Suspended EO/IR Contracts amid COVID-19 to Restrain Growth
The aerospace and defense industry is experiencing tremendous pressure due to the COVID-19 pandemic owing to sudden halt in the operations and activities. The supply chain disruption has led the EO/IR system manufacturers to postpone the development and delivery of advanced surveillance systems leading to postponement of contracts.
Increasing Adoption of Technologically Advanced UAVs to Propel Market Growth
The total U.S. military spending is estimated to be around USD 934 in 2020-21. The increasing focus on upgrading the military is expected to propel the manufacturers to develop advanced electro-optics infrared systems to cater to the defense applications in the region. Additionally, the deployment of advanced UAVs for surveillance purposes is expected to bode well for the U.S. electro-optics infrared systems during the forecast period.
List of the Companies Operating in the Market for the U.S. Electro-Optics Infrared Systems
BAE Systems (The U.K.)
Elbit Systems Ltd. (Israel)
General Dynamics Corporation (The U.S.)
Lockheed Martin Corporation (The U.S.)
Northrop Grumman Systems Corporation (The U.S.)
Rheinmetall AG (Germany)
Saab Group. (Sweden)