At 5.7% CAGR, the Asia Pacific Electro-Optics in Naval Market is projected to be worth US$ 2,759.51 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific electro-optics in naval market was valued at US$ 1,978.94 million in 2022 and is expected to reach US$ 2,759.51 million by 2028, registering a CAGR of 5.7% from 2022 to 2028. Continuous growth of defense sector and rising focus of vendors on developing innovative products are the critical factors attributed to the Asia Pacific electro-optics in naval market expansion.

The change in the modern warfare system has been urging governments across the region to allocate high funds toward respective military forces. The military budget allocation enables military forces to procure advanced technologies and equipment from domestic or international manufacturers. Solider and military vehicle modernization practices are also on the rise across numerous countries. To strengthen military forces with advanced technologies, armaments, artilleries, combat aircraft, naval vessels, and armored vehicles, defense forces across the region are investing substantial amounts in the aforementioned products. The continuous urge for new technologies for combat and noncombat operations by the defense forces is boosting defense spending across the region. Also, countries such as the China are investing in expanding their naval fleets. With the naval expansion, national security concerns continue to rise across the commercial maritime activity. Meanwhile, China is rapidly expanding its long-distance fleets, civilian shipbuilding, and maritime infrastructure. Therefore, procuring all such naval fleets accelerates the demand for the electro-optic systems aboard the vessels. The rising military expenditure is boosting the investments in technological developments of naval vessels across different naval forces. Many countries such as the China, and India already have several naval vessel projects in the pipeline for expanding their respective naval fleet in the defense forces. Moreover, the procurement of naval vessels continues to generate demand for electro-optic systems, thereby driving the electro-optic in naval market growth.

On the contrary, stagnant lifecycle of naval electro-optic Systems hampers the Asia Pacific Electro-Optics in Naval Market.  

Based on technology, the Asia Pacific electro-optics in naval market is segmented into camera, sensor and laser range finder. The camera segment held 52.4% share of Asia Pacific Electro-Optics in Naval Market in 2022, amassing US$ 1,037.05 million. It is projected to garner US$ 1,447.22 million by 2028 to expand at 5.7% CAGR during 2022–2028. 

Based on application, the Asia Pacific electro-optics in naval market is segmented into target detection, identification, and tracking; surveillance; fire control; and others. The surveillance segment held 41.2% share of Asia Pacific Electro-Optics in Naval Market in 2022, amassing US$ 815.11 million. It is projected to garner US$ 1,132.93 million by 2028 to expand at 5.6% CAGR during 2022–2028.

Based on end use, the Asia Pacific electro-optics in naval market is segmented into defense and commercial. The defense segment held 88.0% share of Asia Pacific Electro-Optics in Naval Market in 2022, amassing US$ 1,742.34 million. It is projected to garner US$ 2,453.22 million by 2028 to expand at 5.9% CAGR during 2022–2028.

Based on country, the Asia Pacific electro-optics in naval market has been categorized into Australia , China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 43.1% share of Asia Pacific Electro-Optics in Naval Market in 2022. It was assessed at US$ 853.74 million in 2022 and is likely to hit US$ 1,217.50 million by 2028, exhibiting a CAGR of 6.1% during the forecast period.

Key players dominating the Asia Pacific electro-optics in naval market are ASELSAN AS; Elbit Systems Ltd; Israel Aerospace Industries Ltd; L3Harris Technologies Inc; Naval Group SA; Saab AB; Safran SA; Tonbo Imaging India Pvt Ltd; and Ultra Electronics Holdings Ltd, among others.

• In 2022, Safran Electronics & Defense launched VIGY 4, a new optronic sight for surface ships, to meet the needs and expectations of naval customers. This sight is the latest addition to the company’s family of naval optronic systems, including the VIGY HD and PASEO XLR.

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