Press release
Target Acquisition Systems Driving Military Precision
According to The Business Research Company's, The target acquisition systems market size has grown strongly in recent years. It will grow from $13.82 billion in 2023 to $14.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to military modernization programs, rise in threats and conflicts, shift towards network-centric warfare, integration of ai and machine learning, upgradation of existing systems.
The target acquisition systems market size is expected to see strong growth in the next few years. It will grow to $18.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to expansion into naval and air defense, precision strike requirements, upgradation and retrofitting, focus on network-centric warfare, rise in military modernization. Major trends in the forecast period include shift towards urban warfare solutions, development of counter stealth technologies, modular and upgradable systems, deployment of infrared imaging systems, adoption of long-range precision targeting.
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Market Drivers and Trends:
The increasing military budget in developing countries is significantly contributing to the growth of the target acquisition systems market going forward. The military budget refers to the sum of central government spending on all the branches of the military, including peacekeeping. The increase in military budgets will increase the growing requirement to protect national security against a variety of threats. Target acquisition systems are tracking mechanisms that are carried out by military weapons to identify prospective enemy targets in the air or on the ground, using satellite navigation data to precisely determine the target's coordinate position. Due to rising threats, the military budget has been growing to secure a more peaceful world, which has a positive effect on the target acquisition systems market. For instance, in April 2021, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based non-profit organization that provides data on armament and arms control, global military spending increased by 3.7% in 2022 to a record $2240 billion. Therefore, increasing the military budget is driving the growth of the target acquisition systems market.
Technological advancements are a key trend gaining popularity in the target acquisition systems market. Major companies operating in the target acquisition systems market are focusing on developing new technologies to sustain their position in the market. For instance, in June 2022, Elbit Systems Ltd., an Israel-based military technology company, launched COAPS-L, an innovative electro-optical (EO) payload for ISTAR (intelligence, surveillance, target acquisition, and reconnaissance). COAPS-L is a scaled-down version of the company's Commander Open Architecture Panoramic Sight (COAPS), which is used on main combat tanks and armored fighting vehicles (AFV) throughout the world. COPAS-L offers light platforms with AFV-level ISTAR capabilities, including surface vessels, UGVs, and light tactical vehicles, all of which are compact and weigh only 40 kg. The COPAS-L payload can function both separately as an ISTAR payload and in tandem with the platform's weapon station.
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Major Key Players of the Market:
Elbit Systems Ltd.; Leonardo S.p.A; Safran SA; Thales Group; Rheinmetall AG; Instro Precision Limited; Israel Aerospace Industries; Hensoldt AG; Kearfott Corporation; Blighter Surveillance Systems; Thermoteknix Systems Ltd.; Lockheed Martin Corporation; L3Harris Technologies Inc.; Aselsan A.S.; Wuhan JOHO Technology Co. Ltd.; Raytheon Technologies Corporation; General Dynamics Corporation; FLIR Systems Inc.; BAE Systems plc; Leidos Holdings Inc.; Kratos Defense & Security Solutions Inc.; Ultra Electronics Holdings plc; Rafael Advanced Defense Systems Ltd.; Harris Corporation; Rostec State Corporation; Hanwha Corporation; RADA Electronic Industries Ltd.; Saab AB; Cobham plc; Curtiss-Wright Corporation
Target Acquisition Systems Market 2024 Key Insights:
• The target acquisition systems market will grow to $18.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Defense Investments Surge Increasing Military Budgets Propel Growth In The Target Acquisition Systems Market
• An Innovative Electro-Optical Payload For Enhanced Target Acquisition Systems
• North America was the largest region in the target acquisition systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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