Market Overview
The global Electro-Optics in Naval Market was valued at US$ 8.6 billion in 2022 and it is anticipated to grow up to US$ 12.7 billion by 2032, at a CAGR of 4.0% during the forecast period.
The naval electro-optics systems are made up of multi-sensor imaging modules that provide surveillance, monitoring, fire control, and panoramic search-and-track missions. Furthermore, the electro-optic allows for the detection of any symmetrical and asymmetrical aerial and surface threats, independent of time of day or weather conditions. Furthermore, electro-optic systems offer surveillance, fire control, and air defence systems for a variety of surface warships, including aircraft carriers, frigates, corvettes, ocean and coastal patrol boats, and high-speed craft, for high sea and coastal security missions. Furthermore, electro optic sensors are used in a variety of aerial, ground, and naval applications to provide position and orientation data for operation and target acquisition. The sensors also enable early warning, aberrant activity monitoring, incident management, and extensive observation and reaction capabilities.
Furthermore, electro-optic has enabled successful mission execution, owing to its distinctive characteristics and capabilities that make it suitable for naval targeting, surveillance, and situational awareness. Companies in the market are developing an electro-optic system that will deliver better operation and surveillance in a lightweight and low-cost package that will serve numerous mission requirements for full-spectrum surface detection, identification, surveillance, and target evaluation.
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Market Drivers and Trends
Rising military spending is increasing expenditures in naval vessel technology improvements across various naval forces. Many nations, like the United States, Russia, China, and India, already have multiple naval vessel projects in the works to grow their respective naval fleets or defence forces. Countries in the Middle East, such as Iran and Israel, are investing in the acquisition and modernization of small to medium-sized vessels for surveillance, threat detection, and identification, such as corvettes, missile boats, and coastal patrol boats. Furthermore, the acquisition of naval vessels continues to produce demand for electro-optic systems, boosting the growth of the naval electro-optics market.
Furthermore, as a result of such wars and tensions, the majority of nations have boosted their spending in defence technology acquisition, including electro-optic systems, in order to reinforce their individual armed forces and provide them with better and more dependable operational solutions. Furthermore, there are many types of previously commissioned naval vessel projects across various nations that will be delivered to the respective governments throughout the projection period, generating new chances for market vendors. These drivers are likely to propel market expansion.
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Market Restraints and Challenges
Some of the challenges encountered in the Naval Electro-Optics Market include the simple availability of replacements. Another market impediment is the low price of substitute items. Businesses, on the other hand, seek to overcome this barrier by deploying cutting-edge technology and managing pricing, which will ultimately raise product demand.
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Global Electro-Optics in Naval Market Segmental Overview
By Technology
- Camera
- Sensor
- Laser Range Finder
By Application
- Target Detection
- Identification and Tracking
- Surveillance
- Fire Control
- Others
By End-Use
- Defense
- Frigates
- Corvettes
- Destroyers
- Aircraft Carriers
- Submarines
- Others
- Commercial
- Cruise Ships
- Merchant Vessels
- Cargo Ships
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Global Electro-Optics in Naval Market by Technology
Based on technology, the Electro-Optics in Naval Market is segmented into camera, sensor, and laser range finder. The camera segment is expected to dominate the market during the forecast period. Electro-optic camera technology in marine imaging systems improves navigation, intelligence, surveillance, and reconnaissance. Furthermore, high-performance marine imaging systems enable comprehensive situational awareness for long-range vessel detection, recognition, and threat evaluation during daytime and low-light camera imaging. Moreover, the camera employs cutting-edge sensors and algorithms to identify various dangers and thermal abnormalities passively. The camera weighs less than 55 pounds and has a 982mm focal length on a stabilized platform. A split screen, picture-in-picture, multi-field-of-view spotter scope, medium-wave infrared (MWIR) thermal camera, and short-wave infrared (SWIR) camera are also included to see through mist, fog, smoke, and haze. As a result, automated processing for object detection places unique expectations on picture quality, such as consistent performance and high detection rates.
Global Electro-Optics in Naval Market by Application
By application, the market is classified into target detection, identification, and tracking, surveillance, fire control, and others. The surveillance segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period.
