LegalLaw247.com, February 06, 2019 ) The fire control system market report provides an analysis of the market from 2018 to 2023. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities. The 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 fire control system market in the Asia Pacific is expected to witness substantial growth during the forecast period due to increase in defense expenditure by India and China and the expansion of military capabilities by emerging nations which have accelerated the demand for fire control systems for different platforms such as land, airborne and naval platforms. 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 fire control systems mounted on them.
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Based on platform, the airborne segment is expected to grow at the highest CAGR during the forecast period due to the procurement of fire control systems that are widely used, such as machine guns, Gatling guns, missile launchers, and rocket launchers that are mounted on different platforms, including attack helicopters, fighter aircraft, and special mission aircraft, among others. Technological advancements in the design of various components of fire control systems are projected to drive the airborne segment of the fire control system market during the forecast period.
Based on weapon class, the launchers segment of the fire control system market is expected to grow at the higher CAGR during the forecast period. These are widely used for surface-to-air warfare, to engage with main battle tanks and other armored fighting vehicles. Naval launchers use torpedoes to combat submarines and ships. Multiple rocket launcher systems are used to defend cruise missiles. The growth of the launchers segment can be attributed to the increasing demand for automatic grenade launchers, missile launchers, rocket launchers, mortar launchers, and torpedo launchers used in various platforms.
Based on system, the target acquisition & guidance systems segment of the fire control system market is expected to grow at the highest CAGR during the forecast period. Increase in demand for advanced fire control radars, sonar, EO/IR, and ballistic computers, among others for modern fire control systems used for various platforms, such as land, airborne, and naval are expected to lead to market growth. These systems are designed to assist weapon systems in striking their targets.
Based on range, the medium range (9 to 80 kilometers) segment is expected to grow at the highest CAGR during the forecast period. The growth of the medium range segment can be attributed to the increasing demand as these provide greater accuracy as compared to long-range artillery systems and are used for the destruction of targets that are in moderate range.
North America is expected to be one of the largest markets for fire control systems in the near future due to the high demand from the US Department of Defense. Fire control systems are integrated into larger advanced weapon platforms for enhanced target acquisition and firing. The demand for unmanned weapon stations has increased in North America, thereby increasing the need for EO/IR and integrated fire control systems. Various US defense companies are manufacturing advanced remote weapon stations with integrated fire control systems. All these factors are leading to an increasing demand for fire control systems in North America.
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Mr. Shelly Singh
Fire Control System Market | Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023
February 6, 2019 Posted By: admin
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