What’s Driving the Fire Control System Market Growth? |Key Players are Raytheon Company, BAE Systems, Safran, General Dynamics Corporation, Lockheed Martin, Rheinmetall AG, Leonardo, Aselsan A.S., and Elbit Systems Ltd
Fire Control System Market is anticipated to achieve lucrative growth rate from 2019 to 2025 pushed by increasing terrorist activities along with an upsurge in military and naval operations across borders to enhance national and international security. Rising defense budgets globally along with modernization of ageing equipment are further expanding the industry share over the projected timeframe.
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Based on platform, the fire control system market is categorized into land, airborne, and naval. Naval segment is expected to account for a considerable share on account of rising terrorism activities on seas globally. Moreover, industry players are entering into strategic contracts with government organizations for supporting their equipment. For instance, in October 2016, Lockheed Martin announced a strategic agreement with the U.S. Navy for providing logistics and engineering support for the MK 92 Fire Control Systems.
Based on system, the fire control system market is segmented into target acquisition & guidance, ballistic computers, navigation, and power. Target acquisition & guidance systems will account for a considerable share over the projected timeframe owing to the development of lightweight and compact target acquisition systems by industry players. Incorporation of inertial sensors and higher adoption of these systems by military forces to enhance the nation security are further supporting the segment penetration.
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Rising demand for light weight fire control systems are positively influencing the fire control system market over the projected timeframe. Moreover, the enhanced operation of these systems at night along with superior vision and enemy locking and targeting capabilities owing to the presence of a telescope. Moreover, increasing investments from major economies for procuring and developing fire control systems are further expanding the industry share. For instance, in January 2019, Thailand announced the procurement of main battle tanks from China with superior fire control technologies.
The benefits offered by the fire control systems including rapid target engagements, improving situational awareness along with improved gun crew survival are attracting military and naval forces globally to deploy such systems. Moreover, superior operational efficiency along with higher system accuracy to attack targets and enemies further expands the fire control system market share over the projected timeframe.
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Incorporation of advanced sensors and tools for felicitating automated fire control operations and trajectory correction are boosting the fire control system market. Moreover, industry players are offering customized and advanced fire control systems for complying to the requirements of military. For instance, in March 2019, Leonardo entered into a strategic contract with the U.S. Army to offer vehicle-based infrared sensors for fire control systems and surveillance for a wide range of ground combat vehicles.
Asia Pacific fire control system market share will grow considerably on account of rising defense expenditure across the region. For instance, the Chinese government increased its defense budget growth target up to 7.5% in 2019. Moreover, countries are also engaged in procuring modern equipment to improve their military operations significantly. For instance, in April 2019, the Indian government signed a strategic contract with Russia to procure 464 T-90 tanks with advanced fire control systems.
Few of the prominent players in the fire control system market share include Raytheon Company, BAE Systems, Safran, General Dynamics Corporation, Lockheed Martin, Rheinmetall AG, Leonardo, Aselsan A.S., and Elbit Systems Ltd. Manufacturers are signing long term contracts with countries to provide fire control systems and increase their revenue share. For instance, in January 2019, the Raytheon Company announced a deal with the U.S. Navy to provide MK 99 fire control systems.
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