Overview and Scope
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.
Sizing and Forecast
The target acquisition systems market size has grown strongly in recent years. It will grow from $13.82 billion in 2023 to $14.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to military modernization programs, rise in threats and conflicts, shift towards network-centric warfare, integration of ai and machine learning, upgradation of existing systems.
The target acquisition systems market size is expected to see strong growth in the next few years. It will grow to $18.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to expansion into naval and air defense, precision strike requirements, upgradation and retrofitting, focus on network-centric warfare, rise in military modernization. Major trends in the forecast period include shift towards urban warfare solutions, development of counter stealth technologies, modular and upgradable systems, deployment of infrared imaging systems, adoption of long-range precision targeting.
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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
The increasing military budget in developing countries is significantly contributing to the growth of the target acquisition systems market going forward. The military budget refers to the sum of central government spending on all the branches of the military, including peacekeeping. The increase in military budgets will increase the growing requirement to protect national security against a variety of threats. Target acquisition systems are tracking mechanisms that are carried out by military weapons to identify prospective enemy targets in the air or on the ground, using satellite navigation data to precisely determine the target’s coordinate position. Due to rising threats, the military budget has been growing to secure a more peaceful world, which has a positive effect on the target acquisition systems market. For instance, in April 2021, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based non-profit organization that provides data on armament and arms control, global military spending increased by 3.7% in 2022 to a record $2240 billion. Therefore, increasing the military budget is driving the growth of the target acquisition systems market.
Key Industry Players
Major companies operating in the target acquisition systems market report are 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
The target acquisition systems market report table of contents includes:
1. Executive Summary
2. Target Acquisition Systems Market Characteristics
3. Target Acquisition Systems Market Trends And Strategies
4. Target Acquisition Systems Market – Macro Economic Scenario
5. Global Target Acquisition Systems Market Size and Growth
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31. Global Target Acquisition Systems Market Competitive Benchmarking
32. Global Target Acquisition Systems Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Target Acquisition Systems Market
34. Target Acquisition Systems Market Future Outlook and Potential Analysis
35. Appendix
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