NEW YORK, United States, June 21, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Smart Bullets Market 2023-2030” in its research database. According to the latest research study, the demand of global smart bullets market size was worth at USD 600 million in 2022 and it is expected to surpass around USD 1300 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 10.03% during the forecast period 2023 to 2030.
What are Smart Bullets? How big is the Smart Bullets Industry?
Report Overview:
The study on the smart bullet market provides in-depth and analytical insights into the most successful firms operating in the worldwide market. The report is a combination of extensive primary and secondary research with the goal of identifying upcoming market trends, growth inhibiting factors, and opportunities. Both types of research were used. The most recent technological advances, inventions, and product releases are included in the smart bullet industry reports, along with additional in-depth data on the various market diversification strategies.
In order to achieve a higher level of precision and accuracy, "smart bullets" are projectiles that are guided electronically 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 minimizing 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.
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- 2023 Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research Methodology
Global Smart Bullets Market: Growth Factors
- Demand for enhanced precision targeting weapons is projected to drive global market expansion
The nature of warfare has substantially evolved over time. Both developing and industrialized nations are concentrating their efforts on creating cutting-edge testing and combat weaponry that can fight independently and self-destruct if necessary. In addition, there is a considerable demand for weapons with greater range and impact. The need for operational strikes and precise attacks lies at the heart of the most recent wars on the battlefield. In the upcoming years, a situation like this is probably going to greatly accelerate the expansion of the worldwide smart bullets market. Additionally, it is projected that the rise in investments in developing autonomous weapons and the increasing number of security threats from terrorist groups will fuel the expansion of the global market for smart bullets. In the upcoming years, there will probably be a greater need for smart bullets due to a shift towards digitalization, especially in the defense industry.
Restraints
- Smart bullet prices may slow worldwide market expansion
The technique of creating smart bullets is intricate. Additionally, production needs a skilled labour to be completed. As a result, smart bullets are quite expensive, which is expected to impede the growth trajectory of the business globally in the years to come.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 600 Million |
| Projected Market Size in 2030 | USD 1300 Million |
| CAGR Growth Rate | 10.03% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Lockheed Martin Corporation, Leonardo S.p.A, Harris Corporation, Taser International, Inc, Dassault Aviation, BAE Systems PLC, Thales Group, General Dynamics Corporation, Axon, Boeing Corporation, The Raytheon Company, Northrop Grumman Corporation, and others |
| Key Segment | By Type, By Application, By Component, By Caliber, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Smart Bullets Market: Segmentation Analysis
The global smart bullets market can be segmented into type, application, component, caliber, and region.
By type, the market can be segmented into guided and self-guided smart bullets. In terms of market share for smart bullets globally, the guided bullet sector dominates. In order to enable for aiming and other crucial duties, guided bullets are those that are well-equipped with sensors and an integrated circuit. These bullets have the ability to capture data on several factors and transmit it through radio frequency to users for further examination. These bullets' main purpose is to aid military troops or law enforcement in hitting targets more accurately, even at a distance. Nevertheless, the self-guided smart bullets market is anticipated to expand consistently over the approaching years due to the demand for cutting-edge technology, particularly in the process of producing ammunition. In order to facilitate self-destruction once launched from the weapon, these bullets primarily contain a large number of integrated electronic chips. The main benefit of these bullets is that they don't harm any innocent bystanders and make it nearly hard for someone to use the cartridge without the appropriate target identification device.
By application, the market can be segmented into naval, land, and airborne. The smart bullets market is dominated globally by the airborne segment. During the anticipated timeframe, it is anticipated to capture around 50% of the market share overall. Armed forces frequently employ these rounds in airborne and ground strafing operations. The advantage of these bullets is their rapid-fire rate. Because of its sophisticated tracking system and sensors, it can also fire the target with a high degree of accuracy.
The global Smart Bullets market is segmented as follows:
By Type
- Guided Smart Bullets
- Self-Guided Smart Bullets
By Application
- Naval
- Land
- Airborne
By Component
- Microchips
- Sensors
- Actuators
- Others
By Caliber
- More Than 0.50 Caliber
- And Less Than 0.50 Caliber
Browse the full “Smart Bullets Market By Type (Guided And Self-Guided Smart Bullets), By Application (Naval, Land, And Airborne), By Component (Microchips, Sensors, Actuators, And Others), By Caliber (More Than 0.50 Caliber And Less Than 0.50 Caliber), And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030" Report at- https://www.zionmarketresearch.com/report/smart-bullets-market-size
Competitive Landscape
Some of the main competitors dominating the global Smart Bullets market include -
- Lockheed Martin Corporation
- Leonardo S.p.A
- Harris Corporation
- Taser International Inc
- Dassault Aviation
- BAE Systems PLC
- Thales Group
- General Dynamics Corporation
- Axon
- Boeing Corporation
- The Raytheon Company
- Northrop Grumman Corporation
- Others.
Key Insights from Primary Research:
- According to the analysis shared by our research analyst, the Smart Bullets market is likely to expand at a CAGR of around 10.03% during the forecast period (2023-2030).
- In terms of revenue, the Smart Bullets market size was valued at around US$ 600 million in 2022 and is projected to reach US$ 1300 million by 2030.
- The high demand for advanced precision targeting weapons is likely to boost the global smart bullet market growth.
- Based on the type, the guided bullet segment accounts for the largest share of the global smart bullets market.
- Based on the application, the airborne segment dominates the global smart bullets market.
- Based on the component, the microchips segment dominates the global market.
- Based on caliber, the less than 0.50 caliber segment holds the largest share of the global market.
- Based on region, North America is expected to dominate the market during the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Smart Bullets industry?
- What are the main driving factors propelling the Smart Bullets Market forward?
- What are the leading companies in the Smart Bullets Industry?
- What segments does the Smart Bullets Market cover?
- How can I receive a free copy of the Smart Bullets Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By Application, By Component, By Caliber, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America accounts for the largest share of the global smart bullets market. The government's increasing focus on enhancing military capabilities and resulting increase in the defence budget can be ascribed to the region's expansion. Additionally, a vital factor in the region's rapid market expansion is the region's expanding technology improvements. Favorable regulatory conditions in the area will also have a beneficial effect on the trajectory of the worldwide market's growth. The most developed and modern defence infrastructure is located in the area.
Asia Pacific is also likely to witness significant growth in the coming years due to the growing initiatives by the government to promote sports activities like paintballs games, airsoft games, etc. This will likely result in higher sales and demand for smart bullets. Additionally, it is projected that the government's increased focus on strengthening the military and defence industry will further fuel regional market expansion.
Europe is also expected to witness a steady growth rate in the forthcoming years. The need for advanced attack weapons like smart bullets is on the rise, which is the main factor driving growth. The need for cutting-edge weapons to ensure the protection of military troops and civilians is growing due to the numerous threats from various non-national entities.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
- BAE Systems Plc, in August 2022, initiated innovating the next generation 155mm ammunition technology particularly suitable for naval and land applications. This technology includes a wide spectrum of base and fuze options.
- General Dynamics Corporation saw a 31% increase in index funds after three consecutive years of loss. Also, the company witnessed a 12% increase in CAGR over the year.
To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/inquiry/smart-bullets-market-size
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