From $12.55 billion in 2020, the global Target Acquisition Systems market is projected to reach $22.31 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 7.5% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, technological advancements in defense operations, increasing demand for autonomy in weapon systems and ongoing military modernization programs worldwide.
Global Target Acquisition Systems Market: Market Dynamics
The increasing need for national security against a variety of threats is forcing the militaries to modernize their military weapons and vehicle fleets with newer generation capabilities. This is driving to procure new platforms featuring advanced target acquisition systems or to upgrade existing assets by integrating sophisticated sub-systems offering better target acquisition and designation capabilities. This factor is expected to drive the market growth during the forecast period. The other factors driving the market growth are adoption of TAS-supported equipment by military forces and rise in demand for artillery systems by military forces.
On the other hand, the high operational cost, and regulations associated with sales to overseas countries are likely to obstruct the profit boundaries. In addition, growing investment in the research & development (R&D) sector for the development of technologically advanced systems will further boost the target acquisition systems market.
Impact of COVID-19 on Target Acquisition Systems
The pandemic has resulted in few disruptions in the supply chains of major military vehicle and weapon system programs and has resulted in a reduction in production output. Due to the COVID-19 situation, the research & development in target acquisition system industries across the globe has been hampered because of the declared lockdowns and government restrictions on public gatherings. This has also negatively impacted the players in the related supply chains, like the target acquisition system providers. The supply chain of spare parts of talent acquisition systems has also been negatively affected due to temporarily closing down of several defence industries. Post COVID-19, target acquisition system market can see significant growth as several countries have either already ordered or planning to procure such systems for their forces.
Land Segment Dominate the Market in 2020
The land segment made huge revenue in 2020 and growing its prominence during the forecast period owing to the increased demand for missions involving terrestrial surveillance and target acquisition. The rise in the use of target acquisition systems is strengthening the defense capabilities of land platforms and providing greater safety to soldiers during war and anti-terrorist operations. Land-based target acquisition systems provide specific locations of threats from a safe distance, which can then be neutralized by forces without any harm to the observer.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period owing to the increase in defense expenditure by India and China, the expansion of military capabilities, strong domestic production base and increasing use of automatic weapons on combat vehicles and naval platforms.
List of the Key Players Profiled in the Market Include:
• Wuhan Joho Technology Co. Ltd. • Thales • Safran • Rheinmetall AG • Israel Aerospace Industries • Lockheed Martin Corporation • Kearfott Corporation • Hensoldt • Leonardo • Iacit • Elbit Systems • BAE Systems • Aselsan A.S. • Raytheon Company
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
Our reports have been used by over 10K customers, including:
Global Military Electro-Optical/Infrared (EO/IR) Systems Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights Summary The global military electro-optical/infrared (EO/IR) systems market is valued at US$9.2 billion in 2021 and is anticipated to increase...
The global border security system market exhibited moderate growth during 2015-2020. Looking forward, the analyst expects the market to grow at a CAGR of 6.2% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the...
Forecasts by Technology (Artificial Intelligence, 3D Printing, Internet of Things, Big Data Analytics, Cloud Computing and Master Data Management, Other), by Platform (Land, Airborne, Naval, Space), by Solution (Hardware, Software, Services), by Installation (New Procurement, Upgradation) AND Regional and Leading National Market Analysis...
The Global Waterjet Cutting Machine Market size is expected to reach $1.5 billion by 2027, rising at a market growth of 6.1% CAGR during the forecast period. Waterjet cutting machines are generally used in the manufacturing sector for the purpose of cutting metal and other materials. The machines utilize water as a crucial element to cut thin...
Forecasts by Material (Plastic, Metal, Ceramic, Others), by Application (Airborne, Land, Naval) AND Regional and Leading National Market Analysis PLUS Analysis of Leading 3D & 4D Printing Companies AND COVID-19 Recovery Scenarios Global Military 3D & 4D Printing Market-our new study reveals trends, contracts, and predicted...
Remote Weapon Station: Market Size From $7,909.88 million in 2020, the global Remote Weapon Station market is projected to reach $15,080.10 million by 2028. Based on our analysis the market is expected to grow at a CAGR of 8.4% from 2020 - 2028 timeframe. Some of the prominent trends that the market is witnessing...
The military transport aircraft market was valued at USD 16.07 billion in 2020, and it is projected to register a CAGR of 4.88%, reaching USD 21.76 billion by 2026. - Due to the advent of the Covid-19 pandemic, the year 2020 and the first half of 2021 witnessed new use cases and increased utilization of transport aircraft. In addition...
The Global Handheld Backscatter X-ray Devices Market was valued at USD 47.83 million in 2020, and it is expected to reach USD 67.73 million by 2026, registering a CAGR of 5.6% during the forecast period, 2021-2026. A significant consideration to opt for a handheld version of backscatter X-ray has been observed amid the COVID-19 situations....
The border security market in APAC is expected to grow from US$ 12,116.80 million in 2021 to US$ 21,594.87 million by 2028; it is estimated to grow at a CAGR of 8.6% from 2021 to 2028. The increasing adoption of intelligent surveillance systems is also bolstering the growth of the industry. The growing adoption of intelligent surveillance...
239 pages •
By Global Industry Analysts
• Jul 2021
Abstract: Global Defense Robotics Market to Reach $22.4 Billion by 2026 Defense robotics, or military robotics, refers to the unmanned systems designed to execute military functions without the need for physical presence of personnel during military operations. While the interest towards...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.