Global Target Acquisition Systems Market Size 2024, Forecast To 2033
6 Mar, 2024
The target acquisition systems market has experienced robust growth, moving from $13.82 billion in 2023 to $14.72 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.5%. The growth in the historical period is attributed to military modernization programs, the rise in threats and conflicts, a shift towards network-centric warfare, integration of AI and machine learning, and the upgrading of existing systems. The market size is expected to see strong growth in the next few years, reaching $18.5 billion in 2028, supported by a CAGR of 5.9%. Anticipated factors contributing to this growth include expansion into naval and air defense, precision strike requirements, upgrading and retrofitting, a focus on network-centric warfare, and the continued rise in military modernization. Major trends in the forecast period encompass a shift towards urban warfare solutions, the development of counter-stealth technologies, modular and upgradable systems, deployment of infrared imaging systems, and the adoption of long-range precision targeting.
Global Target Acquisition Systems Market Key Driver
The increasing military budget in developing countries is a significant driver behind the growth of the target acquisition systems market. The military budget, covering government spending on all military branches, is rising to meet the growing need for national security against various threats. Target acquisition systems, crucial tracking mechanisms carried by military weapons, use satellite navigation data to precisely identify potential enemy targets in the air or on the ground. According to the Stockholm International Peace Research Institute (SIPRI) in April 2021, global military spending reached a record $2240 billion in 2022, marking a 3.7% increase. This rise in military spending reflects the commitment to securing a more peaceful world, positively impacting the target acquisition systems market. Analyzing market sizes for 2023, 2024, and 2028 will provide key insights into the sustained growth of the target acquisition systems market driven by increasing military budgets.
Get A Free Sample Of The Global Target Acquisition Systems Market ReportGlobal Target Acquisition Systems Market Segments
The target acquisition systems market covered in this report is segmented –
1) By Platform: Land, Airborne, Naval
2) By Sub System: Cameras, Scopes And Sights, Detecting And Locating Systems, Modules, Add-On Systems, Other Sub Systems
3) By Range Type: Short Range (0-8 Km), Medium Range (8-250 Km), Long Range (Above 250 Km)
4) By End Use: Military, Homeland Security
By Geography:The regions covered in the target acquisition systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the target acquisition systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global target acquisition systems market report during the forecast period. The regions covered in the target acquisition systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Target Acquisition Systems Industry Players
Elbit Systems Ltd., Leonardo S.p.A, Safran SA, Thales Group, Rheinmetall AG, Instro Precision Limited, Israel Aerospace Industries, Hensoldt AG, Kearfott Corporation, Blighter Surveillance Systems, Thermoteknix Systems Ltd., Lockheed Martin Corporation, L3Harris Technologies Inc., Aselsan A.S., Wuhan JOHO Technology Co. Ltd., Raytheon Technologies Corporation, General Dynamics Corporation, FLIR Systems Inc., BAE Systems plc, Leidos Holdings Inc., Kratos Defense & Security Solutions Inc., Ultra Electronics Holdings plc, Rafael Advanced Defense Systems Ltd., Harris Corporation, Rostec State Corporation, Hanwha Corporation, RADA Electronic Industries Ltd., Saab AB, Cobham plc, Curtiss-Wright Corporation
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Target Acquisition Systems Market Overview
Target acquisition systems refer to the process of finding, identifying, and locating a target in enough detail to allow for the efficient use of both lethal and non-lethal methods. Target acquisition can simply be applied to the procedure a weapon system goes through to decide which object to lock on to, as opposed to target tracking on one side and surveillance on the other, as in the case of an anti-aircraft system.
Target Acquisition Systems Global Market Report 2023 provides data on the global target acquisition systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The target acquisition systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.