26 March 2021
Visiongain has published a new report on Smart Bullets Market Report to 2031: Forecasts By Type (Guided Smart Bullets and Self-guided Smart Bullets), By End User (Airborne, Land, Naval). PLUS, Profiles of Leading Smart Bullets Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Global Smart Bullets market was valued at US$ xx billion in xx and is projected to reach at a market value of US$ xx billion by 2031.
COVID-19 Impact on Smart Bullets Market
The COVID-19 pandemic has impacted lives of people all around the globe. It has proved quite detrimental for business across the globe and no industry and remained untouched by its impacts. This pandemic has caused a serious disruption in the supply chain and has resulted in a huge supply-demand gap in the market for smart bullets worldwide
Increasing defense budget
Developing nations across the globe are investing heavily to enhance their defense capabilities. For instance. China’s defense expenditure has witnessed an almost seven-times increase over the past twenty years, growing from US $39.6 billion in 1999 to US $266.4 billion in 2019. Currently, China spends more on defense than South Korea, Japan, Vietnam, and the Philippines combined. Moreover, India’s military spending grew by 6.8% to US $71.1 billion in 2019, according to the Stockholm International Peace research institute (SIPRI) report on the Trends in World Military Expenditure, 2019.
Increase in the demand of weapons
Smart bullets market is anticipated to observe a growth in demand owing to the growing security threats by the rise in terrorist activities. In the recent years, frequent conflicts have been observed among several Asian countries, for instance, China, India, Pakistan. This factor is further expected to bolster the growth of smart bullets market over the forecast years.
Increase in the demand of smart bullets in air force
Among end-users comprising airborne, land, and navel, the airborne category is expected to be one of the dominant drivers in the global smart bullets market. The rise in demand of smart bullets from (Unmanned Combat Aerial Vehicle) UCAV systems is anticipated to bolster the growth of smart bullets market over the forecast period.
Some of the companies profiled in the report include Lockheed Martin, Northrop Grumman, Thales Group, Raytheon, Dassault Aviation, BAE Systems, Taser International, General Dynamics, Textron Defense Systems, and Harris Corporation.
• In February 2017, Lockheed announced to develop smart bullets to help defend Navy vessels from swarming attacks
• In October 2020, The RAPIDFire system developed by the consortium formed by Thales and Nexter was chosen by the French defence procurement agency (DGA) to equip future French Navy vessels with new artillery.
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