Global Smart Bullets Market: Snapshot
The global smart bullet market is heavily influenced by the increase in the defense budget across the world. The swiftly advancing economies, such as China, India, France, the U.S., and U.K. are increasingly integrating smart bullets in their military organizations, which is reflecting positively on this market. With technological advancements, these bullets are likely to witness a substantial rise in their demand in several countries, such as the U.S., China, and India over the next few years.
The global market is likely to proliferate significantly in the near future. Expanding at a CAGR of 15.20% between 2017 and 2025, the opportunity in this market is estimated to increase from US$270.4 mn in 2016 to a value of US$955.4 mn by the end of 2025.
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North America to Maintain Dominance in Global Smart Bullets Market
On the basis of the geography, the worldwide market for smart bullets has been categorized into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. North America, closely followed by Europe, led the global market in 2016 with a share of more than 42%. This regional market is projected to retain its dominance in the near future, thanks to the increase in the defense budget and the rising demand for weapons. Technological advancements are also expected to stimulate the uptake of these bullets in this region over the forthcoming years. Europe is another important market for smart bullets. It is driven by the augmenting demand for smart weapons in the U.K, Germany, France, and Russia. The U.K. has emerged as the leading domestic market for smart bullets in Europe.
Among other regional markets, Asia Pacific, is likely to report a higher growth rate between 2017 and 2025. Several economies in this region, such as India, Australia, Japan, South Korea, and China are anticipated to present promising opportunities for the growth of this market in the years to come, thanks to the ongoing research activities for the development of highly advanced smart weapons. Apart from this, the rising demand for weapons and frequent terror attacks are also anticipated to drive the Asia Pacific market for smart bullets in the next few years. China has surfaced as the key domestic market for smart bullets in Asia Pacific and is projected to remain so in the near future.
Land Segment to Report Higher Demand for Smart Bullet
Smart bullets find significant usage in airborne, land, and naval weapons. The land segment emerged as the leading end user for smart bullets in 2016 with a share of 43.6%. Researchers anticipate the scenario to remain so over the forthcoming years, thanks to the increasing investments in the military and defense sector for the development of smart weapons in developing economies. Over the next few years, the presence of war-like situations in various countries, such as Turkey, Ukraine, Lebanon, China, India, France, Afghanistan, and Pakistan, is likely to increase the overall demand for smart bullets, reflecting positively on this market.
The airborne segment is also projected to report a significant rise in the demand for smart bullets in the near future, owing to the high investments in remote sensing and sensors for defense from the Brazilian army.
Lockheed Martin Corp., The Raytheon Co., Thales Group, BAE Systems Plc, General Dynamics Corp., Northrop Grumman Corp., Harris Corp., Boeing Co., Taser International Inc., and Textron Defense Systems are some of the key players in the global smart bullets market.
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Benefits of Precision, High Accuracy fuels Smart Bullets Market
Massive increase in defense budgets of military organizations of several governments worldwide is fuelling the smart bullets market. As the name suggests, smart bullets are integrated with avant-garde technology that enables targeting with higher precision. In addition, smart bullets are automated that reduces human intervention, thereby enables to target with high precision. Such advantages fuels the smart bullets market.
North America is the fore among other key regions in the smart bullets market. The region being home to some established players, along with wide prevalence of technology are favorable to the growth of smart bullets market in the region. Europe is another key region in the smart bullets market. Developed countries of the region such as Germany, France, and the U.K. are upgrading their defense capabilities for national security. This includes smart weapons such as smart bullets.
The land end-use segment displays maximum demand for smart bullets, and is predicted to account for leading share in the smart bullets market in the forthcoming years. Substantial rise in defense budgets of emerging economies to acquire technology-driven ammunition is benefitting the smart bullets market. At present, due to border and political disturbances, several countries such as China, India, Turkey, and Lebanon are upgrading their military capabilities, including acquiring smart bullets.
On the other hand, the airborne end-use segment is also likely to account for significant share in the smart bullets market in the forthcoming years. High investments for sensors and remote sensing from the Brazilian air forces is a case in point.
The smart bullets market marks intense competition with the presence of some large that have global presence. Integration of avant-garde technology and minimizing human intervention in new smart bullets are some focus of large players in the smart bullets market. Lockheed Martin Corp., BAE Systems plc, Northrop Grumman Corp., Taser International Inc., Thales Group, and Harris Group are to name some leading players in the smart bullets market.
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