Global NEWS: 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
The 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", 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.
Browse 92 market data Tables and 48 Figures spread through 187 Pages
and in-depth TOC on "Fire Control System Market - Global Forecast to
2023"
View detailed Table of Content here –
Based on platform, the land
segment is expected to lead the fire control system market during the forecast
period
fire control system market |
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.
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.
Press Release:
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.
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.
Contact:
Mr. Shelly Singh
MarketsandMarkets™
INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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