Global Electro-Optics in Naval Market by End-Use
Based on end-use, the Electro-Optics in Naval Market is segmented into defense and commercial. Defense segment is sub-segmented into frigates, corvettes, destroyers, aircraft carriers, submarines, and others. Similarly, commercial segment is further sub-segmented into cruise ships, merchant vessels, and cargo ships. In 2022, the defense segment dominated the market in terms of revenue and is expected to be the same during the upcoming years. This is because of the fast use of unmanned surface vehicles (USV) in the defense industry, which are electronically operated and highly autonomous and perform a wide range of defence and marine security operations.
Geographical Analysis of Global Electro-Optics in Naval Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America has the biggest market share in terms of Electro-Optics in Naval Market value followed by Asia-Pacific. The increased procurement of electro-optics solutions by North American naval forces is directly contributing to the growth of North American electro-optics in the naval market. In North America, key market participants are L3Harris Technologies Inc., Teledyne Technologies Inc., Danaher Corp, and Ultra Maritime. The increased endeavors performed by these firms to extend their product portfolio and obtain new contracts from various naval forces throughout the world is pushing the expansion of the North American electro-optics market in the naval sector. The US Navy awarded L3Harris Technologies Inc. a USD 8.9 million contract in September 2022 to deliver electro-optics sensors for fire control applications across battleship deck guns.
In Asia Pacific, China increased its military spending by 13.71% in 2022 when compared to 2021. One of the primary reasons for increased military spending is the growing political tension beyond its borders. The funding will be used to purchase multiple military vessels to ensure border security. Furthermore, the corporation has a sizable shipbuilding sector that is involved in creating and supplying its goods to worldwide naval forces. China Shipbuilding Trading Co. Ltd. (CSTC) inked an agreement with Pakistan’s Ministry of Defence Production (MoDP) in June 2018 to provide 2 054A frigates to the Pakistan Navy (PN). These reasons are driving the expansion of the electro-optics market in China.
Major Players in the Global Electro-Optics in Naval Market
The key players studied in the global Electro-Optics in Naval Market are Safran SA, L3Harris Technologies, Inc., Ultra Maritime, Tonbo Imaging, Aselsan AS, Elbit Systems Ltd., SAAB AB, Chess Dynamics, Isreal Aerospace Industries Ltd., and Naval Group among others.
COVID-19 Impact
The COVID-19 epidemic wreaked havoc on operations and production in the defense and shipbuilding industries. The commercial shipbuilding industry, which may face extinction, has been particularly heavily struck. Defense and security did not suffer the same sudden market catastrophe as commercial shipbuilding, but they were nonetheless handicapped by the pandemic’s severe economic effect since the manufacture of electro-optic systems and components was significantly slowed owing to supply chain concerns. Furthermore, the change in government funding from military technologies to COVID-19 outbreak control measures had little influence on the defense sector’s projected investments in the electro-optic technology industry. Businesses, on the other hand, have developed once again, devising new strategies for emerging from the crisis and launching new initiatives to get back on track. Several vendors have secured contracts to supply electro-optic systems for naval applications, which has helped to revitalize the growth of electro-optics in the naval market sector.
Recent Developments
- In May 2022, The Israel Ministry of Defence secured a deal with Elbit Equipment Ltd for sophisticated electro-optical equipment for the IDF Ground Forces for $95 million. Long-range deployable surveillance devices, infrared weapon sights, and night vision equipment are among the systems. These technologies will offer the IDF day and nighttime surveillance capabilities, target acquisition, and opponent exposure in a variety of combat circumstances.
- In 2022, L3Harris Technologies received a contract with the US Navy for an EO/IR sensor valued up to $593 million. The contractor would then build up to 21 SPEIR initial production units as well as 21 broad and narrow field of vision system components.
- In June 2021, Electric equipment Ltd has been awarded a contract from an unnamed APAC country to offer AI-powered electro-optical equipment for their naval forces. Over a four-year period, the business will provide the country with SPECTRO XR multi-spectral electro-optic (“EO”) systems.
- In October 2020, Chess Dynamics Ltd has been granted a contract by French shipbuilder KERSHIP to deliver electro-optical surveillance equipment across 12 revolutionary Mine Counter Measures Vessels (MCMV) that are already being deployed to the Belgian and Royal Dutch Navies.
Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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