Advancements in automatic weapons, increasing defense expenditure of countries, rise in demand for artillery systems by military forces, and ongoing military modernization programs worldwide are some of the major factors expected to fuel the growth of the target acquisition systems market. The target acquisition systems market is projected to grow from USD 11.9 billion in 2019 to USD 15.5 billion by 2024, at a CAGR of 5.46% from 2019 to 2024. Some of the factors that are expected to fuel the growth of the target acquisition systems market are advancements in automatic weapons, increasing defense expenditure of countries, rise in demand for artillery systems by military forces, and ongoing military modernization programs worldwide.
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Major players in the target acquisition systems market include companies, such as
Hensoldt (Germany),
Elbit Systems (Israel),
Israel Aerospace Industries (Israel),
Aselsan A.S. (Turkey),
Rheinmetall AG (Germany),
BAE Systems (UK), and
Leonardo (Italy), and
Raytheon Company (US), among others.
The detecting & locating systems segment is estimated to account for the largest share of the target acquisition systems market in 2019.
Based on sub-system, the detecting & locating systems segment is estimated to account for the largest share of the target acquisition systems market in 2019. Detecting & locating systems play a key role in the detection of targets with the help of target acquisition radars, EO/IR systems, and other supporting systems.
The medium range (8–250 km) segment is estimated to account for the largest share of the target acquisition systems market in 2019.
Based on range, the medium range (8–250 km) segment is estimated to account for the largest share of the target acquisition systems market in 2019. Medium range target acquisition systems are highly preferred by militaries, as they provide greater accuracy in targeting as compared to long range systems and provides greater range coverage than a short range system. Countries such as India and China are currently investing in medium-range defense systems.
The land segment is estimated to lead the target acquisition systems market in 2019.
Based on platform, the land segment is estimated to account for the largest share of the target acquisition systems market in 2019. The rise in the use of target acquisition systems is strengthening the defense capabilities of land platforms and providing greater safety to soldiers during war and anti-terrorist operations. Developed countries are focusing on integrating these systems on various land warfare platforms to reduce the number of causalities during anti-terrorist operations.
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North America is estimated to account for the largest share of the target acquisition systems market in 2019
North America is expected to account for the largest share of the target acquisition systems market in 2019, The large share can be attributed to the high demand for target acquisition systems from the US Department of Defense and presence of defense players, such as Lockheed Martin Corporation and Raytheon Company in the country.
The break-up of the profiles of primary participants in the target acquisition systems market are as follows:
- By Company Type: Tier 1 – 35%; Tier 2 – 45%; and Tier 3 – 20%
- By Designation: C-Level– 35%; Director Level – 25%; and Others – 40%
- By Region: North America – 45%; Europe – 20%; Asia Pacific – 30%; Rest of the World 5%
Research Coverage
This market study covers the target acquisition systems market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, such as sub-system, platform, end use, range, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to Buy this Report
This report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall target acquisition systems market and its subsegments. This study will provide region wise information about platforms having a high demand for target acquisition systems. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. This report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, challenges, and opportunities.
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