Mar 17, 2020
Upsurge in Military Spending to Create Profitable Growth Avenues for Remote Weapon System Market, Says Fact.MR
by Team Fact.MR
Globally, geopolitical tensions are escalating rapidly and with that, demand for military equipment and adoption of remote weapon systems is also ramping up. As of 2018, the global military expenditure rose to US$ 1.8 trillion, predominantly in countries such as China, India, Russia, and the US. Remote weapon systems are being installed on ground combat vehicles or sea and air-based combat platforms. Owing to the increase in the military spending and adoption of remotely-operated weapon systems in many countries, the demand for remote weapon systems will skyrocket in the coming years. Fact.MR, in its latest research, projects that in the component category, the weapon segment will foresee two-fold growth by 2029, which further pushes the global remote weapon system market to the US$ 22 Bn mark by the end of the forecast period.
Key Takeaways of Global Remote Weapon System Market
- Based on platform, the remote weapon system market was led by the ground force segment in 2018, contributing 40% of the market share and is expected to continue its hegemony through 2029.
- The remote weapon system market is led by the weapon segment which exhibited two-fold growth in revenues vis-a-vis the Human Machine Interference segment in 2018. The sensors segment is projected to grow at the highest CAGR of 12.3% during the forecast period.
- In the technology segment, there will be close competition in terms of value between Close-in Weapon Systems, and Remote Controlled Gun Systems in the coming years
- According to Fact.MR, the Chinese and Indian remote weapon system market is foreseen to witness rapid growth throughout the forecast period, and is set to contribute 30% of the global revenue share in 2019
“Various economies around the world are rapidly replacing older technologies and weapons with a seismic shift towards modern equipment and are investing more in adopting remote weapon systems,” Says the Fact.MR analyst.
Ongoing Military Modernization Programs to Catalyze Market Growth
Developed and developing economies have witnessed a number of armed conflicts at both intrastate and interstate level. Some of the wars are also impacting the global economy, for instance, civil war in Syria, and a war against the Taliban in Afghanistan. These conflicts are resulting in high investments in military endeavors. Owing to a sharp rise in spending for modernization of armored vehicles, the demand for remote weapon systems will increase rapidly over the next few decades. For instance, in 2018, Kongsberg, a manufacturer of high-technology systems for the defense, signed a contract of US$ 1.9 bn to supply Medium-Caliber Turret to the Qatar military.
Find More Valuable Insights on Remote Weapon System Market
Fact.MR, in its new offering, provides an unbiased analysis of the global remote weapon system market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the remote weapon system market on the basis of Components (Weapons, Human Machine Interference, Sensor Module), Technology (Close-in Weapon Systems, Remote Controlled Gun Systems, and Others), Platform (Ground Forces, Marine Forces, and Aerial Forces), Weapon (Lethal Weapons, Non-lethal Weapons), Mobility (Stationary, and Moving), across seven regions.
>>> To Get more insights on remote weapon system market, visit- https://www.factmr.com/report/4614/remote-weapon-system-market
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial research team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.