The Asia Pacific EO/IR Gimbal Market would witness market growth of 13.1% CAGR during the forecast period (2022-2028).
The electro-optical/infrared system is further classified into imaging and non-imaging EO/IR systems. The non-imaging EO/IR systems are primarily utilized for long-range target monitoring, whereas the imaging system is employed to scan the structure and produce noise-free images for precise detection. The EO/IR systems market is divided into cooled and uncooled systems based on technology. The market is divided into two categories based on sensor technology: gazing and scanning. The electro-optical/infrared (EO/IR) systems market is split into multispectral and hyperspectral based on imaging techniques. The development of advanced sensor technology-based systems is accelerating in order to meet the diverse application demands of end-users.
The increased usage of advanced sensor integrated systems for military applications is driving the EO/IR system market. The increased need for autonomous vehicles in detection and surveillance applications is also propelling the market.
India's military budget in 2021 was the third largest in the world. In 2021, India's military spending was $76.6 billion, up 0.9 percent from 2020 and 33% from 2012. 64 percent of capital outlays in the military budget for 2021 were targeted for the procurement of locally produced guns in an effort to develop the indigenous arms sector. As the Indian economy develops, the Indian government is expected to keep investing heavily in its military to modernize it. This is estimated to raise the demand for UAS and UAVs and thus also the demand for EO/IR gimbals in the region.
In 2021, China, the world's second-largest spender, would devote an estimated $293 billion to its military, up 4.7 percent from 2020. China's military budget has increased over the past 27 years. The Chinese budget for 2021 was the first of the 14th Five-Year Plan, which will last until 2025. China's growing aggression in and around the South and East China seas has prompted countries like Australia and Japan to increase military investment. The AUKUS trilateral security agreement involving Australia, the United Kingdom, and the United States, for example, envisions Australia receiving eight nuclear-powered submarines at a cost of up to $128 billion.
The China market dominated the Asia Pacific EO/IR Gimbal Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $80.3 Million by 2028. The Japan market is anticipated to grow at a CAGR of 12.4% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 13.8% during (2022 - 2028).
Based on Product Type, the market is segmented into 3-axis and 2-axis. Based on End Use, the market is segmented into Defense, UAV/UAS, Law Enforcement, Marine, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide EO/IR Gimbal Market is Projected to reach USD 1.3 Billion by 2028, at a CAGR of 12.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AeroVironment, Inc., L3Harris Technologies, Inc.(L3Harris WESCAM), Teledyne FLIR LLC (Teledyne Technologies Incorporated), Lockheed Martin Corporation, Ascent Vision Technologies LLC (CACI International Inc.), Leonardo DRS, Inc. (Leonardo SpA), Guilin Zhishen Information Technology Co., Ltd., Merio - UAV Payload Systems, Innovative Injection Technologies, Inc., and Harris Aerial LLC.
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