A new Markets and Markets report forecasts the global military electro-optics/infrared systems market to hit $14.20 billion by 2022 from $10.15 billion in 2016, at a compound annual growth rate of 5.75 percent.
Markets and Markets said that high demand for battlespace data by defense forces will drive the military electro-optics/infrared systems market.
The report also notes the growing use of unmanned aerial vehicles due to an increasing demand for border surveillance and situational information.
According to the report, the staring sensor segment will dominate the military electro-optics/infrared systems market during the forecast period as demand for sensors will grow while the imaging system segment is expected to grow at the highest CAGR.
Markets and Markets also expects North America to account for the largest market for military electro-optics/infrared systems during the forecast period as demand for electro-optics/infrared systems across various sectors will grow in the region.
The report profiles tier-one market players such as Lockheed Martin, Northrop Grumman, BAE Systems, Raytheon and Thales Group.