According to the new research report on "Electro-Optics in Naval Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 11,139.38 million by 2028; it is estimated to register a CAGR of 4.3% from 2022 to 2028.
Due to the growth in maritime disputes and threats to naval vessel forces, countries are investing in advanced electro-optical systems for maritime applications such as threat detection, surveillance, and target identification. In addition, the growing number of territorial conflicts and border issues increases the risk for maritime assets, leading to an increasing emphasis on surveillance, threat detection, and target identification at sea. Moreover, the tensions among the countries such as China-India, India-Pakistan, China-Taiwan, Russia-China, the US-Russia, and Russia-Ukraine have been pushing the requirement for naval vessel operations, which is driving the demand for electro-optic cameras, sensors, and laser range finders across different regions. In addition, due to such conflicts and tensions, majority of the countries have increased their investments in the procurement of defense technologies, including electro-optic systems, to strengthen their respective armed forces and provide them with stronger and reliable operational solutions. Furthermore, different types of already commissioned naval vessel projects across different countries will be delivered to the respective countries during the forecast period. These factors are likely to generate new opportunities for electro-optics in naval market players in the future.
The rising procurement of advanced systems from the naval forces of European region for applications such as fire control, target detection, surveillance, and tracking is contributing to the Europe electro-optics in naval market growth. The region homes several electro-optics in naval market players, including Hensoldt AG, Aselsan A.S, and Leonardo S.p.A. Increase in product launches and rise in procurement contracts received by these companies from several naval forces are catalyzing the growth of the market in the region. In October 2022, Leonardo S.p.A launched its new Distributed Static Staring-InfraRed Search and Tracking System (DSS-IRST) in EURONAVAL 2022 to ensure enhanced protection across modern naval units. The product is specifically designed for navigational and maritime situational awareness applications.
Based on technology, the electro-optics in naval market is segmented into camera, sensor, laser range finder, and others. By application, the electro-optics in naval market is segmented into target detection, identification, and tracking; surveillance; fire control, and others. Based on end use, the electro-optics in naval market is bifurcated into defense and commercial. By region, the electro-optics in the naval market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Key Findings of Market Study:
The major stakeholders in the global electro-optics in naval market ecosystem include raw material suppliers, component manufacturers, electro-optic system manufacturers, and end users. The wide range of components used for making electro-optic systems has increased the number of component suppliers in the market. Component suppliers play a crucial role in the supply chain of the market, as they contribute to the electro-optics in naval market growth. Raw material suppliers provide materials to the component manufacturers for producing different components of electro-optic systems that are later supplied to product manufacturers to make the final product and deliver to different end users, including naval forces, cargo ship manufacturers, MRO companies, and vessel operators.
The component manufacturers supply components such as cameras, sensors, lasers, and other small components to the electro-optic system manufacturers that utilize the same to assemble and make the final electro-optics products for naval applications and supply them to their respective end users. Also, there are limited number of electro-optic system manufacturers across different regions that have their own domestic ecosystem to cater to their respective domestic markets, as the global electro-optics in naval market is moderately consolidated with the presence of limited number of vendors across different countries. Also, the vendors are collaboratively working with different naval forces across different regions to understand their respective requirements and provide them reliable solutions for their operational needs.
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