iCrowdNewswire Jan 13, 2021 11:54 AM ET
Global Remote Weapon Stations Market is projected to be valued at USD 19,680 Million by 2026, registering a CAGR of 10.93% from 2020 to 2026.
Increasing defense expenditures by emerging economies have contributed significantly to the expansion of the remote weapon stations market. Furthermore, increasing contracts and mergers & acquisitions undertaken by companies is also expected to drive market growth during the review period. For example, in January 2018, Electro-Optics Systems (EOS) received a contract worth USD 600 million to provide 30mm remote weapons stations to an unnamed customer. The contract is deliverable in monthly shipments from 2018-2022, and follow-on awards for additional equipment, spare parts, servicing, and support are expected.
However, the high cost of development and issues related to the integration of remote weapon stations with different platforms might hamper the growth of the market.
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Advancements in warfare technologies such as smart ammunitions, directed energy weapons, and advanced gun systems are expected to drive the growth of the market.
Growth Opportunities in the Market
Sensors Segment to Register the Highest Growth Rate: The sensors segment is expected to register the highest CAGR during the forecast period, 2020 to 2026. Increasing up-gradation of sensor suites that provide enhanced detection and decision-making capabilities is expected to drive the growth of the segment. Incorporating data from key sensors provides soldiers with the autonomous ability to quickly evaluate battlefield scenarios and respond efficiently to identify threats.
The Land Segment Is Expected to Be the Fastest-Growing: The land segment is expected to record the highest CAGR during the forecast period. The increasing procurement of infantry fighting vehicles (IFVs) and armored vehicles by countries such as China and India is expected to drive the growth of the segment.
The Lethal Weapons Segment Dominated the Market in 2019: The segment dominated the market in 2019 due to factors such as the increasing incidences of terrorism and domestic conflicts, which will surely drive the demand for medium and high-caliber weapons systems by the BSF and military sectors of various countries.
The Military Segment Dominated the Market in 2019: The military segment dominated the market in 2019, owing to the rapidly increasing defense budgets to innovate and develop robust remote weapon stations by emerging countries, such as the US, the UK, China, India, and others.
The Stationary Segment Dominated the Market in 2019: The stationary segment dominated the market in 2019, owing to the rapidly growing use of various stationary remote weapon stations to defend against drones, aircraft, and other threats.
- KONGSBERG (Norway)
- Raytheon Technologies Corporation (US)
- Elbit Systems (Israel)
- Saab AB (Sweden)
- Leonardo S.p.A. (Italy)
- BAE Systems (UK)
- Electro Optic Systems Pty Ltd (Australia)
- Rheinmetall AG (Germany)
- ASELSAN A.S (Turkey)
- Other Prominent Players
- FN HERSTAL (Belgium)
- Rafael Advanced Defense Systems Ltd. (Israel)
- Moog, Inc. (US)
- ST Engineering (Singapore)
- Norinco Group, Inc. (China)
- General Dynamics Corporation (US)
- Nexter group KNDS (France)
- Mahindra Emirates Vehicle Armouring Fz LLC (UAE)
- Bharat Electronics Limited (India)
- Israel Aerospace Industries (Israel)
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