Portland, OR, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart bullets market generated $0.56 billion in 2021, and is estimated to reach $1.4 billion by 2031, witnessing a CAGR of 10% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Smart Bullets Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.56 Billion |
| Market Size in 2031 | $1.4 Billion |
| CAGR | 10% |
| No. of Pages in Report | 308 |
| Segments Covered | Caliber, Component, Application, Type, and Region |
| Drivers | Increase in demand for advanced precision strike weapons |
| Rise in number of security threats from terrorist organizations | |
| Growing investments to develop autonomous weapons | |
| Opportunities | Increase in defense expenditure by governments of major economies |
| Modernization of weapon systems | |
| Restraints | Regulations on arm transport |
| High cost of smart bullets |
Covid-19 Scenario:
- The COVID-19 outbreak forced governments to implement stringent lockdown and ban on import and export of raw materials for most of 2020 and few months in 2021. Consequently, there was low availability of important raw materials for manufacturing smart bullets.
- Moreover, disruptions in business operations such as limited manufacturing and supply chain, and reduced operating capacity caused interruptions in several existing defense modernizations and new development activities of smart bullets worldwide.
- The defense manufacturers reduced their R&D investments to withstand the decline in revenue and operating performance of the defense industry.
- The rapid spread of the COVID-19 virus induced a dramatic redirection of defense spending toward healthcare spending. Markets around the globe witnessed reduced procurement of autonomous defense systems. The procurement contracts are gradually expected to grow in the coming years, as governments continue to strengthen their defense capabilities for addressing the uncertain geopolitical tensions across various nations.
The report offers a detailed segmentation of the global smart bullets market based on caliber, component, application, type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on caliber, the less than 0.50 caliber segment held the largest share in 2021, accounting for more than half of the global smart bullets market, and would rule the roost through 2031. However, the more than 0.50 caliber segment is estimated to witness the fastest CAGR of 10.5% during the forecast period.
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Based on the component, the actuator segment held the largest share in 2021, capturing more than one-third of the global smart bullets market, and would rule the roost through 2031. However, the sensors segment is estimated to witness the fastest CAGR of 10.6% during the forecast period. The report also discusses the microchips and others segments.
In terms of application, the land segment captured the largest market share of nearly half in 2021 and is expected to lead the trail during the forecast period. The same segment is likely to achieve the fastest CAGR of 10.7% through 2031. The report includes other segments such as airborne and naval segments.
In terms of type, the guided segment captured the largest market share of around three-fifths in 2021 and is likely to maintain a noteworthy growth during the forecast period. However, the self-guided segment is likely to achieve the fastest CAGR of 10.7% through 2031.
Based on region, the market in North America was the largest in 2021, accounting for around one-third of the global smart bullets market, and is likely to maintain its leadership status during the forecast period. Moreover, the market in the same region is expected to manifest the highest CAGR of 10.8% from 2022 to 2031. The other regions analyzed in the study include Asia-Pacific, Europe and LAMEA.
Leading players of the global smart bullets market analyzed in the research include Axon Enterprise, Inc., BAE Systems plc, The Boeing Company, Dassault Aviation S.A., General Dynamics Corporation, Harris Corporation, Leonardo S.p.A., Lockheed Martin Corporation, Louisiana Tech University, Northrop Grumman Corporation, Textron Systems Corporation, Thales Group, Raytheon Technologies, and University of Florida.
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The report analyzes these key players of the global smart bullets market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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