DUBLIN--(BUSINESS WIRE)--The "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, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The fire control system market is projected to grow from USD 5.87 billion in 2018 to USD 7.27 billion by 2023, at a CAGR of 4.37% during the forecast period.
The market is driven by various factors, such as the rising demand for precision weapon systems, advancements in automatic weapon systems, ongoing military modernization programs worldwide, development of advanced combat systems for improved situational awareness, and increasing defense expenditure of emerging countries. However, the complexity in integration and high operational cost are the major challenges for this market.
The fire control system market is segmented on the basis of system, platform, weapon class, range, and region. Based on platform, the market is segmented into land, naval, and airborne. Each platform has a variety of applications. The land segment is further classified into Main Battle Tanks (MBT), Armored Fighting Vehicles (AFVs), light protected vehicles, Unmanned Ground Vehicles (UGVs), and artillery systems. The naval segment is segmented into destroyers, frigates, corvettes, amphibious ships, Offshore Patrol Vessels (OPV), and submarines. The airborne segment includes attack helicopters, fighter aircraft, special mission aircraft, and tactical UAVs.
Based on weapon class, the market is segmented into automatic guns and launchers. By system, the market is segmented into target acquisition & guidance systems, Ballistic Computers and Display & Interface Units, navigation systems, power systems, auxiliary systems, stabilization systems, and others. Based on range, the market is segmented into short range (0 to 9 kms), medium range (9 to 80 kms) and long range (above 80 kms).
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East, and Rest of the World. North America and Asia Pacific are the major markets for fire control systems, owing to the increased investments made by governments of key countries, such as China, India, and the US, for the development of advanced weapon systems.
Companies such as General Dynamics Corporation (US), BAE Systems (UK), and Elbit Systems (Israel) manufacture advanced fire control system for naval, land, and airborne platforms. These systems are flexible and reliable, which helps engage a wide range of targets with highly-advanced gunfire capabilities.
Some of the major players operating in the fire control system market include General Dynamics Corporation (US), Northrop Grumman (US), Rheinmetall AG (Germany), BAE Systems (UK), Elbit Systems (Israel), SAAB Group (Sweden), Leonardo (US), Raytheon (US), Bharat Electronics Limited (India), and Safran (France), among others. Contracts and partnerships were the key strategies adopted by the industry players to achieve growth in this market.
- Rising Demand for Precision Weapon Systems
- Advancements in Automatic Weapon Systems
- Ongoing Military Modernization Programs Worldwide
- Development of Advanced Combat Systems for Improved Situational Awareness
- Increasing Defense Expenditure of Emerging Countries
- Increasing Demand for Remotely-Operated Weapon Stations
- Declining Defense Budgets of Advanced Economies
- Huge R&D Investments for Technological Advancements in Defense Operations
- Complexity and High Operational Cost
- Integration of Automatic Weapon Systems With a Wide Range of Platforms
- Advancements in Cyber and Electronic Warfare Can Render Digital Fire Control System Useless
- Highly Complicated and Sophisticated Products
- Regulatory Challenges for Sales to Overseas Countries
- Bae Systems PLC
- Bharat Electronics Limited
- Curtiss-Wright Corporation
- Elbit Systems Ltd.
- General Dynamics Corporation
- Israel Aerospace Industries
- Lockheed Martin Corporation
- Mas Zengrange Ltd.
- Northrop Grumman Corporation
- Raytheon Company
- Rheinmetall AG
- Safran Group
- Seiler Instrument
- Thales Group
- Ultra Electronics
- Wilcox Industries
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