Target Acquisition Systems Market Size (2024 - 2029)

The target acquisition systems market is projected to experience growth despite challenges posed by economic downturns and supply chain disruptions due to the COVID-19 pandemic. The need for military modernization and enhanced national security measures is driving the demand for advanced target acquisition systems. This demand is further fueled by advancements in automatic weapons systems and the increasing use of unmanned systems for intelligence, surveillance, target acquisition, and reconnaissance purposes. These factors are expected to contribute to the expansion of the market size over the forecast period.

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Market Size of Target Acquisition Systems Industry

Target Acquisition Systems Market Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 5.50 %
Fastest Growing Market North America
Largest Market North America

Major Players

Target Acquisition Systems Market Key Players

*Disclaimer: Major Players sorted in no particular order

Target Acquisition Systems Market Analysis

The target acquisition systems market is anticipated to register a CAGR of more than 5.5% during the forecast period (2021-2030).

The global military spending increased by 2.6% to reach USD 1981 billion in 2020, according to the Stockholm International Peace Research Institute (SIPRI). Nevertheless, the defense spending may come down in the near future due to the global economic crisis triggered by the ongoing COVID-19 pandemic. This factor is expected to challenge the growth of the target acquisition systems market during the forecast period. The pandemic has resulted in few disruptions in the supply chains of major military vehicle and weapon system programs and has resulted in a reduction in production output. This has also negatively impacted the players in the related supply chains, like the target acquisition system providers.

The ever-increasing need to ensure national security against a variety of threats is forcing the militaries to modernize their military weapons and vehicle fleets with newer generation capabilities. This is driving them to procure new platforms featuring advanced target acquisition systems or to upgrade existing assets by integrating sophisticated sub-systems offering better target acquisition and designation capabilities. This factor is expected to drive the market growth in the years to come.

The ongoing advancements in automatic weapons systems and the increasing use of unmanned systems for intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) purposes are expected to propel the growth of the target acquisition systems market during the forecast period.

Target Acquisition Systems Industry Segmentation

Target acquisition systems are used by defense operators to detect and identify targets with enough detail to aid in the effective deployment of lethal and non-lethal means to neutralize a stationary or moving target. The target acquisition systems market is segmented by platform into the land, airborne, and naval platforms. The report also offers the market sizes and forecasts for the target acquisition systems market across the major regions in the world. For each segment, the market sizes and forecasts have been done based on value (USD billion).

Platform
Land
Airborne
Naval
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Turkey
Rest of Middle-East and Africa
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Target Acquisition Systems Market Size Summary

The target acquisition systems market is poised for significant growth, driven by the increasing need for national security and the modernization of military capabilities. As militaries worldwide seek to enhance their defense mechanisms against diverse threats, there is a growing demand for advanced target acquisition systems. This demand is further fueled by the ongoing advancements in automatic weapons systems and the rising use of unmanned systems for intelligence, surveillance, target acquisition, and reconnaissance purposes. Despite challenges posed by global economic conditions and supply chain disruptions due to the COVID-19 pandemic, the market is expected to expand as defense forces invest in new platforms and upgrades to existing assets.

Geographically, North America is anticipated to maintain its dominant position in the target acquisition systems market, with the United States leading the charge due to its substantial military expenditure on advanced military capabilities. The region's growth is supported by ongoing developments in cutting-edge targeting systems and situational awareness technologies. Prominent industry players such as Elbit Systems Ltd, Leonardo SpA, Raytheon Technologies Corporation, Safran SA, and Thales Group are actively investing in research and development to align their offerings with evolving military requirements. These companies are focusing on technological advancements and strategic partnerships to enhance their market presence and capitalize on emerging opportunities in the target acquisition systems sector.

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Target Acquisition Systems Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD billion)

    1. 2.1 Platform

      1. 2.1.1 Land

      2. 2.1.2 Airborne

      3. 2.1.3 Naval

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 United Kingdom

        3. 2.2.2.3 France

        4. 2.2.2.4 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 South Korea

        4. 2.2.3.4 Rest of Asia-Pacific

      4. 2.2.4 Latin America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Rest of Latin America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 United Arab Emirates

        2. 2.2.5.2 Saudi Arabia

        3. 2.2.5.3 Turkey

        4. 2.2.5.4 Rest of Middle-East and Africa

Target Acquisition Systems Market Size FAQs

The Target Acquisition Systems Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)

Elbit Systems Ltd, Leonardo SpA, Safran SA, Thales Group and Raytheon Technologies Corporation are the major companies operating in the Target Acquisition Systems Market.

Target Acquisition Systems Market Report Snapshots

Target Acquisition Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)