Sales of Remote Weapon System to See an Upward Trend on Ground Platforms Through 2029
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.
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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.
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- 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
Key Segments of the Remote Weapon System Market
Fact.MR’s study on the remote weapon system market offers information divided into six important segments— component, technology, platform, weapon, mobility and region.
This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
|Component||WeaponsHuman Machine InterferenceSensor Module|
|Technology||Close-in Weapon SystemsRemote Controlled Gun SystemsOthers|
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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.
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