Remote Weapon System Market Predicted to Witness Highest Revenues by 2029
The remote weapon systems industry is projected to reach a value of 22 Bn through the end of 2029. The high expenditure by countries around the world on modernization initiatives for military equipment is a key factor bolstering revenue. The demand is also supported by the use of remote weapon systems in armored fighting vehicles and main battle tanks, which will continue to aid the growth of the remote weapon system market. The growth of the market in the near future can be widely be attributed to the applications in ground force equipment, reveals Fact.MR in its new study.
“A number of nations around the world are increasingly replacing older equipment and weapons with a major transition towards modern alternatives and are investing higher amounts in adopting remote weapon systems,” says the Fact.MR report.
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Remote Weapon System Market – Key Takeaways
- The ground force segment holds lead position, accounting for 40% of the overall market share, on the basis of system platform.
- The weapon segment will display 2x growth in revenue growth in association to human machine interference.
- The sensors segment is projected to grow at an impressive 12.3% during the forecast period.
- Close-in weapon systems and remote-controlled gun systems will display high levels of competitiveness in technology.
- The Indian and Chinese remote weapon system markets are anticipated to display high growth through 2029, cumulatively accounting for 30% of the global revenue.
Remote Weapon System Market – Key Driving Factors
- The rapid increase of spending on the modernization of military equipment is driving the demand in remote weapon system market.
- Heightened adoption in armored combat vehicles contribute to the growth of global market.
- The rising use of sensor fusion technology in addition to sensor suites is increasing proliferation of remote weapon systems, bolstering growth.
- Increasing incidences of economic inequality, political instability, and geopolitical conflict is pushing the remote weapon systems market.
Remote Weapon Systems Market – Key Constraints
- Issues with installation and operations, associated with remote controlled equipment is a continued challenge being faced by manufacturers.
Anticipated Impact of Covid-19 Outbreak
Unmanned weapon systems with varying autonomous functionalities are expected to gain demand by governments looking to effectively handle the current coronavirus outbreak. Law enforcement agencies are increasingly paying attention to the potential applications of drone systems to track potential spread of the coronavirus outbreak. Non-lethal weapons and remote-controlled systems could provide major tactical benefits.
Further, the coronavirus outbreak is likely to result in further issues of economic inequality and political instability around the world, owing to the break down in supply chain and issues of unemployment. Consequently, non-lethal remote weapon systems such as tasers will gain traction among law enforcement, which could potentially be used to control mob incidents. However, the increased use of non-lethal armed robotic systems in law enforcement is being viewed with skepticism and concerns about human rights violations, which is a challenge for the industry.
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The global remote weapon systems market is moderately consolidated. The leading players profiled in the report include, but are not limited to Kongsberg Gruppen, Rheinmetall AG, and Elbit Systems. Market leaders are investing in the adoption upgrading their product offerings, with new tech innovations. Manufacturers are channeling their efforts towards the development of competitive products to cater to the demand from developing and developed nations, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the remote weapon system market. Global, regional and country level analysis of the latest industry trends impacting the remote weapon system market are covered in this Fact.MR study. The report offers compelling insights on the remote weapon system market on the basis of component (weapons, human machine interface, and sensor module), technology (close-in weapon systems, remote controlled gun systems, and others), platform (ground forces, marine forces, and aerial forces), weapon (lethal weapons and non-lethal weapons), and mobility (stationary and moving) across seven regions (Middle East and Africa, Oceania, South Asia, East Asia, Europe, Latin America, North America).