Dallas, TX -- (ReleaseWire) -- 04/28/2014 -- According to a new market research report of "Electro-Optical Market by Product (Infrared and Laser), by Segments (Defense, Aerospace, and Homeland Security), by Application (Airborne, Naval and Land-based Systems) & by Geography (Asia-Pacific, Europe, The Middle East, North America and South America) – Forecasts & Analysis (2014-2020)" published by MarketsandMarkets, is projected to cross $18.42 Billion by 2020, growing at a CAGR of 3.00% from 2014 to 2020.
Browse more than 69 market data tables with 7 figures spread through 165 pages and in-depth TOC on "Electro-Optical Market "
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The global Electro-Optical market is estimated to be $11.76 billion in 2014 and is expected to register a CAGR of 3.00 % to reach $14.03 billion by 2020. EO systems are used for a wide range of operations on ground-based, naval, and airborne platforms. A typical EO system can be used for target acquisition and engagement in the defense segment. Defense, aerospace, and homeland security segments are capable of growing at a considerable rate. The defense segment will make up the majority of the revenue followed by homeland security and the aerospace segment.
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Electro-Optic systems are increasingly being used by defense forces around the world. The versatility offered by Electro-Optical systems is vital for defense, homeland security, and aerospace segments.
The growth will be driven by increasing usage of EO systems in surveillance operations. Border protection agencies are using EO equipment to monitor and prevent intrusion attempts. EO infrared systems are being used as a complement for radar systems on land and ships. Electro-Optical systems acting as a complement for radar systems on land are effective in tracking stealth aircraft and low observable missiles. In naval platforms, EO systems are finding increasing use in next generation close in weapon system (CIWS). CIWS use EO systems as a complement for radars for target acquisition and engagement.
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