Smart Bullets Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2025
The
global smart bullets market is largely consolidated with top six
players, namely Lockheed Martin Corp., Boeing, Northrop Grumman
Corp., BAE Systems, and General Dynamics Corp. holding more than 60%
of the market in 2016, says a new research report by Transparency
Market Research (TMR).
With
keen players focused on product innovation and technological
advancements to boost their market presence, competition within this
market is expected to intensify in the upcoming years, says the
report.
View
Full Report:
As
per estimates presented in a report by Transparency Market Research,
the global smart bullets market will expand at a healthy CAGR of
15.20% for the forecast period between 2017 and 2025. Progressing at
this pace, the market’s valuation of US$270.4 mn in 2015 will
become US$955.4 mn by the end of the forecast period in 2025.
Larger
Defense Budget to Maintain North America’s Dominance
Amongst
all, in 2016, the land segment stood as the leading end user with a
share of 43.6% in the smart bullets market. Analysts estimate the
land segment to retain its dominant position over the forecast
period, thanks to the increasing military and defense budgets in
emerging economies for the development of smart weapons.
North
America, closely trailed by Europe dominated the overall market in
2016 accounting for more than 42% share. Europe is also a key market
for smart bullets. The demand in the region is driven by significant
budget from the government in countries such as the U.K., France,
Russia, and Germany for the development of smart weapons.
Integration
of Technologically Advanced Weapons in Defense Operations Drives
Growth
The
increasing defense budget of several countries around the world is
heavily influencing the global smart bullets market. Developed
economies such as the U.S., France, and the U.K, along with swiftly
advancing economies such as India and China as well as are
increasingly integrating smart bullets in their defense operations
Technological
innovations in the weapons sector and improvements in currently
existing weapons is making a positive impact on the smart bullets
market. Moreover, the use of laser beam leading to technological
advances such as adjustment in the bullet’s path according to
target is also expected to mark tremendous growth in this market.
Lockheed Martin and Teledyne Scientific & Imaging have been
awarded a contract from the Defense Advanced Research Projects
(DARPA) to develop 0.50 caliber smart bullets with higher precision
to hit the target.
Request
Sample Report@
Comments
Post a Comment