EO/IR Gimbal Market to Reach $1.50 Billion, Globally, by 2027 at 13.9% CAGR: Allied Market Research

Rise in demand for intelligent surveillance, increase in investments in defense, and surge in demand for drones for recreational purposes drive the growth of the global EO/IR market

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Allied Market Research

May 25, 2020, 09:40 ET

PORTLAND, Oregon, May 25, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "EO/IR Gimbal Market by Product Type (2-axis EO/IR Gimbals and 3-axis EO/IR Gimbals), and End Use (UAV/UAS, Defense, Marine, Law Enforcement, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global EO/IR gimbal industry was estimated at $533.2 million in 2019, and is anticipated to hit $1.50 billion by 2027, registering a CAGR of 13.9% from 2020 to 2027.

Drivers, restraints, and opportunities-

Rise in demand for intelligent surveillance, increase in investments in defense, and surge in demand for drones for recreational purposes drive the growth of the global EO/IR market. On the other hand, regulations on drones use impede the growth to some extent. However, upsurge in R&D investments for product development and advancement of next generation logistics are expected to create several opportunities in the near future.

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COVID-19 impact-

With the outbreak of COVID-19, the world economy is on the brink of a recession. And, as the recession looms, there's a steep decrease in demand for photography services all over the world. As a result, a sharp decline has also been discerned in the demand for photography equipment.
Also, due to lockdown, there have been huge disruptions in the supply chain method that has hampered the overall growth of the global EO/IR gimbal market.

The 3-AXIS EO/IR GIMBALS segment to dominate by 2027-

Based on product type, the 3-AXIS EO/IR GIMBALS segment contributed to more than half of the global EO/IR gimbal market revenue in 2019, and is expected to rule the roost by the end of 2027. The same segment would register the fastest CAGR of 17.5% till 2027. This is due to continuous upgradation in aircraft fleet and high investment in unmanned aerial vehicles (UAVs) and UAS system.

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The defense segment to maintain the dominant share-

Based on end-use, the defense segment accounted for nearly one-third of the global EO/IR gimbal market share in 2019, and is projected to lead the trail by 2027. Increased investment in defense sector by various countries influences the growth of the segment. The UAV/UAS segment, on the other hand, would grow at the fastest CAGR of 19.4% throughout the forecast period.

The rest of the world segment garnered the major share in 2019 –

Based on region, the rest of the world segment held the largest share in 2019, garnering three-fifths of the global EO/IR gimbal market. Improvement in aerial technology around the globe has boosted the growth of the market. At the same time, the U.S. segment would portray the fastest CAGR of 14.9% during the study period. The U.S. department of defense has spent approximately $9 billion for unmanned systems and associated technologies in 2019, also planning to expand its inventory of small unmanned air systems. All these factors are expected to fuel the market growth.

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Key players in the industry-

CONTROP Precision Technologies Ltd.
L3Harris Wescam
Lockheed Martin
Ascent Vision Technologies LLC
ZHIYUN
FLIR Systems, Inc.
Leonardo DRS
MERIO
PVP Advanced EO Systems
I2Tech
Harris Aerial
AeroVironment, Inc.
Ukrspecsystems

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