The Europe EO/IR Gimbal Market would witness market growth of 11.8% CAGR during the forecast period (2022-2028).
The EO/IR system is an electronic device that combines electro-optical and infrared sensors to deliver accurate optical data at all times of day and night. Light can be converted into an electric signal via an electro-optical sensor. Furthermore, by producing or detecting infrared radiation, the infrared sensor may detect any structure in its vicinity. As a result, an EO/IR system is primarily employed to improve target recognition, assess threats from a given distance, and track targets in various weather conditions. The EO/IR system can be employed as a hand-held detection device or mounted on vehicles, planes, ships, helmets, and military weapons.
An EO/IR system is utilized to improve the capabilities of military and commercial applications because of its excellent image stabilization and long-range imaging qualities. It is widely employed in different applications, including situational awareness, fire control systems, airborne homeland security, search and rescue, and intelligence, surveillance and reconnaissance (ISR), especially in the defense industry.
In 2021, Russia was one of the top five military spenders. Russia's military spending climbed by 2.9 percent in 2021, to $65.9 billion. Russia's military spending increased for the third year in a row in 2021, reaching 4.1 percent of GDP. Russia increased its military budget in 2021 owing to higher oil and gas income. Over the course of the year, the 'national defense' budget line was revised upwards, accounting for around three-quarters of Russia's overall military spending and including financing for operations costs as well as arms procurement. The ultimate total was $48.4 billion, up 14% from the budgeted amount at the end of 2020. The rise in Russian expenditure on the military implies that Russia is looking to enhance and modernize its military. This is expected to lead to a rise in demand for EO/IR gimbal in the region.In the United Kingdom, defense spending was £42.4 billion in cash terms in 2020/21. This reflects a nominal increase of £2.5 billion and a real-term gain of £1.7 billion over the previous year.
The Germany market dominated the Europe EO/IR Gimbal Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $88.5 Million by 2028. The UK market is estimated to grow at a CAGR of 10.9% during (2022 - 2028). Additionally, The France market would witness a CAGR of 12.7% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global EO/IR Gimbal Market Size will Hit $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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