The global electro-optical/infrared (EO/IR) systems market size is expected to reach USD 20.36 billion by 2026, exhibiting a CAGR of 5.84% during the forecast period. The growing necessity to improve target identification, assess threats, and monitoring in different weather conditions will spur opportunities for the market during the forecast period. The electro-optical/infrared (EO/IR) systems market is a rapidly growing sector that plays a crucial role in various industries, including defense, aerospace, security, and surveillance. EO/IR systems encompass a range of technologies that utilize both visible and infrared light to gather valuable information about the surrounding environment. These systems are widely used for target acquisition, intelligence gathering, situational awareness, and monitoring applications. The Report Lists the Main Companies in the EOIR Systems Market: Lockheed Martin Corporation (The US) Raytheon Company (The US) Leonardo S.p.A. (Italy) Elbit Systems Ltd. (Israel) L-3Harris Technologies Inc. (The US) BAE Systems PLC. (The UK) Thales Group (France) Northrop Grumman Corporation (The US) General Dynamics (The US) UTC Aerospace (The US) Rheinmetall AG (Gernamy) Saab Group (Sweden) Browse Summary Of This Research Report: https://www.fortunebusinessinsights.com/electro-optical-infrared-eo-ir-systems-market-102742 Competitive Landscape: Contract Bagged by Elbit Systems to Accelerate Market Potential Elbit Systems Ltd., an Israel-based international defense electronics company announced that its subsidiary, Elbit Systems of America LLC received a contract by Raytheon Company, a manufacturer and leader in weapons and military electronics for the U.S. defense, to deliver the Two-Color Laser System (TCLS) for the Multi-Spectral Targeting System. The agreement between Elbit Systems of America LLC and Raytheon Company will promote the electro-optical/infrared (EO/IR) systems market revenue during the forecast owing to the Two-Color Laser System (TCLS) capabilities in airborne missions. For instance, TCLS is used in multiple military airborne platforms, including the next-generation targeting systems onboard unmanned aerial vehicles. Furthermore, President and CEO of Elbit Systems of America, Raanan Horowitz, said in a statement, “The Two-Color Laser System provides increased targeting accuracy and flexibility, minimizing the potential for collateral damage. These attributes are key to U.S. warfighters who depend on these systems for a successful mission.” Nonetheless, the growing adoption of advanced sensors integrated systems for military applications will drive the electro-optical/infrared (EO/IR) systems market share in the foreseeable. The rising demand for unmanned vehicles for detection and surveillance will perpetually support the growth of market. Regional Analysis: The electro-optical/infrared (EO/IR) systems market exhibits regional variations based on factors such as defense budgets, geopolitical dynamics, technological capabilities, and market demand. Here's an overview of the regional analysis for the EO/IR systems market: North America: North America dominates the EO/IR systems market, primarily driven by the significant defense expenditure in the United States. The region has a strong presence of major defense contractors and technology companies, fostering innovation and technological advancements in EO/IR systems. The U.S. Department of Defense's focus on enhancing intelligence, surveillance, and reconnaissance capabilities contributes to the growth of the market in this region. Additionally, North America has a robust demand for EO/IR systems in homeland security, border surveillance, and law enforcement applications. Europe: Europe holds a significant share in the EO/IR systems market, with countries like the United Kingdom, France, Germany, and Italy driving growth. The European defense sector invests in modernizing its armed forces, which includes upgrading surveillance and reconnaissance capabilities. The region also witnesses demand for EO/IR systems in border security, counterterrorism operations, and maritime surveillance. Collaboration between European countries, such as joint defense projects and technology sharing, further contributes to the growth of the EO/IR systems market in Europe. Asia Pacific: The Asia Pacific region exhibits substantial growth potential in the EO/IR systems market. Countries like China, India, and Japan are significantly investing in defense modernization and strengthening their military capabilities. The rising security concerns, territorial disputes, and the need for advanced surveillance technologies drive the demand for EO/IR systems in the region. Additionally, the Asia Pacific region has a growing market for commercial applications of EO/IR systems, including industrial inspection, environmental monitoring, and transportation security.