The growing spending on military budgets for the modernization of real-time defenses against a variety of air and surface combat threats is expected to boost the market.
Albany, NY -- (SBWIRE) -- 05/12/2017 -- Global Smart Bullets Market: Overview
Smart bullet is a major technological breakthrough in guided ammunition that has the potential to transform modern warfare. Smart bullets combine the unprecedented guidance, extreme precision, and extreme accuracy characteristic of guided missiles and are especially helpful in countering swarming attacks. Modern militaries find smart bullets useful in fighting off missiles, drones, planes, and swarm boats coming from multiple directions and at varying speed. Countries world over keen on adopting technological advances for their militaries find vast prospects in smart bullets.
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The smart bullets market is primarily driven by the demand for self-guided, gun-launched projectiles by the militaries of advanced countries such as the U.S. and from numerous emerging economies such as India, Brazil, China, and Argentina. Advanced nations, particularly the U.S., have been working on developing the prototype of smart bullets for quite some time. The escalating risk from the potentially lethal threat to maritime vessels has led the Defense Advanced Research Projects Agency (DARPA), a major U.S. defense agency, to make substantial funds in several smart bullet development projects in the recent decade.
The report offers in-depth insights into the key market dynamics, current trends and emerging technologies, market share and size of various segments, and competitive landscape. The research study highlights the recent defense spending in major economies and evaluates the strategies adopted by major defense agencies for the mass deployment of smart bullets.
Global Smart Bullets Market: Trends and Opportunities
The growing spending on military budgets for the modernization of real-time defenses against a variety of air and surface combat threats is expected to boost the market. The demand for smart bullets is mainly propelled by the technological innovations in the defense industries in various developed and developing nations. Developed countries, such as the U.S. and the U.K., have entered into partnerships with major defense contractor companies and large advanced technology companies in aerospace industries for modernizing their defense security.
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The DARPA earlier this year announced a contract amounting to US$8mn with Raytheon Missile Systems to complete the second phase of its program called Multi Azimuth Defense Fast Intercept Round Engagement System (MAD-FIRES). The first phase that started in 2016 focused on completing the simulation of the smart bullet technology and engaged the company Lockheed Martin Missiles and Fire Control (MFC). The second phase is expected to get over by March 2108, which implies that the MAD-FIRES smart bullets will be a part of the U.S. navy in the not-so-distant future. These developments augur well for other countries also who are likely to invest substantially to tap the potential of the smart bullets market. The low cost engagement with smart bullets development projects, focusing on medium-caliber guns, will stimulate other developed nations to invest in the market, thereby unlocking exciting opportunities in the coming years.
Global Smart Bullets Market: Regional Outlook
Geographically, the North America market for smart bullets held a major share in 2016, followed by the Europe market. The position of the regional markets are anticipated to remain unchanged during the forecast period 2017–2025. The dominance of the North America market is mainly attributed to the substantial military spending in various smart bullet projects and the presence of prominent aerospace and defense companies developing smart bullets technologies in the U.S. Spiraling investment in research and development by several countries of Europe such as the U.K, Germany, France, and Russia in the precision munitions is further expected to boost this regional market along the forecast period. Meanwhile, Asia Pacific is expected to provide lucrative avenues in the coming years. This is on account of the increasing defense spending in countries such as China and Japan and the demand for guided missiles for countering terrorism.
Companies mentioned in the report
Key players in the smart bullets markets include Lockheed Martin Corporation, Thales Group, BAE Systems PLC., The Raytheon Company, General Dynamics Corporation, Northrop Grumman Corporation, Harris Corporation, Taser International, Inc., Textron Defense Systems, and Boeing Company.