Military Imaging System Market
Military imaging system market Size was valued at USD 3.36 billion in 2022. The Military imaging system market is projected to grow to USD 7.06 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.6% during the forecast period (2022 - 2032).
Increasing terrorist activities and the need for staying ahead of enemies have spurred the demand for constant vigilance. Vigilance can only be bettered with efficient surveillance technology guided by the competent imaging system. This has given rise to research and development in imaging technology. The global market for a military imaging system is expecting a stellar 9% CAGR during the forecast period (2018-2023), reports Market Research Future (MRFR) in a detailed study. With the technological advent, high-resolution 3D imaging has now taken over the system. However, to become more effective it needs sufficient support from the visual section. New developments in the section have increased clarity and the ability to decipher position of the target even in the dark. Accurate location detection of the target has become imperative which has given rise to radar technology, optronic and infrared radiation (IR) sensors.
Secondary factors such as stringent government regulations and increasing vehicle production have influenced the market significantly. Significant betterment of the imaging technology has resulted in reduced operational and capital costs benefitting governments more than ever.
The Military Imaging System Market Insights is able to provide high-resolution 3-D images from longer distances than conventional optical systems. It is used to improve the visibility and enhance the clarity of objects even in dark environmental conditions. Increasing the use of these systems in border patrolling and for border security would significantly drive the market. Moreover, the introduction of high-definition imaging technologies such as the thermal imaging systems also boosts the market. However, their efficiency during extreme weather conditions and the increased usage of smokescreen technologies are factors that can hamper the growth of the market.
On the basis of platform, the global Military Imaging System Market is segmented as man portable, and vehicle mounted. Military imaging system is mounted on the vehicles such unmanned aerial vehicles (UAVs), ground vehicles, and others. It is expected that the market for man portable military imaging systems would grow at a faster pace during the forecast period.
Key Players:
Following is the Military Imaging Market Players are FLIR Systems, Inc. (US), Teledyne Technologies Inc. (US), L3 Technologies, Inc. (US), Lockheed Martin Corporation (US), Thales Group (France), BAE Systems (US), Raytheon Company (US), Harris Corporation (US), General Dynamics Mission Systems, Inc. (US), and Leonardo DRS (US).
Industry Trend:
In the battlefield, the cat and mouse chase often require multiple technologies to avert detection. On the other hand, it becomes difficult to find the enemy in such situations. Bearing that in mind China is trying to develop a ghost imaging technique which will enable its force to detect even the slightest light emitting out from its opponent. For it, China is revolutionizing the imaging technology by introducing a quantum sensor method in the system.
Segmentation:
The global Military Imaging System Market Outlook can be segmented by type, technology, application, and platform.
Type-wise segmentation consists thermal imaging, hyperspectral imaging, and multispectral imaging. Thermal imaging is leading the market due to its excellent weather resistance and ability to work round-the-clock.
Technology-wise segmentation includes cooled and uncooled. Cooled imaging technology is expecting the fastest CAGR during the forecast period owing to its efficiency in mapping location based on the slightest difference in the ambiance.
Application-based segmentation comprises security & surveillance, monitoring & inspection, detection, and others. Security & surveillance to witness the highest CAGR during the review period.
Based on the platform, the market can be segmented into man-portable, and vehicle mounted. Man-portable devices are anticipating the fastest growth rate till 2023.
Regional Analysis:
The global market can be segmented zone-wise, such as North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (LATAM).
North America is currently spearheading the market and is continually investing for better product development. Since 9/11 in 2001, the U.S. upped their investment in the sector to secure their country from further terrorist threats.
Europe assumes the second position. A series of terrorist attacks in the region in the past decade has influenced the market considerably. The market is getting proper support from the research and development sector.
The APAC is expecting the fastest CAGR during the assessment period owing to the presence of countries such as India, China, Japan and South Korea.
Military Imaging System Market Research Report: Information by Type (Thermal, Hyperspectral, and Multispectral), Technology (Cooled and Uncooled), Application (Security & Surveillance, Monitoring & Inspection, Detection, and Others), Platform (Man-Portable and Vehicle Mounted), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2030
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