Global Target Acquisition Systems Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Target Acquisition Systems Market: Overview
“The global Target Acquisition Systems Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Target acquisition systems are a multi-use weapon system, used for identification, location, and detection of the target.
Global Target Acquisition Systems Market: Dynamics
Increasing technologically advanced systems in the defense sector, coupled with rising preference for automatic weapon systems are major factors driving growth of the global target acquisition systems market. In addition, increasing military budget in developing countries is another factor supporting growth of the global market.
Modernization of current technology for airborne, naval, and land applications is a factor fueling growth of the target market. Furthermore, growing adoption of artillery systems is a factor expected to augment growth of the global target acquisition systems market in the near future.
However, the high operational cost of target acquisition systems is a factor that may hamper growth of the global target acquisition systems market.
In addition, extreme weather conditions affect the accuracy of the target acquisition system is another challenging factor that could affect its adoption. Nevertheless, growing investment in the R&D sector for the development of technologically advanced systems for defense applications and overcoming the disadvantages of target acquisition systems can create high revenue opportunities for players in the target market.
Global Target Acquisition Systems Market: Segment Analysis
Among the platform segments, the naval segment is expected to register is expected to lucrative growth in terms of revenue in the near future. Increasing adoption of target acquisition systems for unmanned surface vessels, destroyers, offshore patrol vessels, frigates, etc. is a factor propelling growth of this segment in the global market. The land segment is anticipated to register high growth in terms of revenue in the next 10 years.
Among the end use segments, the military segment is expected to dominate the global market in terms of revenue over the forecast period. Upgradation of the conventional system used in the defence sector of various countries is a factor driving growth of this segment in the target market. In addition,
Global Target Acquisition Systems Market: Regional Analysis
Presence of prominent players and high military budget are factors driving growth of the target market in North America. Market in North America is expected to accounts for major share in terms of revenue over the forecast period. In addition, increasing demand for target acquisition system especially from the US is a factor propelling growth of the target market in this region.
The market in Asia Pacific is anticipated to account second-highest share in terms of revenue in the near future, followed by Europe, Middle East & Africa, and Latin America. Increasing budget for the defense sector in countries such as India and China as well as growing adoption of technologically advanced systems expected to support growth of the target acquisition systems market in the next 10 years.
Global Target Acquisition Systems Market Segmentation:
Segmentation by Sub-System:
- Scopes & Sights
- Add-On Systems
- Detecting & Locating Systems
Segmentation by Platform:
Segmentation by End Use:
- Homeland Security
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- ASELSAN A.Ş
- Elbit Systems Ltd.
- BAE Systems PLC
- Israel Aerospace Industries Ltd
- Instro Precision Limited
- Wuhan JOHO Technology Co., Ltd
- Lockheed Martin Corporation
- Kearfott Corporation
- Raytheon Company
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