According to a new market research report by MarketsandMarkets, the global electro-optical market is projected to cross $18.42 billion by 2020, growing at a CAGR of 3% from 2014 to 2020.
The report breaks down the electro-optical market by product (infrared and laser), by segment (defense, aerospace and homeland security), by application (airborne, naval and land-based systems) and by geography (Asia-Pacific, Europe, the Middle East, North America and South America).
The electro-optical market revenue will predominantly be from the defense segment, followed by homeland security and aerospace segments, says MarketsandMarkets. The market will be driven by upgrade and replacement of existing hardware of the defense segment. Geographic regions such as APAC, North America and Europe will see majority of the growth.
Airborne electro optic systems are estimated to rise due to increased deployment of UAVs for surveillance in aerospace and homeland security. Major markets for EO systems are identified to be the U.S., European Union (EU), India, Japan, South Korea, and Brazil.