Report Scope & Overview:
Target Acquisition Systems Market Size was valued at USD 14.08 billion in 2022, and is expected to reach USD 21.59 billion by 2030, and grow at a CAGR of 5.49% over the forecast period 2023-2030.
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.
Bad weather condition
High revenue for the market player
Demand for artillery system
Investment in R&D sector
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.
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.
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.
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 Players
Major players in the target acquisition systems market include Rheinmetall, BAE Systems, Israel Aerospace Industries, Aselsan A.S., Elbit Systems, Hensoldt, Leonardo, and Raytheon Company, among others. These players have adopted various growth strategies, such as contracts, agreements, and partnerships, to further expand their presence in the global target acquisition systems market.
KEY MARKET SEGMENTS:
Scopes & sights
Detecting & locating systems
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 14.08 Billion|
|Market Size by 2030||US$ 21.59 Billion|
|CAGR||CAGR of 5.49% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Sub-Systems (Cameras, Scopes & Sights, Detecting & Locating Systems, Modules, Others)
• By End-Use (Military, Homeland Security)
• By Platform (Land, Airborne, Naval)
• By Range (Short Range, Medium Range, Long Range)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, 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)
|Company Profiles||Rheinmetall, BAE Systems, Israel Aerospace Industries, Aselsan A.S., Elbit Systems, Hensoldt, Leonardo, and Raytheon Company, among others.|
|DRIVERS||• Advancing technology
• Automatic weapon
• High budget
|RESTRAINTS||• High Cost
• Hamper growth
• Bad weather condition
The market size of the Target Acquisition Systems Market was valued at USD 14.08 billion in 2022.
The growth rate of the Target Acquisition Systems Market is 5.49% over the forecast period 2023-2030.
The key players of the Target Acquisition Systems Market are Rheinmetall, BAE Systems, Israel Aerospace Industries, Aselsan A.S., Elbit Systems, Hensoldt, Leonardo, and Raytheon Company.
The Target Acquisition Systems Market is segmented into 3 types: By Range, By Platform, and By End-user.
North America region dominated the Target Acquisition Systems Market.
Table of Contents:
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
184.108.40.206 United Kingdom
220.127.116.11 South Korea
18.104.22.168 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Target Acquisition Systems Market, by Platform
9. Global Target Acquisition Systems Market, by Sub-systems
9.2 Scopes & sights
9.3 Detecting & locating systems
10. Global Target Acquisition Systems Market, by Range
10.1 Short range
10.2 Medium range
10.3 Long range
11. Global Target Acquisition Systems Market, by End-use
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 BAE Systems
13.3 Israel Aerospace Industries
13.4 Aselsan A.S.
13.5 Elbit Systems
13.8 Raytheon Company
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
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