New York, July 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Target Acquisition Systems Global Market Report 2023" - https://www.reportlinker.com/p06480030/?utm_source=GNW
, Lockheed Martin Corporation, L3Harris Technologies Inc., Aselsan A.S., and Israel Aerospace Industries.
The global target acquisition systems market is expected to grow from $12.97 billion in 2022 to $13.82 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The target acquisition systems market is expected to reach $17.38 billion in 2027 at a CAGR of 5.9%.
The target acquisition systems market consists of revenues earned by entities by providing target geolocation, automatic target tracking, and target database.The market value includes the value of related goods sold by the service provider or included within the service offering.
The target acquisition systems market also includes sales of radar, fire control systems, and communication systems that are used in providing target acquisition services.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Target acquisition systems refer to the process of finding, identifying, and locating a target in enough detail to allow for the efficient use of both lethal and non-lethal methods. Target acquisition can simply be applied to the procedure a weapon system goes through to decide which object to lock on to, as opposed to target tracking on one side and surveillance on the other, as in the case of an anti-aircraft system.
North America was the largest region in the target acquisition systems market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the target acquisition systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of platforms involved in target acquisition systems are land, airborne, and naval, with various types of subsystems included, such as cameras, scopes and sights, detecting and locating systems, modules, add-on systems, and others.Land platform refers to an approach for defending reasonable regions by securing support from the local government and the property owner.
These are used for several types of range, such as short range (0–8 km), medium range (8–250 km), and long range (above 250 km), which are used by various end-users, including the military and homeland security.
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, in 2020, world military expenditure stood at $1,981 billion, which was 2.6% higher when compared to 2019. 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 November 2020, Leonardo S.p.A., an Italy-based aerospace, defense, and security company, launched NOX, the latest uncooled handheld that represents the most advanced medium-range target acquisition technology. It is a portable target localizer that is small, light, and capable of giving optimal accuracy in all weather conditions. The system consists of a dual-day Full HD sensor and an uncooled infrared sensor. The optics use cutting-edge, high-resolution infrared technology and deliver superior outcomes. NOX employs a target marker to identify the target and records information on azimuth, elevation, and distance at the same time to calculate the target’s absolute position. To enhance optical performance and image processing techniques, including image stabilization and a thermal scanner function, it uses an e-Zoom.
In July 2020, BAE Systems, a UK-based security, defense, and aerospace company, acquired the Raytheon Technologies Corporation’s Collins Aerospace Military Global Positioning System (GPS) business for an undisclosed amount.Through this transaction, BAE Systems is expected to enhance its current portfolio of electronic systems by adding cutting-edge GPS anti-jamming and anti-spoofing technology that enables dependable navigation and guidance for a variety of defense missions.
The acquisition allows both businesses to expand on their market dominance and offer their clients, like the US Department of Defense and its allies, new discriminating capabilities. Raytheon Technologies Corporation is a US-based aerospace company and a provider of target acquisition systems and services.
The countries covered in the target acquisition systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The target acquisition systems market research report is one of a series of new reports that provides target acquisition systems market statistics, including target acquisition systems industry global market size, regional shares, competitors with a target acquisition systems market share, detailed target acquisition systems market segments, market trends and opportunities, and any further data you may need to thrive in the target acquisition systems industry. This target acquisition systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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