Report : North America Electro-Optics in Naval Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Technology (Camera, Sensor and Laser Range Finder), Application (Target Detection, Identification, and Tracking; Surveillance; Fire Control; and Others), End Use (Defense and Commercial)
At 3.8% CAGR, the North America Electro-Optics in Naval Market is speculated to be worth US$ 3,379.78 million by 2028, says Business Market Insights
According to Business Market Insights research, the North America electro-optics in naval market was valued at US$ 2,696.97 million in 2022 and is expected to reach US$ 3,379.78 million by 2028, registering a CAGR of 3.8% from 2022 to 2028. Continuous growth of global defense sector and rising focus of vendors on developing innovative products are the critical factors attributed to the North America electro-optics in naval market expansion.
Players operating in the North America electro-optic in naval market are focusing on developing innovative solutions to cater to the growing market demands and remain competitive in the market. Most companies are developing electro-optic systems for defense applications, one of the major applications of the electro-optic systems across the sighting systems technology sector. Moreover, the companies have been collaborating with different government and naval forces to understand their requirements and provide reliable solutions for their respective operations. A few major developments in the North America electro-optic in naval market are listed as; In June 2022, the US Navy awarded a contract worth US$ 205 million to L3Harris Technologies Inc for providing the Shipboard Panoramic Electro-Optic/Infrared (SPEIR) system to the US Navy that will provide improved fleet protection. Such developments and collaboration with different customers help the market vendors expand their respective customer base and market share in the North America electro-optics in naval market, which fuels the market growth.
On the contrary, stagnant lifecycle of naval electro-optic Systems hampers the North America Electro-Optics in Naval Market.
Based on technology, the North America electro-optics in naval market is segmented into camera, sensor and laser range finder. The camera segment held 52.7% share of North America Electro-Optics in Naval Market in 2022, amassing US$ 1,421.57 million. It is projected to garner US$ 1,782.51 million by 2028 to expand at 3.8% CAGR during 2022–2028.
Based on application, the North America electro-optics in naval market is segmented into target detection, identification, and tracking; surveillance; fire control; and others. The surveillance segment held 40.6% share of North America Electro-Optics in Naval Market in 2022, amassing US$ 1,095.32 million. It is projected to garner US$ 1,352.70 million by 2028 to expand at 3.6% CAGR during 2022–2028.
Based on end use, the North America electro-optics in naval market is segmented into defense and commercial. The defense segment held 83.7% share of North America Electro-Optics in Naval Market in 2022, amassing US$ 2,256.35 million. It is projected to garner US$ 2,862.00 million by 2028 to expand at 4.0% CAGR during 2022–2028.
Based on country, the North America electro-optics in naval market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 63.2% share of North America Electro-Optics in Naval Market in 2022. It was assessed at US$ 1,705.11 million in 2022 and is likely to hit US$ 2,200.61 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
Key players dominating the North America electro-optics in naval market are Elbit Systems Ltd; Israel Aerospace Industries Ltd; L3Harris Technologies Inc; Naval Group SA; Saab AB; Safran SA; and Ultra Electronics Holdings Ltd, among others.
- In 2023, A multi-year, multi-million-dollar contract has been awarded by the US Department of Defense to IAI to develop and deliver the new hybrid electro-optically guided missile.
- 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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