Market Trends of Electro Optics Industry
This section covers the major market trends shaping the Electro Optics Market according to our research experts:
Defense Segment to Witness High Growth
- With the increasing demand for technologically advanced security and surveillance systems due to the increasing acts of insurgency, also the increasing demand for the drone-powered electro-optical systems for surveillance and night watch are some of the factors driving the market.
- These systems present various advantages, such as in case of low visibility, low light cameras are used as they give better performance with comparatively less power consumption and better output. Moreover, laser range finders are used in both day or night time and in nearly all environmental conditions, such as haze, smoke, fog, and rain.
- With the ongoing advancements in electro optics system, they have enabled 24-hour situational awareness, 360-degree rotation, guidance for defense gunnery, and automated object detection. These systems can recognize the targets in the day or at night and in high as well as in low contrast environments.
- Owing to the increasing military expenditure worldwide, with the armed forces acquiring various devices such as electro optical systems and also developing new technologies in this field, the market is expected to witness further growth.
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Asia-Pacific to Witness High Growth
- Electro optics and related equipment are being increasingly used by the armed forces in this region due to the advantages provided by these systems such as enabling fast-paced decision-making through effective imagery solution, intelligence gathering and targeting solutions.
- Amongst the Asia Pacific region, growing economies like China and India are the ones who are highly investing in procurement of these systems. This is primarily driven by the fact that these countries are continuously trying to modernize their armed forces to face any security threats from terrorist organizations in a better way.
- Moreover, soldier modernization programs are also driving the market in this region. The development of eye-safe laser equipment that is harmless on a soldier eyes have become a global need and will replace the existing equipment used for search applications for defense forces is also a factor which drives the market.
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