The Latin America, Middle East and Africa EO/IR Gimbal Market would witness market growth of 16.6% CAGR during the forecast period (2022-2028).
Thermal imaging, both electro-optical (EO) and infrared (IR), is used in drone and autonomous system targeting and tracking systems, which are frequently designed for surveillance, security, and defense applications. UAVs (unmanned aerial vehicles), drones, and unmanned vehicles (including USVs and UGVs) as well as fixed-site installations use EO/IR gimbal payloads. Counter-drone measures, unmanned aerial and ground vehicle observation, surveillance and targeting, coastal and border patrol, and security are all applications for EO/IR gimbals mounted on unmanned systems.
Unmanned aerial platforms with EO/IR sensors and camera systems include VTOL multirotor UAVs, fixed-wing and hybrid UAVs, as well as tethered drones, aerostats, and balloons. They can also be installed on permanent site installations, unmanned ground vehicles, and unmanned surface vehicles (USV).
According to Business Monitor International (BMI), the UAE is among the top 15 defense spenders in the world, and according to the Stockholm International Peace Research Institute, the UAE was the fifth-largest arms importer in the world from 2009 to 2018. In recent years, the UAE's defense spending as a percentage of GDP has remained quite high.
The UAE is expected to spend $19.8 billion on defense in 2020, accounting for 5.6 percent of GDP, making it the second-largest spender in the region. Between 2010 and 2019, it is projected that 15 percent to 16 percent of the UAE's yearly defense budget was spent on foreign contractor acquisition. To advance the UAE's strategic interests and diversify the economy, Abu Dhabi is investing in the defense sector.
The Brazil market dominated the LAMEA EO/IR Gimbal Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $17.7 Million by 2028. The Argentina market is poised to grow at a CAGR of 17.3% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 16.3% during (2022 - 2028).
Based on Product Type, the market is segmented into 3-axis and 2-axis. Based on End Use, the market is segmented into Defense, UAV/UAS, Law Enforcement, Marine, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global EO/IR Gimbal Market is Predict to reach $1.3 Billion by 2028, at a CAGR of 12.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AeroVironment, Inc., L3Harris Technologies, Inc.(L3Harris WESCAM), Teledyne FLIR LLC (Teledyne Technologies Incorporated), Lockheed Martin Corporation, Ascent Vision Technologies LLC (CACI International Inc.), Leonardo DRS, Inc. (Leonardo SpA), Guilin Zhishen Information Technology Co., Ltd., Merio - UAV Payload Systems, Innovative Injection Technologies, Inc., and Harris Aerial LLC.
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