Target Acquisition Systems Market

Key players have adopted various growth strategies, such as agreements, partnerships, contracts, and product launches to further expand their presence in Target Acquisition Systems Market

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. Some of the factors that are expected to fuel the growth of the target acquisition systems market are advancements in automatic weapons, increasing defense expenditure of countries, rise in demand for artillery systems by military forces, and ongoing military modernization programs worldwide.

Major players in the target acquisition systems market include Hensoldt (Germany), Elbit Systems (Israel), Israel Aerospace Industries (Israel), Aselsan A.S. (Turkey), Rheinmetall AG (Germany), BAE Systems (UK), Leonardo (Italy), and Raytheon Company (US). These players have adopted various growth strategies, such as agreements, partnerships, contracts, and product launches to further expand their presence in this market.

Hensoldt (Germany) is one of the largest manufacturers of target acquisition systems across the globe. The company has a strong global distribution network. It has a broad product portfolio with varied applications. Its tracking radars have a detection range of over 200 km. Its intuitive radar systems are even capable of detecting, classifying, and tracking movements of small, low flying objects. In February 2019, Hensoldt partnered with Electtronica, Indra, and Thales to develop a Medium Altitude Long Endurance (MALE) PROGRAM with a future-proof Intelligence, Surveillance, Target Acquisition, and Reconnaissance (ISTAR) function.

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Israel Aerospace Industries (Israel) is focused on research and development of new technologies. It is a key supplier of defense technology to India and other Asia Pacific countries. The company has innovative intrusion detection and monitoring systems, maritime surveillance applications, and multi-sensor imaging solutions for a variety of missions. In November 2018, Israel Aerospace Industries secured a contract worth USD 550.0 million from an Asia Pacific country for the supply of its advanced Sky Capture air-defense system.

Elbit Systems (Israel) is one of the leading manufacturers and distributors of target acquisition systems. The company has a strong distribution network with its distributors present in the Middle East, Asia Pacific, Europe, and North America. It offers multi-platform solutions, and its products have multi-sensors installed which provide advanced capabilities to the target acquisition systems. In November 2018, Elbit Systems launched a new Forward Observer system, HattoriX, which can acquire Category 1 (CAT-1) targets with a target location error of a few meters.

Aselsan A.S. (Turkey) has a wide range of product portfolio in the market. Target acquisition systems offered by the company caters to a variety of platforms and can be applied to varied applications such as coastal surveillance, unmanned aerial surveillance, long-range detection, and handheld applications among others. These systems can be integrated with C4ISR systems and are capable of auto-tracking and auto image optimization. In March 2018, ASELSAN signed a technology transfer deal with Barzan Holding, a military technology firm based in Qatar to produce ASELSAN's Stabilized Advanced Remote Weapon System and electro-optical reconnaissance and surveillance systems.

Rheinmetall AG (Germany) is a specialist in forward reconnaissance, mortar fire control, and unmanned target acquisition via drones. The company offers integrated target acquisition systems for vehicles specially built for reconnaissance and surveillance. Target acquisition systems present on vehicles can be remotely operated for stealth operations. In December 2018, Raytheon secured a contract worth USD 40.0 million from the US Navy for the repair of the multi-spectral targeting systems of the H-60 aircraft.

Related Reports:

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

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Report Code
AS 7074
RI Published ON
5/2/2019
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