Report : North America 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, Naval)
Seismic and Acoustic Sensors Segment to Dominate North America Military Optronics Surveillance and Sighting Systems Market during 2020–2028
According to a new market research study on “North America 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$ 48,328.13 million by 2028 from 6,147.19 US$ million in 2021. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. The report provides trends prevailing in the North America military optronics surveillance and sighting systems market along with the drivers and restraints pertaining to the market growth. Light-weight night vision devices getting highly adopted is the major factor driving the growth of the North America military optronics surveillance and sighting systems market. However, issues associated with military optronics surveillance and sighting systems having huge initial and maintenance Cost hinders the growth of North America military optronics surveillance and sighting systems market.
North America military optronics surveillance and sighting systems market is segmented into technology, device type, platform, and country. The North America military optronics surveillance and sighting systems market on the basis of offering 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 North America 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 North America 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 North America military optronics surveillance and sighting systems market is segmented into US, Canada, and Mexico. The US held the largest market share in 2020.
The US has the highest military expenditure across the world that makes North America largest market for military technologies. Despite the COVID-19 pandemic, the worldwide military expenditure has witnessed a growth of nearly 4% wherein almost majority of countries have increased their military budget except few of the countries. Moreover, the US is known for its military power and highest spending in defense technology, accounted for around 29% of the total military optronics surveillance & sighting systems market in 2020, according to the study. Also, the US witnessed a decline of 3.4% in FY 2020 in the market owing to the pandemic challenges faced by the vendors for their operations during the FY 2020 where all other countries were also facing the demand and supply gap across their respective military technologies market. In addition, the military technology manufacturers observed drop in deliveries for new defense technologies, cancelation or rescheduling of military orders and deliveries. Also, labor shortage, and other factors that hampered their businesses and ability to deliver substantial volumes of new products to the customers. The increase in order backlogs and orders along with disrupted supply chain led to decline in the revenues of the military optronics surveillance & 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 North America 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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