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Global Electro Optical Systems Industry

Global Electro Optical Systems Industry

  • July 2020
  • 203 pages
  • ID: 5798468
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

How Are Supply Chain Opportunities Changing in the High-Tech Industry Amid the Pandemic?

A pandemic of unprecedented proportions in terms of scale and speed, COVID-19 is creating a mixed bag of current challenges and long-term opportunities for high-tech industries. The global contagion has irreversibly changed life and behavior of governments, companies and people. The post COVID-19 period will require new capabilities and newer ways of working and operation. Conventional best practices have already fallen by the wayside amid the disruption and destruction. Technology will now take precedence and will have a bigger role to play in all facets of life. Use of artificial intelligence, IoT, robots, machines, drones, cloud computing, optical communications, internet, automation and remote collaboration, among others will rise in significance and adoption in the new world obsessed with social distancing and no-contact operation. As a technology that is important to the future of electrical engineering, materials science and physics, the global market for electro optical (EO) systems is expected to share the optimism surrounding a future built around smart technologies. Defined as a technology that makes use of a mix of optics and electronics for generating, detecting and measuring radiation in the optical spectrum, EO systems find uses in UAVs/UGVs, 3D printing, defense and space systems, imaging, machine vision and remote sensors. EO systems can measure electromagnetic spectrum with wavelengths in the 0.1-1000 micrometers range, which comprises visible light, infrared radiation and ultraviolet radiation. Healthy long-term demand growth is forecast for the market, given the widespread application possibilities in a number of commercial and military applications. Currently however with several of the end-use industries caught in the financial storm raised by the COVID-19 pandemic, the market will slump in the year 2020 by -12% before recovering to reach US$14. 8 billion by the year 2027 trailing a CAGR of 4.1%. Market for military EO systems which is dependent on the acquisition of defense platforms will hurt from the expected cuts in defense budgets as pandemic scarred governments seek to reduce their fiscal deficits in the coming years.

While Other Industrial & Commercial Applications Take a Hiatus, New Uses in COVID-19 Testing Sends Ripples of Excitement in the Healthcare Space

In the midst of the short-term and medium term challenges, innovation is nevertheless running high. As desperation rises in parallel to the escalating pandemic and testing needs, the science of physics, photonics and electrical engineering is being put to the test. A cut above biochemical tests, new electro-optical based COVID-19 testing brings the promise of reducing cost per test and result turnaround time to just 15 minutes. An Israeli researcher at the Ben-Gurion University of the Negev (BGU) announced development of a test, which is capable of identifying people with COVID-19 virus in less than a minute. The affordable system comes with claims of over 90% accuracy. Generally PCR test kits require hours and days for providing results of COVID-19 patients, and entail biological samples to be shipped raising the risk of infection. The BGU device is a point of care device that can reduce time and also address logistical issues. BGU`s test is based on an electro optical, which is capable of detecting and identifying biological samples. The method takes into account changes in THz spectral range resonance that is imposed by the corona virus through THz spectroscopy carried on an electronic chip. The test can be performed in non-lab environments. Israeli military radar systems are being adapted to enable remote monitoring of COVID-19 patient`s vital signs. Elbit Systems and Elta developed two systems that were successfully tested. The system comprises radar and electro optical sensors that enable vital signs to be measured and displayed on the monitor for doctors, thus eliminating the need for medical staff to come into direct contact with patients and risk infection from spreading. The systems are being tested for their accessibility and reliability, which will ensure their use in medical centers.

Post COVID-19, Which Application Areas Will Gain the Highest Score?

In the post COVID-period, EO technologies will take a quantum leap as focus returns to the development of powerful, lightweight and cost-effective electronics and electrical systems. Growing commercial value of lasers and laser-related equipment will expand application possibilities for EO systems. This expanding use of unmanned systems in the coming years also bodes well for growth. EO systems are incorporated into UAVs to provide a wide range of capabilities including range finding, target acquisition, imaging and surveillance. The growing adoption of small UAVs due to their strategic advantages will prompt technology vendors to offer compact electro optical and infrared systems. Integrated into small UAVs, these systems are capable of efficiently dissipating the heat without affecting UAV performance. In addition, the introduction of cost-efficient cooling technologies is expected to provide new opportunities to suppliers of cooled thermal imaging cameras. The trend will drive adoption of electro optical and infrared systems in the defense industry as sensors integrated into thermal imaging cameras can improve surveillance and target detection capabilities of UAVs.

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