Triton Market Research presents the ‘Global Military Optronics Surveillance and Sighting Systems Market’ report sectioned by Machinery (Electro-Optics/Infrared Systems, Military Laser Systems, Image Intensifiers), by Medium (Marine, Aerial, Land), by Product Type (Seismic and Acoustic Sensors, Standalone Infrared Devices, Integrated Observation Equipment, Handheld Thermal Imaging Devices, Night Vision Devices, Other Product Types), and by Regional Outlook (Europe, Middle East and Africa, Asia-Pacific, Latin America, North America).
The report further discusses the Market Summary, Industry Outlook (Technology Snapshot, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Regulatory Framework, Key Buying Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective), Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).
Triton’s research report implies that the global military optronics surveillance and sighting systems market is likely to observe growth at a CAGR of 5.70% during the forecast years from 2023 to 2030.
During warlike situations, identifying the threat of enemies and receiving updates about their strategies is crucial. Such intel can be obtained via constant surveillance from satellites, aerostats, manned aircraft, UAVs, boats, ground vehicles, etc. They facilitate quick & easy information sharing at all levels via advanced communications systems, real-time networks, and AI. The application of such advanced intel-providing systems is thus driving the growth of the studied market.
However, the manufacturing process of several military weapons tends to involve a certain amount of expertise and experience, which causes them to be relatively expensive. Also, their maintenance can also prove to be extremely costly as specialized personnel is required for this purpose. The high cost of military warfare is thus a hindrance to the market growth.
Globally, the market in the Asia-Pacific is estimated to grow the fastest, over the assessed period. The growth of this market can be attributed to the rising political instability in many parts of the region, which has intensified the need for effective surveillance solutions. These promising prospects have also garnered the attention of a number of international market players who have set foot in the region.
Leading names in the military optronics surveillance and sighting systems market include Thales Group, Northrop Grumman Corporation, General Dynamics Corporation, Raytheon Technologies Corporation, Airbus Group SE, Rafael Advanced Defense Systems Ltd, Safran Group, Lockheed Martin Corporation, BAE Systems PLC, and Israel Aerospace Industries.
The startup costs for aspiring players in this
market are extremely high as it involves investing large sums of money for
manufacturing aerospace & defense systems. Another key reason for difficulty
in entering the market is the strong presence of already existing and
established companies. A new entrant in this market thus relies on government
subsidies, either via grants or through military contracts. The above-stated factors
have reduced the threat of new entrants in the military optronics surveillance
and sighting systems market.
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