In 2022, the size of the global smart bullets market was approximately USD 600 million, and it is predicted that this number will increase to USD 1300 million by the end of 2030. A compound annual growth rate (CAGR) of 10.03% is anticipated for the industry between the years 2023 and 2030.
Smart Bullets Market: Overview
In order to achieve a higher level of precision and accuracy, “smart bullets” are projectiles that are electronically guided and are equipped with a satellite guidance system, a global positioning system, as well as infrared, laser, and radio technologies. These intelligent projectiles are also known as precision-guided bullets in some circles. These are designed to strike the designated target while minimising the damage done to innocent bystanders. These bullets receive their instructions and are operated by means of the external operating systems that are situated in remote regions.
Smart Bullets Market: Growth Drivers
It is anticipated that a high demand for improved weaponry with precision targeting capabilities will support the growth of the global market.
The methods used in combat have seen substantial evolution over the course of time. Both developing and established nations are concentrating their efforts on the research and development of cutting-edge testing and fighting weapons that are capable of carrying the fight on their own and can self-destruct if necessary.
In addition, there is a significant need for weapons that have a greater range as well as a higher effect. Recent disagreements in the military arena have been centered on issues relating to the necessity of operational strikes and precise attacks. A scenario like this one is anticipated to play a big role in the coming years in greatly boosting the expansion of the global market for smart bullets. Additionally, an increase in the number of security risks posed by terrorist organizations, in addition to an increase in the number of investments made to design autonomous weapons, are both projected to further accelerate the growth of the global market for smart bullets. A move towards digitalization, especially in the defense industry, is anticipated to pose greater demand for smart bullets in the years to come. This demand is projected to increase.
Smart Bullets Market: Segmentation
The market for smart bullets may be broken down into various submarkets based on factors such as type, application, component, calibre, and region.
There are two types of smart bullets available on the market: guided and self-directed smart bullets. Within the smart bullets sector as a whole, the guided bullet submarket accounts for the greatest proportion of revenue. The term “guided bullets” refers to those projectiles that are outfitted with a variety of sensors in addition to an integrated circuit to facilitate aiming and other crucial operations. These bullets have the capability to record data relating to a variety of factors and then transmit that data to end users through radio frequency so that they can be analyzed in their entirety. These rounds were designed with the primary intention of assisting law enforcement and military professionals in achieving a higher level of accuracy when engaging targets, even when doing so at great distances.
Smart Bullets Market: Regional Analysis
North America to lead the global market in years to come
North America accounts for the largest share of the global smart bullets market. The regional growth can be attributed to the growing attention of the government towards improving military conditions and thereby increasing the defense budget. Moreover, the growing technological advancements in the region are another major reason for the significant growth of the regional market. Favorable regulatory scenarios in the region will also positively impact the growth trajectory of the global market. The region owns the most established and advanced defense infrastructure.
Smart Bullets Market: Competitive Analysis
The key players in the global smart bullets market include:
Lockheed Martin Corporation
Taser International Inc
BAE Systems PLC
General Dynamics Corporation
The Raytheon Company
Northrop Grumman Corporation
The global smart bullets market is segmented as follows:
Guided Smart Bullets
Self-Guided Smart Bullets
More Than 0.50 Caliber
And Less Than 0.50 Caliber
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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