A new Research and Markets report forecasts that the market for military electro-optical and infrared systems will climb in value at a 7.71 percent compound annual growth rate to reach $16.35 billion revenues by 2020.
The company said Thursday that strategies to establish uncontested market space and increased military spending will drive fast-paced growth for the EO/IR market, particularly in the Asia-Pacific region.
The report identified Brazil, China, India, Russia and Saudi Arabia as key markets with growing demand for EO/IR systems that use laser, fiber-optic, infrared imaging and sensor technologies.
The following companies are included in the report:
- BAE Systems
- DRS Technologies
- Elbit Systems
- L-3 Communications
- Lockheed Martin
- Rafael Advanced Defense Systems
- Rockwell Collins
- Ultra Electronics
- United Technologies Corp.