Smart Bullets Market by Regional Analysis, Key Players and Forecast 2024

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.

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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.

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.

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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.

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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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