Newark, NJ, Jan. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fire control system market is expected to grow from USD 57.3 Billion in 2017 to USD 113.2 Billion by 2025 at a CAGR of 8.9% during the forecast period 2018-2025.
High demand for precision weapon systems, use of improved and modern automatic weapon systems, development of advanced combat systems for improved situational awareness, rising expenditure on military department by developing economies to strengthen their respective armed forces are the factors driving the fire control system market.
A fire-control system is defined as several components, usually a gun data computer, a director, and radar, which work together to help out the weapon system in hitting its target. It carries out the task like a human gunner firing a weapon, but attempts to do so faster and more accurately. Modern fire-control computers, like all high-performance computers, are digital. Fire-control systems are usually interfaced with sensors to reduce the amount of information that must be manually entered to calculate an effective solution. For instance, in July 2018, LONGBOW LLC, a joint venture between Northrop Grumman Corporation and Lockheed Martin, secured a contract worth USD 170.5 million from the US Army for the supply of LONGBOW fire control radars.
Expanding demand for precision weapon systems is a major factor driving the market. Also, the development of advanced combat systems for improved situational awareness and rising expenditure on military departments by developing economies to strengthen their respective armed forces is also fuelling the growth of the market. Reduction in defense budgets of advanced economies may hamper the growth of the market. However, high investments on R&D for technological advancements in defense operations will propel the fire control system market growth.
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Key players are operating in the global fire control system market include Elbit Systems Ltd, General Dynamics Corporation, Rheinmetall AG, BAE Systems, Lockheed Martin, Safran, Leonardo, Raytheon Company, SAAB, Aselsan A.S., Northrop Grumman, and Israel Aerospace Industries, among others. Key companies are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
- For instance, in February 2018, InnovMetric Software Inc. acquired Prefixa Vision Systems, a Mexican metrology software provider. With this acquisition, InnovMetric, a leading Fire Control System solution provider, is looking to expand their capabilities with the support of local expertise in the form of Prefixa.
- For instance, in December 2018, US Department of Defense had awarded a contract to General Dynamics Mission Systems, a business unit of General Dynamics Corporation, worth USD 28.0 million for the sustainment of weapons systems which is installed on nuclear submarines of the US and UK. This contract included work on fire control systems which are installed on submarines of both the nations and also the attack weapon control systems that are deployed on the submarines of the US.
- For Instance, in January 2019, the US Navy has given the contract to Raytheon Company of worth of USD 72.5 million, for the supply of MK 99 fire control systems in the Aegis weapon systems
The target acquisition & guidance systems segment held the largest market share of 28.20% in 2017
The system segment is classified into target acquisition & guidance systems, ballistic computers, navigation systems, power systems, auxiliary systems, stabilization systems and others. The target acquisition & guidance systems segment is dominating the fire control system market in 2017. High military expenditure to strengthen armed forces across developing as well as developed countries for airborne infrastructure is driving the fire control radar segment
Biotechnological method segment valued around USD 26.75 Billion in 2017
Platform segment includes land, airborne and naval. Airborne segment is dominating the market in 2017. Airborne platforms supports multi-mission warfare machines capable to conduct a variety of missions.
The launchers segment held the largest market share of 60.10% in 2017
Weapon class segment is divided into segments such as automatic guns and launchers. The launchers segment is dominating the market in 2017. Increased acceptance of land, airborne and naval platforms for surface-to-air warfare so as to involve with main battle tanks and other armored fighting vehicles is increasing the demand of launchers segment.
The Medium-Range (9-80 Km) segment valued around USD 27.04 Billion in 2017
The range segment includes Short-Range (0-9 Km), Medium-Range (9-80 Km) and Long-Range (Above 80 Km). The Medium-Range (9-80 Km) segment dominated the market in 2017. Medium range is cheaper as compared to the long-range, and is widely used in war zones so as to aim targets with maximum accuracy.
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Regional Segment Analysis of the Fire Control System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global fire control system market with USD 22.46 Billion in 2017 whereas the Asia-Pacific region held the second dominant position in the market. North America is dominating the market due to noteworthy growth in infrastructural settings in conjunction with the high population growth rate, leading to an increase in demand for fire protection systems. The Asia-Pacific region is the fastest-growing region due to upsurge in military expenditures by China, India, Japan, and South Korea due to considerable growth in building infrastructure and increasing investment in offshore development in the region.
About the report:
The global fire control system market is analysed on the basis of value (USD Billion), volume (K Units), consumption (K Units), imports (K Units) and exports (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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