The global electro-optics in naval market share accounted to USD 8.62 Bn in 2022 and is expected to grow at a CAGR of 4.3%, to account USD 11.13 Bn during 2022-2028.
New York, March 13, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Electro-Optics in Naval Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology (Camera, Sensor, and Laser Range Finder), Application (Target Detection, Identification, and Tracking; Surveillance; Fire Control; and Others), End Use (Defense and Commercial), and Geography”, the global electro-optics in naval market demand is influenced by rising focus of vendors on developing innovative products and continuous growth of global defense sector.
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Global Electro-Optics in Naval Market – Report Scope:
|Market Size Value in||USD 8.62 Billion in 2022|
|Market Size Value by||USD 11.13 Billion by 2028|
|Growth rate||CAGR of 4.3% from 2022 to 2028|
|No. of Pages||222|
|No. of Tables||137|
|No. of Charts & Figures||87|
|Historical data available||Yes|
|Segments covered||Technology, Application, and End Use|
Electro-Optics in Naval Market: Competitive Landscape and Key Developments
In 2022: The US Navy awarded a USD 12.4 million contract to Kollmorgen electro-optical div., a subsidiary of the Danaher Corp., for the delivery of nine MK46 Mod 1 optical sight systems (OSS) for DDG-51 Arleigh Burke Class destroyers. This contract includes options for an additional eight systems to be exercised over the next three years, for a total contract value of over USD 25.1 million.
In June 2021: Electric Systems Ltd received a contract from an undisclosed country in APAC to supply AI-powered electro-optical systems for their maritime forces. The company will supply SPECTRO XR multi-spectral electro-optic (“EO”) systems to the country over a period of four years.
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The electro-optics in naval market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. North America led the electro-optics in naval market in 2021. The rise in procurement of electro-optics solutions by the naval forces of the North American countries is directly contributing to the North America electro-optics in naval market growth. Key market players such as L3Harris technologies Inc, Teledyne Technologies Inc, Danaher Corp, and Ultra Maritime are present in North America. The increase in initiatives undertaken by these companies to expand their product portfolio and acquire new contracts from different naval forces across the world is further propelling the growth of the North America electro-optics in naval market. In September 2022, L3Harris Technologies Inc received a contract worth USD 8.9 million from the US Navy to supply electro-optics sensors for fire control applications across warship deck guns.
In Asia Pacific, China recorded an increase of 13.71% in their military expenditure in 2021 compared to 2020. The increasing political tension across its borders is one of the major reasons to increase their military expenditure. The country is utilizing the funds to procure several military vessels for ensuring border security. Additionally, the company also has a significant ship building industry engaged in developing and shipping their products across global naval forces. In June 2018, China Shipbuilding Trading Co. Ltd. (CSTC) signed a contract with Pakistan’s Ministry of Defense Production (MoDP) to deliver 2 054A frigates for the Pakistan Navy (PN). These factors are contributing to the growth of the electro-optics in naval market size in China.
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Electro-Optics in Naval Market Analysis: End Use Overview
Based on end use, the global electro-optics in naval market is segmented into defense and commercial. In the global electro-optics in naval market, the defense segment is likely to register a higher CAGR during the forecast period. Defense end users in countries such as Israel, the US, Russia, and Australia are increasingly adopting electro-optic systems for surveillance, detection, and identification, as well as weapon and other systems’ director. The electro-optic provides crew-safe operation enabling force protection and precision engagement for large vessels. Moreover, electro-optic usage is growing in the remotely operated area; through an operator, console conveniently located elsewhere on the ship. Also, the naval defense systems largely incorporate unmanned surface vehicles (USV), which are remotely controlled and highly autonomous vehicles that conduct a wide spectrum of defense and maritime security missions. Therefore, combining the needs in contemporary naval battlespaces with the inherent advantages of USVs, the potential use of the electro-optics continues to rise in the defense sector regarding maritime security and naval force protection.
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One of the major factors driving the growth of the defense segment is the growing military expenditure for developing next-generation naval vessels, wherein unmanned systems are one of the trending technologies being adopted for naval operations. Also, during the forecast period, the growing number of older-generation naval vessels is another major factor likely to generate new opportunities for electro-optics in naval market players for defense segment during the forecast period. In addition, the rising electrification and growing adoption of electronic systems for naval vessels are among the other major factors driving the electro-optics in naval market growth for the defense segment.
Safran SA; L3Harris Technologies, Inc.; Ultra Maritime; Tonbo Imaging; Aselsan AS; Elbit Systems Ltd.; SAAB AB; Chess Dynamics; Israel Aerospace Industries Ltd.; and Naval Group are a few of the key electro-optics in naval market players profiled during this study. Several other electro optics in naval market players were studied and analyzed during the course of this market study to get a holistic view of the market and its ecosystem.
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