The North America military optronics surveillance & sighting systems market is set to record a CAGR of 5.18% during the forecast period, 2022-2030. The rising military expenditure is among the major growth drivers of the North American market. For instance, the Canadian government has pledged to raise military spending amid rising global political unrest. However, the North America market growth is hindered by factors like the decreased weapon exports by 21% in 2021 as part of minimizing offensive weapon exports, given the emphasis on human rights.
Canada and the United States are analyzed for the North America military optronics surveillance & sighting systems market growth evaluation. In Canada, the government is set to increase its defense expenditure, inching closer toward the NATO target that encompasses members spending at least 2% of their GDP on defense. For instance, it allotted around $6.5 billion for defense in its 2022 budget. Of this, $4.72 billion is to be allocated for enhancing domestic defense capabilities, bringing about improvements in areas like deterring & defeating threats, command & control, research and development, and all-domain surveillance and intelligence.
Further, the Department of National Defense and the Canadian Armed Forces (CAF) continually maintain and upgrade the military infrastructure across Canada. The portfolio entails 3000 km of water infrastructure, 5500 km of roads, 2.1 million hectares of land, and 20,000 buildings. Such factors boost the market growth in Canada.
Some of the key companies in the market include L3Harris Technologies Inc, Lockheed Martin Corporation, Northrop Grumman Group, General Dynamics Corporation, etc.
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