Target Acquisition Systems Market worth $15.5 billion by 2024

The Target Acquisition Systems Market Report provides an analysis of the market from 2019 to 2024. It discusses industry and technology trends currently prevailing in the market, along with drivers, challenges, and opportunities. The target acquisition systems market is projected to grow from $11.9 billion in 2019 to $15.5 billion by 2024, at a CAGR of 5.46% from 2019 to 2024.

Browse 93 market data Tables and 43 Figures spread through 147 Pages and in-depth TOC on "Target Acquisition Systems Market"

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The target acquisition systems market in Asia Pacific is expected to witness substantial growth during the forecast period due to the high focus on modernization of soldiers and armored vehicles and increasing procurement of target acquisition systems in China and India. Additionally, increase in defense expenditure by India and China and the expansion of military capabilities by emerging nations have accelerated the demand for target acquisition systems for different platforms such as land, airborne, and naval platforms.

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Based on platform, the naval segment is expected 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 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 sub-system, the detecting & locating systems segment of the target acquisition systems market is expected to grow at the highest CAGR during the forecast period. Increase in demand for advanced laser rangefinders, laser target designators, and target acquisition radars/tracking radars, among others for various platforms, such as land, airborne, and naval is expected to drive this segment. These systems are designed to assist weapon systems and forward observers in striking their targets.

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 this segment can be attributed to the increasing demand for short range target acquisition systems for greater accuracy as compared to long-range artillery systems.

North America is expected to be one of the largest markets for target acquisition systems in the near future due to the high demand from the US Department of Defense. Target acquisition systems are integrated into larger advanced platforms applications such as armored vehicles, surveillance towers, combat ships, combat aircraft, Unmanned Surface Vehicles (USVs), and Unmanned Aerial Vehicles (UAVs). Various US defense companies are manufacturing advanced weapon systems with integrated target acquisition systems. All these factors are leading to increasing demand for target acquisition systems in North America.

Key Market Players

Major players operating in the target acquisition systems market include companies, such as Hensoldt (Germany), Elbit Systems (Israel), Israel Aerospace Industries (Israel), Aselsan A.S. (Turkey), Rheinmetall (Germany), BAE Systems (UK), and Leonardo (Italy), and Raytheon Company (US).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.