Global Market Insights, Inc. has recently added a report on Smart Bullets Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
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.
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Smart Bullets Market 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.
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.
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.
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.
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Lockheed Martin
- Dassault Aviation
- BAE Systems
- Taser International
- General Dynamics
- Northrop Grumman
- Textron Defense Systems
- Thales Group
- Harris Corporation
- Boeing Corporation
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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.