PUBLISHER: The Business Research Company | PRODUCT CODE: 1414629
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414629
“Target Acquisition Systems Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on target acquisition systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for target acquisition systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The target acquisition systems market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Target acquisition systems encompass the process of identifying, locating, and detailing a target sufficiently to enable the effective utilization of both lethal and non-lethal methods. This procedure can be applied to the method by which a weapon system determines the target onto which it should lock. This stands in contrast to target tracking on one side and surveillance on the other, as exemplified in the context of an anti-aircraft system.
Target acquisition systems involve various platforms, namely land, airborne, and naval, each equipped with a range of subsystems. These subsystems include cameras, scopes and sights, detecting and locating systems, modules, add-on systems, among others. In the context of land platforms, this approach entails securing support from the local government and property owner for defending defined regions. The ranges for land platforms vary, encompassing short range (0-8 km), medium range (8-250 km), and long range (above 250 km). These systems find applications across diverse end-users, including the military and homeland security.
The target acquisition systems market research report is one of a series of new reports from The Business Research Company that provides target acquisition systems market statistics, including target acquisition systems industry global market size, regional shares, competitors with a target acquisition systems market share, detailed target acquisition systems market segments, market trends and opportunities, and any further data you may need to thrive in the target acquisition systems industry. This target acquisition systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be ascribed to military modernization initiatives, an increase in threats and conflicts, a transition towards network-centric warfare, the integration of artificial intelligence and machine learning, and the upgrading 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 anticipated growth in the forecast period can be linked to the expansion into naval and air defense, the demand for precision strike capabilities, the upgrading and retrofitting of systems, a focus on network-centric warfare, and an increase in military modernization. Key trends expected in the forecast period involve a shift towards solutions for urban warfare, the development of counter-stealth technologies, the incorporation of modular and upgradable systems, the deployment of infrared imaging systems, and the adoption of long-range precision targeting.
The anticipated growth in the target acquisition systems market is significantly influenced by the increasing military budgets in developing countries. Military budgets encompass the cumulative government spending across all military branches, including peacekeeping efforts. The surge in military budgets reflects a growing need to safeguard national security against diverse threats. Target acquisition systems play a crucial role in military operations by enabling weapons to identify potential enemy targets accurately, utilizing satellite navigation data to determine precise coordinate positions. The escalating military budgets, driven by heightened security concerns, positively impact the target acquisition systems market. For example, in April 2021, the Stockholm International Peace Research Institute (SIPRI) reported a 3.7% increase in global military spending in 2022, reaching a record $2240 billion. Consequently, the growth of military budgets serves as a driving force for the target acquisition systems market.
The expected growth of the target acquisition systems market is further propelled by the rising instances of cross-border conflicts. Cross-border conflicts refer to disputes, hostilities, or conflicts involving geographical, economic, political, or cultural issues between two or more nations. Target acquisition systems are instrumental in the success of military operations during cross-border conflicts, providing military forces with the capability to precisely identify, track, and engage specific targets. These systems enhance situational awareness and streamline decision-making processes. For instance, as of July 2023, the United Nations High Commissioner for Refugees reported that over 110 million people globally had been forcibly displaced. Afghanistan, Ukraine, and Syria accounted for 52% of all refugees and individuals in need of global protection. Consequently, the escalating instances of cross-border conflicts contribute to the growth of the target acquisition systems market.
The target acquisition systems market is witnessing a surge in popularity driven by technological advancements. Key players in the market are dedicated to developing innovative technologies to maintain their market position. An example of this is Elbit Systems Ltd., an Israeli military technology company, which, in June 2022, introduced COAPS-L, an advanced electro-optical (EO) payload designed for ISTAR (intelligence, surveillance, target acquisition, and reconnaissance). COAPS-L is a scaled-down version of Elbit's Commander Open Architecture Panoramic Sight (COAPS), utilized in main combat tanks and armored fighting vehicles (AFV) globally. Weighing only 40 kg, COAPS-L provides AFV-level ISTAR capabilities for light platforms such as surface vessels, unmanned ground vehicles (UGVs), and light tactical vehicles. It can operate independently as an ISTAR payload or in conjunction with the platform's weapon station.
Major players in the target acquisition systems market are increasingly adopting a strategic partnership approach to enhance the capabilities of the Spanish Armed Forces and Security Forces. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For instance, in July 2023, Spain-based defense and information technology company Indra Sistemas, S.A., announced a partnership with the Oesia Group. This collaboration aims to bolster national sovereignty while strengthening both companies' positions in the global market and European projects. The partnership includes the development of new services and systems for electronic warfare, air defense radars, command and control (C4I), intelligence, surveillance, reconnaissance, and target acquisition (ISR and ISTAR), as well as onboard electronics. Oesia Group is a technological and engineering company based in Spain.
In January 2022, Italy-based defense and aerospace company Leonardo S.p.A. acquired a 25.1% stake in HENSOLDT AG for approximately $685.38 million. This strategic move enhances Leonardo's goal of leading the European defense electronics market and demonstrates its commitment to active participation in the ongoing consolidation process, especially regarding upcoming cooperation initiatives in continental Europe. HENSOLDT AG, based in Germany, specializes in target acquisition systems and surveillance missions in the defense and aerospace sectors.
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
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
The countries 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
The target acquisition systems market consists of revenues earned by entities by providing target geolocation, automatic target tracking, and target database. The market value includes the value of related goods sold by the service provider or included within the service offering. The target acquisition systems market also includes sales of radar, fire control systems, and communication systems that are used in providing target acquisition services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.