Target Acquisition Systems Market Report Scope & Overview:

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The Target Acquisition Systems Market size was USD 14.85 billion in 2023 and is expected to reach USD 24.02 billion by 2032, growing at a CAGR of 5.49% over the forecast period of 2024-2032.

Target acquisition systems are multi-purpose weapon systems that are used to identify, locate, and detect targets in order to employ lethal and non-lethal weapons effectively. An enemy commander can use a wide range of resources to conduct operations, including mobile and stationary units, forces, equipment, capabilities, facilities, people, and functions. Target acquisition, as opposed to surveillance on one and target tracking, is the process by which a weapon system decides which object to lock on to. Because of their increased use in intelligence, surveillance, and reconnaissance (ISR) missions, talent acquisition systems are in high demand. Target acquisition systems work in tandem with missile and bomb guidance mechanisms, as well as battlefield management systems. Advances in automatic weapons, increases in national defense spending, increased demand for artillery systems by military forces, and ongoing military modernization programs globally are some of the major factors predicted to drive the progress of the target acquisition systems market. The high operational cost of target acquisition systems, on the other hand, may limit the global target acquisition systems market's growth. Increasing investment in research and development (R&D) for the development of technologically advanced systems for defense applications, on the other hand, is an opportunity for the future.

MARKET DYNAMICS

KEY DRIVERS

• Advancing technology

• Automatic weapon

• High budget

RESTRAINTS

• High Cost

• Hamper growth

• Bad weather condition

OPPORTUNITIES

• High revenue for the market player

• Demand for artillery system

• Investment in R&D sector

CHALLENGES

• This is included in the final report.

THE IMPACT OF COVID-19

Due to the nature of the COVID-19, the procurement industries targeted for research and development worldwide, have been disrupted due to announced closures and government restrictions on public gatherings. The production rate of the target acquisition system is disrupted due to the COVID-19 epidemic. The supply chain for the remaining parts of the talent acquisition programs has also been adversely affected by the temporary closure of a few defense industries.

There will be a huge increase in demand in the global targeted acquisition systems market soon as the world moves towards normalcy. After COVID-19, the target acquisition system market could see significant growth as several countries have already ordered or planned to purchase their own systems for such systems.

By Range

The short-range (0–8 km) segment is expected to grow at the fastest CAGR during the forecast period. The expansion of the short-range segment can be attributed to the increasing demand for short-range target acquisition systems with higher accuracy than long-range artillery systems.

By Platform

The naval segment of the target acquisition systems market is expected to grow at the fastest CAGR during the forecast period, based on the platform. The acquisition of widely used target acquisition systems, such as destroyers, corvettes, frigates, offshore patrol vessels, unmanned surface vessels, and amphibious ships, has contributed to the growth of this segment.

By End-use

The military segment of the target acquisition systems market is expected to grow at a faster CAGR during the forecast period than the homeland security segment. The increasing use of unmanned surveillance systems is expected to drive demand for target acquisition systems used in ISR applications. The United States makes a significant contribution to military modernization programmers, and companies look to the United States because it has a large defense budget.

KEY MARKET SEGMENTATION

By Platform

• Land

• Airborne

• Naval

By Sub-systems

• Cameras

• Scopes & sights

• Detecting & locating systems

• Modules

• others

By Range

• Short range

• Medium range

• Long range

By End-use

• Military

• Homeland

• Security

Regional Analysis

The presence of prominent players and a large military budget are factors driving the target market's growth in North America. North America is expected to account for the majority of revenue over the forecast period. Furthermore, rising demand for target acquisition systems, particularly in the United States, is propelling the target market in this region forward. Asia Pacific is expected to account for the second-largest revenue share in the near future, followed by Europe, the Middle East and Africa, and Latin America. Increased defense budgets in countries such as India and China, as well as increased adoption of technologically advanced systems, are expected to drive growth in the target acquisition systems market over the next 10 years.

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REGIONAL COVERAGE:

North America

• USA

• Canada

• Mexico

Europe

• Germany

• UK

• France

• Italy

• Spain

• The Netherlands

• Rest of Europe

Asia-Pacific

• Japan

• South Korea

• China

• India

• Australia

• Rest of Asia-Pacific

The Middle East & Africa

• Israel

• UAE

• South Africa

• Rest of Middle East & Africa

Latin America

• Brazil

• Argentina

• Rest of Latin America

KEY PLAYERS

The Major players are Rheinmetall, BAE Systems, Israel Aerospace Industries, Aselsan A.S., Elbit Systems, Hensoldt, Leonardo, Raytheon Company, and Other Players