Report : South 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), and End Use (Defense and Commercial)
At 2.5% CAGR, the South America Electro-Optics in Naval Market is speculated to be worth US$ 459.50 million by 2028, says Business Market Insights
According to Business Market Insights research, the South America electro-optics in naval market was valued at US$ 395.18 million in 2022 and is expected to reach US$ 459.50 million by 2028, registering a CAGR of 2.5% 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 South America electro-optics in naval market expansion.
Players operating in the 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. Such developments and collaboration with different customers help the market vendors expand their respective customer base and market share in the South America electro-optic in naval market, which fuels the market growth.
On the contrary, stagnant lifecycle of naval electro-optic systems hampers the South America Electro-Optics in Naval Market.
Based on technology, the South America electro-optics in naval market is segmented into camera, sensor and laser range finder. The camera segment held 49.6% share of South America Electro-Optics in Naval Market in 2022, amassing US$ 195.97 million. It is projected to garner US$ 226.41 million by 2028 to expand at 2.4% CAGR during 2022–2028.
Based on application, the South America electro-optics in naval market is segmented into target detection, identification, and tracking; surveillance; fire control; and others. The surveillance segment held 40.9% share of South America Electro-Optics in Naval Market in 2022, amassing US$ 161.51 million. It is projected to garner US$ 186.55 million by 2028 to expand at 2.4% CAGR during 2022–2028.
Based on end use, the South America electro-optics in naval market is segmented into defense and commercial. The defense segment held 83.1% share of South America Electro-Optics in Naval Market in 2022, amassing US$ 328.24 million. It is projected to garner US$ 384.31 million by 2028 to expand at 2.7% CAGR during 2022–2028.
Based on country, the South America electro-optics in naval market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 56.4% share of South America Electro-Optics in Naval Market in 2022. It was assessed at US$ 223.04 million in 2022 and is likely to hit US$ 264.86 million by 2028, exhibiting a CAGR of 2.9% during the forecast period.
Key players dominating the South America electro-optics in naval market are Elbit Systems Ltd; Israel Aerospace Industries Ltd; L3Harris Technologies Inc; Naval Group SA; Saab AB; and Safran SA, 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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