ALBANY, New York, May 11, 2017 /PRNewswire/ --
The global market for smart bullets demonstrates a consolidated structure, finds a research report by Transparency Market Research (TMR). The top six players, namely, Lockheed Martin Corp., BAE Systems, Boeing, Raytheon, Northrop Grumman Corp., and General Dynamics Corp. together held more than 60% of this market in 2016. As these leading players are focusing on product innovation and technological advancements in the current offerings to boost their market share, the competition within this market is likely to strengthen further in the near future, states the reserch study.
As per TMR's estimations, the global smart bullets market, which stood at US$270.4 mn in 2015, is anticipated to expand at a healthy CAGR of 15.20% during the period from 2017 to 2025 and reach US$955.4 mn by the end of the forecast period. The land segment has emerged as the key end user of smart bullets and is expected to remain so over the next few years.
Larger Defense Budget to Ensure North America's Dominance
The report also presents a geographical analysis of the worldwide market for smart bullets. As per the report, North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe are the key geographical segments of this market. North America led the global market with a share of more than 42% in 2016 and is anticipated to remain dominant throughout the forecast period. The increasing defense budget and the growing demand for weapons are likely to boost this regional market over the next few years.
Apart from this, the presence of a large number of leading smart bullets manufacturers, such as Lockheed Martin Corp., The Raytheon Co., General Dynamics Corp., and Northrop Grumman Corp. is also anticipated to boost the North America market for smart bullets. The U.S. is likely to surface as the key domestic market in this region, notes the study.
Technological Innovation in Smart Bullets to Fuel Demand
"The technological innovations in the weapons sector is the key factor behind the growth of the market for smart bullets, says an analyst at TMR. The technological advances, such as the altering of the bullet's route according to the target, set through laser beam is also expected to boost this market substantially. Teledyne Scientific & Imaging (TSI) and Lockheed Martin had been awarded with a contract from the Defense Advanced Research Projects Agency (DARPA) to develop 0.50 caliber smart bullets to have better accuracy to hit the target.
In February 2016, the U.S. DARPA awarded a contract to Lockheed Martin Corporation's fire and missiles segment to design and develop medium-caliber smart bullets, which, upon completion, will help the navy to fight off attacks from missiles, fast attack boats, and aircrafts. All these developments are likely to propel the worldwide market for smart bullets over the forecast period. On the other hand, the lack of awareness among consumers and the high manufacturing costs of these bullets may hamper the growth of this market in the years to come, states the research study.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/smart-bullets-market.htm
The study presented here is based on a report by Transparency Market Research (TMR), titled "Smart Bullets Market (Product Types - Guided Smart Bullet and Self-guided Smart Bullet; End User - Airborne, Land, and Naval) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
The segments covered in the global Smart bullets market are as follows:
By Product Type
- Guided Smart Bullets
- Self-guided Smart Bullets
By End User
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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SOURCE Transparency Market Research