Global Military Imaging System Market by Type (Thermal, Hyperspectral, & Multispectral), Technology (Cooled, Uncooled), Application (Security & Surveillance, Monitoring & Inspection, Detection, Others), Platform (Man Portable & Vehicle Mounted), and Region–Forecast till 2023.
Increasing terrorist activities and the need for staying ahead of enemies have spurred the demand for constant vigilance. Vigilance can only be bettered with an 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.
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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 global military imaging system market 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.
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.
The key players in the global military imaging system market are FLIR Systems Inc. (U.S.), Teledyne Technologies Inc. (U.S.), L3 Technologies Inc. (U.S.), Lockheed Martin Corporation (U.S.), Thales Group (France), BAE Systems (U.S.), Raytheon Company (U.S.), Harris Corporation (U.S.), General Dynamics Mission Systems Inc (U.S.), Leonardo DRS (U.S.), and others.
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