The global market for electro-optical/infrared (EO/IR) sensors is expected to reach $10 billion by 2024, reflecting a compound annual growth rate of 3.22 percent from a $7.3 billion market in 2014, according to a forecast by ASDReports.
"The sector growth in the past has come from new procurements these have been on the lower side after the recession due to budget cuts by defense ministries in the U.S. and western European countries," said the study. "Although these developments have not significantly impacted the growth in the EO/IR industry, they have clogged the growth rates which have been forecasted to remain unprecedentedly high before the economic downturn in 2007."
The global market will be dominated by North America, followed by Europe and Asia-Pacific. The study also predicts that the trend toward miniaturization of EO/IR sensors will continue.