According to the new market research report "Target Acquisition Systems Market by Subsystem (Cameras, Scopes & Sights, Detecting & Locating Systems, Modules), Platform (Land, Airborne, Naval), End Use (Military, Homeland Security), Range, and Region - Global Forecast to 2024", The global 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. This growth can be attributed to the advancements in automatic weapons, increasing defense expenditure of countries, rise in demand for artillery systems by military forces, and ongoing military modernization programs worldwide.
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Based on platform, the land segment is expected to lead the target acquisition systems market during the forecast period.
Based on platform, the target acquisition systems market is projected to be led by the land segment from 2019 to 2024. Target acquisition systems bolster the defense capabilities of land platforms and provide greater safety to soldiers during war and anti-terrorist operations. Countries such as the US, Russia, China, Saudi Arabia, and India have increased their defense expenditure, and the expansion of military capabilities by emerging nations have accelerated the demand for target acquisition systems for different classes of armored vehicles.
The military segment is expected to lead the target acquisition systems market during the forecast period.
Based on end use, the military segment of the target acquisition systems market is projected to lead from 2019 to 2024. This growth can be attributed to the ongoing military modernization programs worldwide, adoption of target acquisition systems by military forces, and increasing defense expenditure of countries globally.
The detecting & locating systems segment is expected to lead the target acquisition systems market during the forecast period.
Based on sub-system, the detecting & locating systems segment is projected to lead the target acquisition systems market from 2019 to 2024. This growth of this segment can be attributed to the 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.
North America is expected to lead the market for target acquisition systems during the forecast period.
The target acquisition systems market in North America is expected to witness substantial growth during the forecast period due to the high demand for target acquisition systems from the US Department of Defense. Target acquisition systems are integrated into larger advanced platforms for enhanced target acquisition and firing. Advanced target acquisition systems are manufactured mainly by the US defense companies, such as Lockheed Martin Corporation (US) and Raytheon Company (US).
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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