Smart Bullets Market: Increasing Defense Budgets to Adopt Hi-tech Weaponry Boost Growth

The global smart bullets market is largely consolidated with top six players, namely Lockheed Martin Corp., Boeing, Northrop Grumman Corp., BAE Systems, and General Dynamics Corp. holding more than 60% of the market in 2016, says a new research report by Transparency Market Research (TMR).

As per estimates presented in a report by Transparency Market Research, the global smart bullets market will expand at a healthy CAGR of 15.20% for the forecast period between 2017 and 2025. Progressing at this pace, the market’s valuation of US$270.4 mn in 2015 will become US$955.4 mn by the end of the forecast period in 2025.

Browse the Report @

https://www.transparencymarketresearch.com/smart-bullets-market.html

Larger Defense Budget to Maintain North America’s Dominance

Amongst all, in 2016, the land segment stood as the leading end user with a share of 43.6% in the smart bullets market. Analysts estimate the land segment to retain its dominant position over the forecast period, thanks to the increasing military and defense budgets in emerging economies for the development of smart weapons.

North America, closely trailed by Europe dominated the overall market in 2016 accounting for more than 42% share. Europe is also a key market for smart bullets. The demand in the region is driven by significant budget from the government in countries such as the U.K., France, Russia, and Germany for the development of smart weapons.

Request Sample @

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=23873

Integration of Technologically Advanced Weapons in Defense Operations Drives Growth

The increasing defense budget of several countries around the world is heavily influencing the global smart bullets market. Developed economies such as the U.S., France, and the U.K, along with swiftly advancing economies such as India and China as well as are increasingly integrating smart bullets in their defense operations

Technological innovations in the weapons sector and improvements in currently existing weapons is making a positive impact on the smart bullets market. Moreover, the use of laser beam leading to technological advances such as adjustment in the bullet’s path according to target is also expected to mark tremendous growth in this market. Lockheed Martin and Teledyne Scientific & Imaging have been awarded a contract from the Defense Advanced Research Projects (DARPA) to develop 0.50 caliber smart bullets with higher precision to hit the target.

Lockheed Martin Corporation received a contract from the U.S. DARPA in February 2016 to design and manufacture medium-caliber smart bullets. The contract received by the fire and missiles segment of the organization upon completion will help the navy to fight off attacks from fast attack boats, missiles, and aircrafts. These developments are likely to fuel growth of the global smart bullets market over the forecast period.

On the contrary, high manufacturing costs of smart bullets and lack of awareness among consumers are acting as deterrent to the market’s growth.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

Contact

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.