According to the latest market research report the Target Acquisition Systems Market is projected to grow from USD 11.9 billion in 2019 to USD 15.5 billion by 2024, at a CAGR of 5.46% from 2019 to 2024. Some of the factors that are expected to fuel the growth of the target acquisition systems market are advancements in automatic weapons, increasing defense expenditure of countries, rise in demand for artillery systems by military forces, and ongoing military modernization programs worldwide.
Key Market Players
Major players in the target acquisition systems market include Rheinmetall (Germany), BAE Systems (UK), Israel Aerospace Industries (Israel), Aselsan A.S. (Turkey), Elbit Systems (Israel), Hensoldt (Germany), Leonardo (Italy), and Raytheon Company (US), 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.
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Based on platform, the naval segment is expected to grow at the highest CAGR during the forecast period
Based on platform, the naval segment of the target acquisition systems market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the procurement of widely used target acquisition systems, such as destroyers, corvettes, frigates, offshore patrol vessels, unmanned surface vessels, and amphibious ships.
Based on end use, the military segment is expected to lead the target acquisition systems market from 2019 to 2024
Based on end use, the military segment of the target acquisition systems market is expected to grow at a higher CAGR as compared to the homeland security segment during the forecast period. The growing use of unmanned systems for surveillance is expected to drive the demand for the target acquisition systems used in ISR applications. The US has a large contribution to the military modernization programs, and companies focus on the US as it has a huge defense budget.
Based on range, the short range (0–8 km) segment is expected to grow at the highest CAGR in the target acquisition systems market from 2019 to 2024
Based on range, the short range (0–8 km) segment is expected to grow at the highest CAGR during the forecast period. The growth of the short range segment can be attributed to the increasing demand for short range target acquisition systems for greater accuracy as compared to long-range artillery systems.
The Asia Pacific region is expected to grow at the highest CAGR from 2019 to 2024
Asia Pacific is expected to grow at the highest CAGR during the forecast period, due to the increase in defense expenditure by India and China and the expansion of military capabilities. Strong domestic production base and increasing use of automatic weapons on combat vehicles and naval platforms are some of the other factors expected to drive the growth of the target acquisition systems market in Asia Pacific.
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