The fire control systems are critical components in projectile firing equipment that help to guide & target for course correction and help deliver weapons with precision. These systems include various components such as radar, sonar, rangefinders, Infrared Search & Track systems, etc. With the integration of these sensors, the desired pinpoint accuracy of the weapons delivery is being achieved as well the course correction of the weapons delivery is also attained with precision. The rising demand for military weapons across the defense industry stimulated the purchase of military weapon systems in the defense sector.
As a result, this intensified & necessitated the demand for fire control systems in military weapons. The market growth of fire control systems has also gained a sizeable market growth due to the advancements in the guidance technology for weapons as well as increasing demand for long stand-off range weapons used to deliver the payload with precision. This is further expected to grow with the increasing development of next-generation technologies of fire control systems in the land, sea, and air-based platforms.
The Global Fire Control System market is estimated to grow at a CAGR of around 5.22% during the forecast period, i.e., 2022-27. Some of the reasons attributing to the growth were emerging geopolitical tensions in the Asia-Pacific & the Middle East regions that led to an increase in the defense expenditure by the leading militaries such as the US, Russia, China, India, and Saudi Arabia, etc. Amid ongoing developments viz., Russia-Ukraine crisis, South China Sea territorial dispute, Indo-China Border tensions, etc., the demand for fire control systems, along with the various land-, sea-, and air-based firing solutions would come into the picture.
In addition, the US & Canada increased their military budgets to enrich defense sector capabilities by purchasing automated military hardware, including fighter jets, aircraft, nuclear submarines, attack helicopters, offshore patrol ships, frigates, as well as upgrading their old fleets. Besides, the rising expenditure for the advancement of military equipment & infrastructure increased the demand for fire control systems as it provides greater accuracy & safety to soldiers during wars & in anti-terrorist operations. As per Stockholm International Peace Research Institute (SIPRI), the Global defense budget for 2020 was USD1.96 trillion, which was relatively higher as compared to the global defense budget of USD1.79 trillion in the year 2017. This was used for the procurement of military weapons, operation & maintenance, military personnel research & development, etc.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, France, Italy, UK, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: Saudi Arabia, Israel, Turkey|
|Key Companies Profiled||Elbit Systems Ltd., General Dynamics Corporation, Indra Sistemas, S.A., BAE Systems Inc., Lockheed Martin Corp., Safran Group, Ultra Electronics Group, Rheinmetall AG, Leonardo SpA, Northrop Grumman Corporation, L3Harris Technologies Inc, Raytheon Technologies Corp., SAAB AB, Thales Group, Israel Aerospace Industries (IAI) Ltd|
|Unit Denominations||USD Million/Billion|