Rise in demand for intelligent surveillance, increase in investments in defense, and surge in demand for drones for recreational purposes drive the growth of the global EO/IR market
PORTLAND, Oregon, May 25, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "EO/IR Gimbal Market by Product Type (2-axis EO/IR Gimbals and 3-axis EO/IR Gimbals), and End Use (UAV/UAS, Defense, Marine, Law Enforcement, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global EO/IR gimbal industry was estimated at $533.2 million in 2019, and is anticipated to hit $1.50 billion by 2027, registering a CAGR of 13.9% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in demand for intelligent surveillance, increase in investments in defense, and surge in demand for drones for recreational purposes drive the growth of the global EO/IR market. On the other hand, regulations on drones use impede the growth to some extent. However, upsurge in R&D investments for product development and advancement of next generation logistics are expected to create several opportunities in the near future.
Get detailed COVID-19 impact analysis on the EO/IR Gimbal Market: https://www.alliedmarketresearch.com/request-for-customization/6648?reqfor=covid
- With the outbreak of COVID-19, the world economy is on the brink of a recession. And, as the recession looms, there's a steep decrease in demand for photography services all over the world. As a result, a sharp decline has also been discerned in the demand for photography equipment.
- Also, due to lockdown, there have been huge disruptions in the supply chain method that has hampered the overall growth of the global EO/IR gimbal market.
The 3-AXIS EO/IR GIMBALS segment to dominate by 2027-
Based on product type, the 3-AXIS EO/IR GIMBALS segment contributed to more than half of the global EO/IR gimbal market revenue in 2019, and is expected to rule the roost by the end of 2027. The same segment would register the fastest CAGR of 17.5% till 2027. This is due to continuous upgradation in aircraft fleet and high investment in unmanned aerial vehicles (UAVs) and UAS system.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/6648
The defense segment to maintain the dominant share-
Based on end-use, the defense segment accounted for nearly one-third of the global EO/IR gimbal market share in 2019, and is projected to lead the trail by 2027. Increased investment in defense sector by various countries influences the growth of the segment. The UAV/UAS segment, on the other hand, would grow at the fastest CAGR of 19.4% throughout the forecast period.
The rest of the world segment garnered the major share in 2019 –
Based on region, the rest of the world segment held the largest share in 2019, garnering three-fifths of the global EO/IR gimbal market. Improvement in aerial technology around the globe has boosted the growth of the market. At the same time, the U.S. segment would portray the fastest CAGR of 14.9% during the study period. The U.S. department of defense has spent approximately $9 billion for unmanned systems and associated technologies in 2019, also planning to expand its inventory of small unmanned air systems. All these factors are expected to fuel the market growth.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/6648
Key players in the industry-
- CONTROP Precision Technologies Ltd.
- L3Harris Wescam
- Lockheed Martin
- Ascent Vision Technologies LLC
- FLIR Systems, Inc.
- Leonardo DRS
- PVP Advanced EO Systems
- Harris Aerial
- AeroVironment, Inc.
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Pre-Book Now with 12% Discount:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
SOURCE Allied Market Research