic Systems Market
The European electro-optic systems market is estimated to grow from $2,940.00 million in 2014 to $3,088.74 million in 2020, registering a CAGR of 0.83%. The market will be predominantly driven by the aerospace and homeland security segment. Europe constitutes 25.0% of the global electro-optic systems market. Due to shrinking defense budgets and economic turbulence in the European region, the market is expected to reflect stagnant growth over the forecast period. Increasing deployment of surveillance will drive the market for the next five years. NATO deployments in Eastern Europe are set to increase due to recent Russian aggression, and hence will enable procurement of electro-optic systems.
Latin American Electro-Optic Systems Market
The Latin American electro-optic systems market is estimated to grow from $289.88 million in 2014 to $353.24 million in 2020 registering a CAGR of 3.35%. It will be driven by defense and homeland security. Brazil is still facing domestic drug related problems; Brazilian military are constantly deployed for narcotic fights on the outskirts of major cities. Laser-based devices in this region are estimated to row at a CAGR of 4.10%.
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