Fire Control System Market

The global fire control system market is projected to grow from USD 5.9 billion in 2018 to USD 7.3 billion by 2023, at a CAGR of 4.37% from 2018 to 2023. Some of the factors that are expected to fuel the growth of the fire control system market are the rising demand for precision weapon systems, advancements in automatic weapon systems, and ongoing military modernization programs worldwide.

Major Fire Control System Companies Include:

• Elbit Systems Ltd (Israel)
• Rheinmetall AG (Germany)
• Leonardo (Italy)
• General Dynamics Corporation (US)
• BAE Systems (UK)
• Lockheed Martin (US)
• Safran (France)

These players have adopted various growth strategies, such as contracts, acquisitions, expansions, product launches, and partnerships/collaborations to further expand their presence in the global fire control system market.

General Dynamics Corporation is a leading player in the fire control system market based on the number of contracts received by the company between January 2015 and December 2018. In 2017, the company secured 7 contracts for the development, installation, or upgradation of fire control systems. In 2018, it received a USD 35.0 million modification contract for R&D and sustainment of the US Ship, Submersible, Ballistic, and Nuclear (SSBN) Fire Control Subsystems (FCS), UK fire control systems, and the US Submersible, Ship, Guided, and Nuclear (SSGN) attack weapon control systems.

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Elbit Systems Ltd. is the second-largest player in the fire control system market. The company undertakes R&D for the development of new products. Thus, R&D investments remain a top priority for the company and hold the key to its competitiveness.

Rheinmetall's strong R&D capabilities enable it to manufacture innovative products that meet customer expectations. The company invests a significant part of its overall revenue in R&D activities, primarily to retain its high market share, acquire advanced technologies in support of its strategy to advance defense capabilities, and develop reusable product lines. In 2017, the company invested USD 270.0 million in R&D activities, which accounted for a share of 3.8% of its total revenue.

Leonardo and BAE Systems plc held the fourth and fifth ranks respectively in the fire control system market in 2017. Increasing demand for fully automatic weapons systems integrated with fire control systems by military forces of various countries and from emerging markets for remote weapon stations, unmanned ground vehicles, and automated fire control systems are leading these companies to adopt various strategies to enhance their growth prospects in the market.

Related Reports:

Fire Control System Market by System (Target Acquisition & Guidance Systems, Ballistic Computers, Navigation Systems, Power Systems), Platform (Land, Airborne, Naval), Weapon Class (Automatic Guns, Launchers), Range, and Region - Global Forecast to 2023

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