Global Target Acquisition Systems Market Size By Sub-System(Scopes and Sights, Cameras), By Platform(Land, Airborne, Naval), By Range(Short Range, Medium Range), By End-User(Military, Homeland Security), By Geographic Scope And Forecast
Global Target Acquisition Systems Market Size By Sub-System(Scopes and Sights, Cameras), By Platform(Land, Airborne, Naval), By Range(Short Range, Medium Range), By End-User(Military, Homeland Security), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Target Acquisition Systems Market Size and Forecast
Target Acquisition Systems Market size was valued at USD 12.1 billion in 2021, it is expected to reach USD 19.56 billion by the end of 2030, growing at a CAGR of 5.4% from 2023 to 2030.
The talent acquisition systems market is witnessing rapid growth due to its increasing applications in intelligence, surveillance, and reconnaissance missions. The Global Target Acquisition Systems Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Target Acquisition Systems Market Definition
A target acquisition system is an ensemble of instruments and processes used to find and monitor targets throughout a range of circumstances. The marketplace for products and services pertaining to these technologies is commonly referred to as the target acquisition system market. This industry consists of a wide variety of parts used for collecting and tracking targets, such as detectors, radars, lasers, recording devices, and algorithms.
Devices for acquiring objectives are used in a number of sectors, notably aviation, defense, and sports. Because of the increasing demand for innovative military and security systems, increasing aerospace and defense expenditure, and the growing popularity of hunting automation, consumer demand for these kinds of equipment will probably grow. The target acquisition system industry is extremely fiercely competitive and the major companies are always coming up with new ideas to move forward.
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Target Acquisition Systems Market Overview
Due to the COVID-19 pandemic’s effects on the worldwide supply chain, production, and manufacturing processes, the target acquisition system market has been affected. The market will likely recover as things back to their usual state and authorities increase expenditure on security and defense.
The demand for target acquisition systems is really taking off, driven by things like the need for better military tech, bigger defense budgets, and even the rise of hunting automation. With modern warfare demanding pinpoint accuracy, companies are pouring resources into research and development. Plus, all the geopolitical tensions and international conflicts definitely aren't helping things calm down, so the need for these systems is rising. Don't forget about self-driving cars and UAVs (unmanned aerial vehicles) – they're big players too! Overall, expect this market to keep growing strong for years to come. But, there are some speed bumps ahead. The cost of building and deploying these systems is pretty high, which can be a problem, especially for countries with limited defense budgets. Tough regulations on their development and use could also slow things down. Finding enough trained people to operate and maintain these systems is another challenge. And, as self-driving tech becomes more common in military applications, ethical and legal concerns could become a real hurdle. Looking ahead, there are lots of opportunities for growth. The rise of network-centric warfare and integrating cool stuff like artificial intelligence (AI) and machine learning (ML) into these systems is a big one. There's also a growing need for these systems in industries like agriculture, transportation, and energy for monitoring and surveillance. Focusing on better situational awareness and developing multi-sensor systems will also help. And, of course, with the increasing popularity of unmanned systems and advancements in imaging tech, expect the target acquisition systems market to see some serious growth potential.
Target Acquisition Systems MarketSegmentation Analysis
The Target Acquisition Systems Market is segmented by sub-system, platform, range, end-user, and geography.
Target Acquisition Systems Market, By Sub-System
Scopes and Sights
Cameras
Add-On Systems
Modules
Detecting and Locating Systems
On the basis of Sub-System, The Target Acquisition Systems Market is segmented into Scopes and Sights, Cameras, Add-On Systems, Modules and Others.
Target Acquisition Systems Market, By Platform
Land
Airborne
Naval
The naval segment is dominating the target acquisition systems market and it is expected to grow in the forecast period. This is due to the procurements of highly excessively used target acquisition systems.
Target Acquisition Systems Market, By Range
Short Range
Medium Range
Long Range
The short-range segment is leading the target acquisition systems market. this is because short-range target acquisition provides greater accuracy as compared to the others.
Target Acquisition Systems Market, By End-User
Military
Homeland Security
The military segment is leading the market due to the increasing use of unmanned systems for surveillance. This factor is driving growth in the military segment of the target acquisition systems market.
Target Acquisition Systems Market, By Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Asia Pacific is expected to grow in the coming years with healthy CAGR rates. The increasing defense expenditure in China and India is driving the growth of this market in this region.
Key Players
The key players in the Target Acquisition Systems Market are BAE Systems, Elbit Systems Ltd., IAI, ASELSAN A., Raytheon Technologies Corporation, Lockheed Martin Corporation, Safran, Thales Group, INSTRO PRECISION, and Rheinmetall AG.
Key Developments
• In June 2021, Raytheon Technologies declared the development of a new radar-based target acquisition system for the US Army. This new system will provide improved tracking and detection of incoming challenges.
• In April 2021, Elbit Systems was awarded a contract from the Swiss Army for supplying an electric-optic target acquisition system.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
BAE Systems, Elbit Systems Ltd., IAI, ASELSAN A., Raytheon Technologies Corporation, Lockheed Martin Corporation, Safran, Thales Group, INSTRO PRECISION, and Rheinmetall AG.
SEGMENTS COVERED
By sub-system, By platform, By range, By end-user, and By geography.
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
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