Portland, OR, Aug. 06, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global EO/IR gimbal market generated $533.20 billion in 2019, and is estimated to reach $1.50 billion by 2027, registering a CAGR of 13.9% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

Increasing demand for survillience systems and drones for leisure purposes drive the growth of the global EO/IR gimbal market. However, stringent government regulations on drone usage is anticipated to restrain the growth of the market. Furthermore, rise in investment in development of defense systems by developing economies such as China and India is expected to create new growth opportunities for the market players in coming years.

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Covid-19 scenario:

  • Major EO/IR gimbal manufactrurers across the globe have halted their production activities due to disrupted supply chain amid lockdown due to the Covid-19 pandemic.
  • The demand for EO/IR gimbal is expected to decline for photography equipment during the pandemic as there has been decrease in demand for photography services.
  • In addition, amid growing military tension between the developing nations such as China  and India, there has been increase in demand for intelligent survillence systems to be deployed on border areas to track the enemy movement. Due to this, the demand for EO/IR gimbal is anticipated to surge.

The report offers a detailed segmentation of the global EO/IR gimbal market based on product type, end-use, and region.

Based on product type, the 3-Axis EO/IR gimbals segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 17.5% during the forecast period.

Based on end-use, the defense segment accounted for the largest share in 2019, holding nearly one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the UAV/UAS segment is expected to register the highest CAGR of 19.4% from 2020 to 2027.

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Based on region, the U.S. is expected to grow at the highest CAGR of 14.9% from 2020 to 2027. However, rest of the world contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period.

Leading market players analyzed in the research include Controp Precision Technologies Ltd., Leonardo DRS, Ascent Vision Technologies LLC, L3Harris Wescam, Lockheed Martin, FLIR Systems, Inc., I2Tech, PVP Advanced EO Systems, Ukrspecsystems, AeroVironment, Inc., Merio, and Zhiyun.

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