Report : Asia Pacific Military Optronics Surveillance and Sighting Systems Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Image Intensification, Military Laser Systems, and Electro-Optics/Infrared), Device Type (Night Vision Devices, Handheld Thermal Imaging Devices, Integrated Observation Equipment, Standalone Infrared, Seismic and Acoustic Sensors, and Others), and Platform (Ground, Airborne, and Naval)
Ground Segment to Dominate APAC Military Optronics Surveillance and Sighting Systems Market during 2020–2028
According to a new market research study on “APAC Military Optronics Surveillance and Sighting Systems Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Device Type, and Platform” is expected to reach US$ 7,028.55 million by 2028 from 4,569.66 US$ million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report provides trends prevailing in the APAC military optronics surveillance and sighting systems market along with the drivers and restraints pertaining to the market growth. Rising deployment of UAVs is the major factor driving the growth of the APAC military optronics surveillance and sighting systems market. However, issues associated with military optronics surveillance and sighting systems having high initial and overall huge maintenance cost hinders the growth of APAC military optronics surveillance and sighting systems market.
APAC military optronics surveillance and sighting systems market is segmented into technology, device type, platform, and country. The APAC military optronics surveillance and sighting systems market on the basis of technology is segmented into image intensification, military laser systems, electro-optics/infrared. electro-optics/infrared segment held the largest market share in 2020. Based on device type, the APAC military optronics surveillance and sighting systems market is segmented into night vision devices, handheld thermal imaging devices, integrated observation equipment, standalone infrared, seismic and acoustic sensors, and others. Seismic and acoustic sensors segment held the largest market share in 2020. On the basis of platform, the APAC military optronics surveillance and sighting systems market is segmented into ground, airborne, naval. Ground segment held the largest market share in 2020. Based on country, the APAC military optronics surveillance and sighting systems market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
The military electronics industry was hit hard in APAC during the first half of 2020 leading to massive decline in revenues across the stakeholders. The tremendous spread of the virus across the region resulted in declined military operations, restricted movement of military aircraft, disrupted supply chain across the military electronics sector, and lower defense electronics expenditure across different countries to fight the economic crisis caused by the pandemic during FY 2020. All the parameters showcased fall in demand for military optronics, surveillance, and sighting systems across the defense sector in APAC. Moreover, most of the countries across the region have lost a lot of revenues from their respective defense companies. For instance, Indian defense companies had already lost approx. US$ 3 billion in revenues between March and May in FY 2020, which has also affected 100 large defense firms and nearly 4,000 small and medium aerospace and defense businesses. The lockdown has also impacted the supply of local and foreign material for 50 major defense projects. In addition, as per the current scenario, the Indian-made weapons and platforms are designed to use 10–20% of imported components. The COVID-19 pandemic has disrupted the supply of such components for at least a year, that has also caused delays and cost overruns for majority of the defense programs. Furthermore, the demand for defense electronics has also witnessed a downfall during the FY 2020 across multiple Asian countries such as Taiwan, Australia, Japan, South Korea, and India. Such factors have impacted the market during FY 2020 across the APAC military optronics, surveillance, and sighting systems market.
HENSOLDT, Israel Aerospace Industries, L3Harris Technologies Inc., Lockheed Martin Corporation, Rafael Advanced Defense Systems Ltd., Raytheon Company, Safran S.A., Teledyne FLIR LLC, Thales Group, and Ultra Electronics Holdings plc. are among the leading companies in the APAC military optronics surveillance and sighting systems market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, The United States aerospace giant Lockheed Martin has delivered the first unit of its High Energy Laser with Integrated Optical-dazzler and Surveillance (HELIOS) laser system to the U.S. Navy.
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