“Autonomous Weapons market to total USD 29 billion in 2030”, says new Visiongain report
17 February 2020
Visiongain has published a new defence report entitled, Autonomous Weapons Market Report 2020-2030.
The Autonomous Weapons market is estimated to witness a Compound Annual Growth Rate of 8.26 per cent from 2020 to 2030.
Several factors are having a profound, driving effect on the industry, particularly global military modernisation programmes, rising defence expenditure, and a new age of great-power competition.
Visiongain anticipates that global investment and consolidation will be robust and stable over the next decade. The market’s strong health is due to the factors listed above, as well as the presence of many established companies.
The leading players currently developing autonomous weapons are BAE Systems, Boeing Company, General Dynamics Corporation, Israel Aerospace Industries, Lockheed Martin Corporation, MBDA, Rafael Advanced Defense Systems, Raytheon Company, Textron, Inc. and Thales Group.
The senior Defence Analyst said: "The global Autonomous Weapons market is expected to generate sales of USD 13.1 billion in 2020.
"As defined by the U.S. Department of Defense, autonomous weapons are typically systems that, once activated, can select and engage on targets without any further involvement from a human operator.
"The capabilities of autonomous weapons include navigation, homing, target identification, self-mobility, -direction, and -determination.
"Today, the industry is a prosperous business and is being driven forward by global arms programmes and procurement activity; high defence spending and significant improvements to the finances of several influential states; and expanded efforts to develop advanced autonomous systems for great-power conflicts.
"Having said this, there are one or two threats to the future of autonomous weapons, which could restrain or halt the acceleration of the industry. Chiefly, these systems raise several moral, legal, accountability, operational, technical, and security concerns, which many institutions believe should result in a pre-emptive ban on their development, production, and use.
"To conclude, by 2030, the Autonomous Weapons market will have surpassed the 25 billion-dollar mark, achieving a total sales figure of USD 29 billion."
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