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The Target Acquisition Systems Market size was USD 14.85 billion in 2023 and is expected to reach USD 24.02 billion by 2032, growing at a CAGR of 5.49% over the forecast period of 2024-2032.
Target acquisition systems are multi-purpose weapon systems that are used to identify, locate, and detect targets in order to employ lethal and non-lethal weapons effectively. An enemy commander can use a wide range of resources to conduct operations, including mobile and stationary units, forces, equipment, capabilities, facilities, people, and functions. Target acquisition, as opposed to surveillance on one and target tracking, is the process by which a weapon system decides which object to lock on to. Because of their increased use in intelligence, surveillance, and reconnaissance (ISR) missions, talent acquisition systems are in high demand. Target acquisition systems work in tandem with missile and bomb guidance mechanisms, as well as battlefield management systems. Advances in automatic weapons, increases in national defense spending, increased demand for artillery systems by military forces, and ongoing military modernization programs globally are some of the major factors predicted to drive the progress of the target acquisition systems market. The high operational cost of target acquisition systems, on the other hand, may limit the global target acquisition systems market's growth. Increasing investment in research and development (R&D) for the development of technologically advanced systems for defense applications, on the other hand, is an opportunity for the future.
MARKET DYNAMICS
KEY DRIVERS
Advancing technology
Automatic weapon
High budget
RESTRAINTS
High Cost
Hamper growth
Bad weather condition
OPPORTUNITIES
High revenue for the market player
Demand for artillery system
Investment in R&D sector
CHALLENGES
This is included in the final report.
THE IMPACT OF COVID-19
Due to the nature of the COVID-19, the procurement industries targeted for research and development worldwide, have been disrupted due to announced closures and government restrictions on public gatherings. The production rate of the target acquisition system is disrupted due to the COVID-19 epidemic. The supply chain for the remaining parts of the talent acquisition programs has also been adversely affected by the temporary closure of a few defense industries.
There will be a huge increase in demand in the global targeted acquisition systems market soon as the world moves towards normalcy. After COVID-19, the target acquisition system market could see significant growth as several countries have already ordered or planned to purchase their own systems for such systems.
By Range
The short-range (0–8 km) segment is expected to grow at the fastest CAGR during the forecast period. The expansion of the short-range segment can be attributed to the increasing demand for short-range target acquisition systems with higher accuracy than long-range artillery systems.
By Platform
The naval segment of the target acquisition systems market is expected to grow at the fastest CAGR during the forecast period, based on the platform. The acquisition of widely used target acquisition systems, such as destroyers, corvettes, frigates, offshore patrol vessels, unmanned surface vessels, and amphibious ships, has contributed to the growth of this segment.
By End-use
The military segment of the target acquisition systems market is expected to grow at a faster CAGR during the forecast period than the homeland security segment. The increasing use of unmanned surveillance systems is expected to drive demand for target acquisition systems used in ISR applications. The United States makes a significant contribution to military modernization programmers, and companies look to the United States because it has a large defense budget.
By Platform
Land
Airborne
Naval
By Sub-systems
Cameras
Scopes & sights
Detecting & locating systems
Modules
others
By Range
Short range
Medium range
Long range
By End-use
Military
Homeland
Security
Regional Analysis
The presence of prominent players and a large military budget are factors driving the target market's growth in North America. North America is expected to account for the majority of revenue over the forecast period. Furthermore, rising demand for target acquisition systems, particularly in the United States, is propelling the target market in this region forward. Asia Pacific is expected to account for the second-largest revenue share in the near future, followed by Europe, the Middle East and Africa, and Latin America. Increased defense budgets in countries such as India and China, as well as increased adoption of technologically advanced systems, are expected to drive growth in the target acquisition systems market over the next 10 years.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major players are Rheinmetall, BAE Systems, Israel Aerospace Industries, Aselsan A.S., Elbit Systems, Hensoldt, Leonardo, Raytheon Company, and Other Players
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 14.85 Billion |
| Market Size by 2032 | US$ 24.02 Billion |
| CAGR | CAGR of 5.49% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Sub-Systems (Cameras, Scopes & Sights, Detecting & Locating Systems, Modules, Others) • By End-Use (Military, Homeland Security) • By Platform (Land, Airborne, Naval) • By Range (Short Range, Medium Range, Long Range) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Rheinmetall, BAE Systems, Israel Aerospace Industries, Aselsan A.S., Elbit Systems, Hensoldt, Leonardo, and Raytheon Company, among others. |
| DRIVERS | • Advancing technology • Automatic weapon • High budget |
| RESTRAINTS | • High Cost • Hamper growth • Bad weather condition |
The market size of the Target Acquisition Systems Market was valued at USD 14.85 billion in 2023.
The growth rate of the Target Acquisition Systems Market is 5.49% over the forecast period 2024-2032.
The key players of the Target Acquisition Systems Market are Rheinmetall, BAE Systems, Israel Aerospace Industries, Aselsan A.S., Elbit Systems, Hensoldt, Leonardo, and Raytheon Company.
The Target Acquisition Systems Market is segmented into 3 types: By Range, By Platform, and By End-user.
North America region dominated the Target Acquisition Systems Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Target Acquisition Systems Market Segmentation, By Platform
8.1 Land
8.2 Airborne
8.3 Naval
9. Global Target Acquisition Systems Market Segmentation, By Sub-systems
9.1 Cameras
9.2 Scopes & sights
9.3 Detecting & locating systems
9.4 Modules
9.5 others
10. Global Target Acquisition Systems Market Segmentation, By Range
10.1 Short range
10.2 Medium range
10.3 Long range
11. Global Target Acquisition Systems Market Segmentation, By End-use
11.1 Military
11.2 Homeland
11.3 Security
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Rheinmetall
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 BAE Systems
13.3 Israel Aerospace Industries
13.4 Aselsan A.S.
13.5 Elbit Systems
13.6 Hensoldt
13.7 Leonardo
13.8 Raytheon Company
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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