Market Size of Target Acquisition Systems Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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).
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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.
Target Acquisition Systems Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD billion)
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2.1 Platform
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2.1.1 Land
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2.1.2 Airborne
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2.1.3 Naval
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 South Korea
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2.2.3.4 Rest of Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Brazil
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2.2.4.2 Rest of Latin America
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2.2.5 Middle-East and Africa
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2.2.5.1 United Arab Emirates
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2.2.5.2 Saudi Arabia
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2.2.5.3 Turkey
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2.2.5.4 Rest of Middle-East and Africa
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Target Acquisition Systems Market Size FAQs
What is the current Target Acquisition Systems Market size?
The Target Acquisition Systems Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Target Acquisition Systems Market?
Elbit Systems Ltd, Leonardo SpA, Safran SA, Thales Group and Raytheon Technologies Corporation are the major companies operating in the Target Acquisition Systems Market.
