The report also predicts an increase in demand for military EO/IR systems through 2024, with North America and Europe slated to lead the market in technology and research and development, Reportlinker said Wednesday.
Emerging military nations will look to integrate those systems into new procurement and military modernization programs as EO/IR systems reduce in price, the report says.
Visiongain also analyzes new trends in the global EO/IR systems market and its growth over the next 10 years.
The report forecasts uncertain defense spending, growing spending in emerging markets, rising gross domestic product, commercial opportunities, economic recession and new laws and regulations will impact the market.
Visiongain also incorporated sales value projections of the market, information on the competitors and commercial drivers and restraints into the report.