ELECTRO OPTICAL TARGETING SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In February 2021, Elbit Systems Ltd., a Israel-based defense electronics company that develops and supplies a wide range of airborne, land, and naval systems and products for defense, homeland security, and commercial applications, announced that it had received a four-and-a-half-year contract worth approximately US$ 82.0 million from BAE Systems Hägglunds AB, a subsidiary of multinational defense, security, and aerospace company- BAE Systems. The contract is to provide the Royal Netherlands Army with electro-optical commander sights and active protection systems.
• In January 2021, Leonardo DRS, a subsidiary of Leonardo S.p.A., a Italy-based global leader in aerospace, defense, and security, announced that it had signed an multi-year contract worth US$ 600 million from the U.S. Army to provide mission equipment packages. This contract is part of the Initial Maneuver-Short Range Air Defense (IM-SHORAD) program and includes a 30 mm M230LF cannon, an electro-optical/infrared (EO/IR) sighting system, electronic warfare solutions, radar, Hellfire rockets, and Stinger missiles.
• In December 2020, L3Harris Technologies Inc., a global aerospace and defense technology innovator, announced that it had received a contract from Armasuisse, the Swiss federal office for defense procurement. Under this contract, the company will provide approximately 100 WESCAM MX-RSTA electro-optical/infrared (EO/IR) systems to the Swiss Armed Forces to support their TASYS tactical reconnaissance system.
• In December 2020, Amentum Services, Inc., a prominent provider of technical and engineering services for government and commercial clients, announced that it had secured a five-year contract worth US$ 88.0 million from the Department of Defense (DoD) to provide Navy electro-optical/infrared (EO/IR) technology research and development services.