Target Acquisition Systems: Market Size. 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.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Target Acquisition Systems Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127623/?utm_source=GNW
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.
• Rheinmetall AG
• Israel Aerospace Industries
• Lockheed Martin Corporation
• Kearfott Corporation
• Elbit Systems
• BAE Systems
• Aselsan A.S.
• Raytheon Company
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127623/?utm_source=GNW
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