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Smart Bullets Market share research by applications and
regions for 2017-2024: Global Market Insights Inc.
Smart Bullets Market size is anticipated to witness a surge in demand due to growing
security concerns resulted by the rise in terrorist organizations and events. In the
recent years, arms race has been observed among several countries including India,
Pakistan and China that is further projected to boost industry demand.
Smart weapons are missiles and bombs that are known for their accuracy and are
directed by lasers and other prominent means. Given the need of these weapons in
warfare, product demand is anticipated to increase over the forecast period. In
addition, high demand for the weapons is attributable to the competitive advantages
providing accurate, reliable first short and quick hit capability coupled with overall
reduction in the logistics carrying cost.
As per Stockholm International Peace Research Institute (SIPRI), the U.S., China,
India, Saudi Arabia and Russia are the key countries having maximum expenditure in
the overall smart bullets market. In 2017, the U.S. government boosted their defense
system by spending over USD 611.2 billion, in order to help the law enforcement to
keep the terrorists out of the country. Even the Indian government announced to
increase their defense budget over 6.2%. This budget comprises the purchase of new
weapons, aircrafts, equipment, naval warships and army vehicles.
Increasing demand for powerful striking power and efficient defense system along with
enhanced efficiency of weapon navigation technologies will foster product penetration.
Moreover, stringent government protocols aimed at reducing global arms transfer and
to maintaining peace are key driving factors for the global smart bullets market growth.
Key restraint associated with smart bullets market is the soaring prices of advanced
weapons. However, technological advancement along with growing product demand
is projected to reduce the cost of smart weaponries during the forecast timeframe.
On the basis of product types, self-guided products are increasing becoming well
recognized in the global defense industry. Superior features including tracking the
target path, changes in the speed, automatic data transfer are key factors supporting
product penetration. Furthermore, the product come with various advantages including
improved fatality with aim point range. They are even active against moving targets.
Thus, boosting the overall smart bullets market growth.
Based on the end user, airborne is the fastest growing segment in the overall smart
bullets market amongst other classifications including land and naval defense. This
steady growth of the segment is credited to the emergence of latest weaponry
technologies including Unmanned Combat Aerial Vehicle (UCAVs). The technology is
becoming an innovative and low-cost alternative to conventional airborne attack
platforms, fueling the expansion of global smart bullets market.
Military agencies and missile suppliers are heavily investing in improving the
capabilities of small bombs that are fired from unmanned aerial vehicles (UAVs) owing
to shifting conventional approaches for carrying out air-to-surface missile attacks.
Development of small missiles that is supported by the miniaturization of improved
guidance technology will encourage several organizations to invest in the procurement
of these missiles. Thereby, subsequently fueling the growth of the smart bullets market
North America leads the global smart bullets market due to increasing focus of the
U.S. administration towards the integration of technologically improved weapons into
its defense list. Moreover, the U.S. government is even a crucial customer in North
America as well on a global level.
Asia Pacific is expected to witness fastest industry growth by 2024 owing to increase
in investments by various countries for advanced weaponry. Additionally, continuous
conflicts in countries including China, India, Ukraine, Lebanon, Afghanistan and
Pakistan is another major factor positively impacting the demand as well as the growth
of the global smart bullets market.
Global smart bullets market is a highly consolidated market as majority of the top
players held together over 60% of the market share in 2016. Several players are
gradually focusing on product innovation and technological upgradation in the current
offerings to enhance their business foothold. High competition within the industry is
expected to strengthen further over the forecast timeframe.
Some of the dominating smart bullets market players include Raytheon, Lockheed
Martin, Dassault Aviation, BAE Systems, Taser International and General Dynamics.
Other prominent players are Northrop Grumman, Textron Defense Systems, Thales
Group, Harris Corporation and Boeing Corporation.
In February 2017, Lockheed Martin partnered with Raytheon in a progressive effort to
manufacture a military surface ship defense with medium caliber smart bullets that
offers U.S. Navy vessels to ward off overrun attacks from missiles, fast attack boats
and aircraft. It will be helpful in bearing down the attacks from different directions at
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