Fire Control System Market Worth $7.3 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 8, 2019 /PRNewswire/ --
According to the new market research report "Fire Control System Market by System (Target Acquisition & Guidance Systems, Ballistic Computers, Navigation Systems, Power Systems), Platform (Land, Airborne, Naval), Weapon Class (Automatic Guns, Launchers), Range, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Fire Control System Market is projected to grow from USD 5.9 billion in 2018 to USD 7.3 billion by 2023, at a CAGR of 4.37% from 2018 to 2023. This growth can be attributed to the rising demand for precision weapon systems, advancements in automatic weapon systems, increasing incidences of armed conflicts, war, and terrorism, which are driving the demand for fire control systems globally.
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Based on platform, the land segment is expected to lead the fire control system market during the forecast period
Based on platform, the fire control system market is projected to be led by the land segment from 2018 to 2023. Fire control systems bolster the defense capabilities of land platforms and provide greater safety to soldiers during war and anti-terrorist operations. Increase in defense expenditures by US, Russia, China, and Saudi Arabia, India. Additionally, the expansion of military capabilities by emerging nations have accelerated the demand for fire control systems for different classes of armored vehicles. For instance, in January 2018, BAE Systems was awarded a contract worth USD 46.8 million by the US Navy to upgrade the existing MK45 naval guns to increase the firepower and extend the range of weapons.
The launchers segment of the fire control system market by weapon class is expected to lead during the forecast period
Based on weapon class, the launchers segment of the fire control system market is projected to lead from 2018 to 2023. This growth can be attributed to the enhancement of troop safety and the replacement of old launchers with modern automated launchers by militaries around the world for various platforms, such as land, naval, and airborne. The demand for automatic grenade, missile, rocket, and torpedo launchers has increased in North America, Europe, and Asia Pacific, thereby leading to the increasing need for EO/IR and integrated fire control systems. Various US defense companies are manufacturing advanced weapon stations with integrated fire control systems.
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North America and Asia Pacific region projected to be high potential markets for the implementation of fire control systems
The fire control system market in North America is expected to witness substantial growth during the forecast period due to the high demand for fire control systems from the US Department of Defense. Fire control systems are integrated into larger advanced weapon platforms for enhanced target acquisition and firing. Advanced fire control systems are manufactured mainly by US defense companies, such as General Dynamics Corporation (US) and Raytheon Company (US). These factors are leading to an increasing demand for fire control systems in North America.
Rapid growth of the fire control system market in the Asia Pacific can be attributed to the increasing defense budgets to innovate and develop robust fire control systems by emerging countries, such as China and India. China is rapidly reforming its military weapons and systems, whereas India recently signed a deal with Russia for the supply of 464 T-90 tanks with remote weapon stations mounted on them. The increase in defense expenditures by India and China and the expansion of military capabilities by emerging nations have accelerated the demand for fire control systems for different platforms such as land, airborne, and naval.
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Major players in the fire control system market include companies, such as Elbit Systems Ltd (Israel), General Dynamics Corporation (US), Rheinmetall AG (Germany), BAE Systems (UK), Lockheed Martin (US), Safran (France), Leonardo (Italy), Raytheon Company (US), SAAB (Sweden), Aselsan A.S. (Turkey), Northrop Grumman (US), and Israel Aerospace Industries (Israel), which have made significant contributions to the global fire control system market.
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