Increase in interest of businesses to develop next-generation logistics, rise in demand for drones for recreational purposes, and surge in requirement of intelligent surveillance drive the growth of the global EO/IR gimbal market.
PORTLAND, Ore., May 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "EO/IR Gimbal Market By Product Type (2-axis EO/IR gimbals, 3-axis EO/IR gimbals), By End Use (UAV/UAS, Defense, Marine, Law Enforcement, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global EO/IR gimbal industry generated $604.90 million in 2020, and is estimated to reach $2.1 billion by 2030, witnessing a CAGR of 13.3% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Increase in interest of businesses to develop next-generation logistics, rise in demand for drones for recreational purposes, and surge in requirement of intelligent surveillance drive the growth of the global EO/IR gimbal market. However, regulations imposed by various countries on the use of drones restrain the market growth. On the other hand, surge in investments in defense systems by various countries and rise in R&D investments present new opportunities in the coming years.
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- Manufacturing operations in the EO/IR gimbal market were halted completely or partially due to lockdown restrictions, disrupted supply chain that created shortage of raw materials, and lack of availability of workforce. The demand for EO/IR cameras increased post-lockdown.
- Market players needed to reduce the investments in R&D activities to cope with losses during the lockdown. Moreover, the funding for innovations has been slashed to the bare minimum budgets.
The 3-axis EO/IR Gimbals Segment to Offer Lucrative Opportunities
Based on product type, the 3-axis EO/IR gimbals segment contributed the highest share in 2020, accounting for more than half of the global EO/IR gimbal market, and is estimated to maintain its lead position throughout the forecast period. Moreover, this segment is projected to witness the largest CAGR of 15.5% from 2021 to 2030. This is due to continuous upgrades in aircraft fleet and high investments in unmanned aerial vehicles (UAVs) and UAS systems. Moreover, the application of this type is used for intelligence & observation, search & rescue operations, surveillance, and reconnaissance & various missions. The report also analyzes the 2-axis EO/IR gimbals segment.
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The UAV/UAS Segment to register the Highest CAGR During the Forecast Period
Based on end use, the UAV/UAS segment is projected to manifest the highest CAGR of 16.9% from 2021 to 2030. This is due to rise in adoption in the commercial sector for cinematography, videography, and recreational purposes along with usage by businesses & organizations to increase the productivity of their businesses. The defense segment is also projected to grow steadily in the global EO/IR gimbal market during the forecast period. The report also analyzes the segments including marine, law enforcement, and others.
North America to portray the Fastest CAGR During the Forecast Period
Based on region, North America is projected to portray the fastest CAGR of 14.9% from 2021 to 2030, owing to rise in investments by prime players in the defense and marine sectors in the region. However, Europe held the highest market share in 2020, accounting for nearly two-thirds of the global EO/IR gimbal market, and is expected to continue its dominance in terms of revenue by 2030. This is attributed to increase in investments by government and defense agencies.
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Leading Market Players
- Leonardo DRS
- FLIR Systems, Inc.
- Lockheed Martin Corporation
- Controp Precision Technologies Ltd.
- L3 Wescam (L3Harris Technologies, Inc.)
- Ascent Vision Technologies
- Harris Aerial
- AeroVironment, Inc.
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