Electro Optical Systems Market to cross $20 billion by 2032, Says Global Market Insights inc.
Electro optical systems industry size is expected to register 5.5% CAGR between 2023 and 2032 propelled by the growing demand for surveillance & security applications.
Selbyville, Delaware, Aug. 15, 2023 (GLOBE NEWSWIRE) — Electro Optical Systems Market is expected to surpass USD 20 billion by 2032, as per a
Growing defense sector in APAC region to influence product demand
Regionally, Asia Pacific electro optical systems market value is slated to gain momentum during 2023 and 2032. Rapid economic growth, increasing defense budgets, and the presence of major manufacturing firms in countries like China, India, and South Korea are contributing to the regional market expansion. There is a surge in infrastructural development, especially in the aerospace and defense sectors, leading to a higher demand for electro optical systems. Moreover, the rising security concerns and geopolitical tensions in the Asia Pacific region are pushing the adoption of advanced surveillance and reconnaissance systems, thereby shaping the market outlook.
Some of the major players prevailing in the global electro optical systems market are Thales Group, Teledyne FLIR LLC, Northrop Grumman Corporation, BAE Systems PLC, L3Harris Technologies, Inc., and Lockheed Martin Corporation. These firms are focusing on M&A’s and collaborations to expand their service base and gain profit from wider customer range.
For instance, in June 2023, Thales Group proposed an acquisition of Tesserent, one of Australia and New Zealand’s largest cybersecurity companies. The union of Thales and Tesserent will produce an expert provider of much-needed cybersecurity services in Australia and New Zealand.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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