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

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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