Military Optronics Surveillance & Sighting Systems Market Dynamics 2031
The military optronics surveillance & sighting systems market size is projected to reach US$ 26.35 billion by 2031 from US$ 16.38 billion in 2023. The market is expected to register a CAGR of 6.1% during 2023–2031. Rising demand for multiple data sharing and storing facilities is likely to remain a key trend in the market.
Military Optronics Surveillance & Sighting Systems Market Analysis
The military optronics surveillance and sighting systems market ecosystem comprises material providers, product manufacturers, and end users. The military optronics surveillance and sighting systems manufacturing market players procure materials such as raw materials, components (sensors, cameras, microphones, and others) from various suppliers across the world. The suppliers continuously optimize their production lines and lead times for enhancing the respective supply chain.
Military Optronics Surveillance & Sighting Systems Market Overview
Lockheed Martin Corporation, L3Harris Technologies, Inc., Elbit Systems Ltd., Thales Group, and Safran are among the key market players operating in the global military optronics surveillance & sighting systems market. The key players are listed by considering factors such as overall revenue, current maintenance tooling product portfolio for commercial aviation, geographical reach, market initiatives, investment in technology upgrades, partnerships, and other market-related activities.
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Military Optronics Surveillance & Sighting Systems Market: Strategic Insights
Market Size Value in US$ 15,099.84 million in 2021 Market Size Value by US$ 21,394.01 million by 2028 Growth rate CAGR of 5.1% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Military Optronics Surveillance & Sighting Systems Market: Strategic Insights
| Market Size Value in | US$ 15,099.84 million in 2021 |
| Market Size Value by | US$ 21,394.01 million by 2028 |
| Growth rate | CAGR of 5.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Military Optronics Surveillance & Sighting Systems Market Drivers and Opportunities
Increasing Implementation of Next-Gen Technologies in Defense Systems
The world is undergoing a ‘fourth industrial’ revolution, characterized by rapid and converging advances in multiple next-generation technologies, including artificial intelligence (AI). AI is not only undergoing a renaissance in its technical development but is also starting to shape deterrence relations among nuclear-armed states. The potential of weaker nuclear-armed states can be increased with the integration of AI into their military platforms. In January 2021, Lockheed Martin Corp. announced to build three new next-generation infrared spacecraft to help detect enemy ballistic missile launches. In March 2021, Elbit Systems, the Israeli defense company, launched its next-generation advanced multi-sensor payload system (AMPS NG). Team Tempest—a UK technology and a defense partnership formed by BAE Systems, Leonardo, MBDA, Rolls-Royce, and the RAF—announced the development of new radar technology by 2035 to deliver unparalleled data processing capability on the battlespace. Thus, technological advancements in the military and defense system are driving the military optronics surveillance and sighting system market.
Rising Demand for Multiple Data Sharing and Storing Facilities
The evolving technology in optronics surveillance and sighting system is expected to spur the demand for optronics surveillance and sighting system in the near future. The rising demand for various products such as cameras with multiple data sharing and storing facilities will drive market growth. HD cameras with cloud storage facilities will be in high demand to ensure that crucial evidence is intact and is accessible from any smartphone, even if the camera is lost or damaged. The demand for cloud storage and multiple data-sharing products will rise due to the growing need in the military and defense sector. Also, terrorist activities and attacks are propelling the demand for sighting systems. The surge in demand for advanced and accurate surveillance systems across the globe is anticipated to accelerate the demand for optronics surveillance and sighting system.
Military Optronics Surveillance & Sighting Systems Market Report Segmentation Analysis
Key segments that contributed to the derivation of the military optronics surveillance & sighting systems market analysis are technology, product type, and application.
- Based on technology, the military optronics surveillance & sighting systems market is divided into image intensification, military laser systems, and electro-optics/infrared. The electro-optics/infrared segment held a larger market share in 2023.
- Based on device type, the military optronics surveillance & sighting systems market is segmented into night vision devices, handheld thermal imaging devices, integrated observation equipment, standalone infrared, seismic & acoustic sensors, and others. The seismic & acoustic sensors segment held a larger market share in 2023.
- By platform, the market is segmented into ground, airborne, and naval. The ground segment held the largest share of the market in 2023.
Military Optronics Surveillance & Sighting Systems Market Share Analysis by Geography
The geographic scope of the military optronics surveillance & sighting systems market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Asia Pacific and Europe region. Further, Asia Pacific is likely to witness highest CAGR in the coming years. Growing military spending as a part of GDP is increasing considerably in almost all the developing nations of the world. Owing to growing threat of terrorist attacks in Asia, the demand for surveillance optronics system, sights, scopes and night-visions attachments, target sight system (TSS), laser rangefinders, monitoring systems, and security cameras is expected to grow notably. Terrorist attacks, civil war, and political unrest are among the major factors driving the demand for land and aerial surveillance systems in Africa region as well. Some of the most needed military products for security purpose are night vision goggles (NVG), thermal weapon sights, mini thermal monocular, binoculars, integrated vision solutions, and electro-optical sight systems, In South and Central America, various nations exchange information and insights regarding defense products under respective partnership program. However, there is a great scope for the South American countries to increase their military spending.
Military Optronics Surveillance & Sighting Systems Market Report Scope
Military Optronics Surveillance & Sighting Systems Market News and Recent Developments
The military optronics surveillance & sighting systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the military optronics surveillance & sighting systems market are listed below:
L3Harris Technologies (NYSE:LHX) received a US$ 256 million order from the U.S. Army for continued production of the Enhanced Night Vision Goggle – Binocular (ENVG-B). This is the first order for the ENVG-B’s Program of Record full-scale production IDIQ, which will total nearly US$ 1 billion over 10 years. (Source: L3Harris Technologies Inc, Press Release, Apr 2024)
- QinetiQ US, a leading defense company providing mission-critical solutions to create, test, and use the latest technologies to deliver real world advantages, announced today that the company has been awarded a single award Indefinite Delivery Indefinite Quantity (IDIQ) by the U.S. Army for a Digital Night Vision Technology (DNVT) contract worth up to US$ 92.6 million over four years. (Source: QinetiQ, Press Release, Mar 2023)
Military Optronics Surveillance & Sighting Systems Market Report Coverage and Deliverables
The “Military Optronics Surveillance & Sighting Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Military optronics surveillance & sighting systems market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Military optronics surveillance & sighting systems market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Military optronics surveillance & sighting systems market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the military optronics surveillance & sighting systems market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Device Type, and Platform
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the military optronics surveillance & sighting systems market in 2023.
Increasing adoption of light-weight night vision devices and increasing implementation of next-gen technologies in defense systems are some of the factors driving the growth for military optronics surveillance & sighting systems market.
Increasing deployment of optronic systems into UAVs is one of the major trends of the market.
Airbus, Lockheed Martin Corporation, Thales Group, General Dynamics Corporation, L3Harris Technologies Inc, Israel Aerospace Industries, Leidos inc, Rafael Advanced Defense Systems Ltd, Raytheon Technologies, and Safran are some of the key players profiled under the report.
The estimated value of the military optronics surveillance & sighting systems market by 2031 would be around US$ 26.35 billion.
The military optronics surveillance & sighting systems market is likely to register of 6.1% during 2023-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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