Market Size of Military Electro-optical And Infrared Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.91 Billion |
| Market Size (2029) | USD 10.23 Billion |
| CAGR (2024 - 2029) | 2.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Military Electro-optical and Infrared Systems Market Analysis
The Military Electro-optical And Infrared Systems Market size is estimated at USD 8.91 billion in 2024, and is expected to reach USD 10.23 billion by 2029, growing at a CAGR of 2.80% during the forecast period (2024-2029).
- The outbreak of the COVID-19 pandemic and the subsequent shutdowns affected the defense manufacturing sector and the pace of military R&D activities in several countries. The negative impacts of the pandemic were visible in the global defense supply chains, as several programs relied 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 electro-optical/infrared (EO/IR) sensors. Countries are progressively adopting these systems to increase their situational awareness.
- However, various design challenges, technological constraints, supply chain risks, the evolving global crisis, and unprecedented factors are projected to restrain the market growth during the forecast period.
