It was estimated prior to this unanticipated outbreak that the Smart Bullets Market is likely to witness an impressive CAGR of 15.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Smart Bullets Market Segment Insights:
By Product Type:
The market is segmented as guided smart bullets and self-guided smart bullets. The guided smart bullets segment accounted for the larger share of the market in 2019 and is estimated to maintain its supremacy during the forecast period. The prime factor contributing to the demand for smart bullets is the growth in illegal and criminal activities in some of the major countries such as the U.S. among others in the upcoming years.
By End-User Type:
The market is segmented as airborne, land, and naval. The land segment held the largest share of the market in the year 2019 and is estimated to remain dominant during the forecast period. Factors such as the growing economies in the Asia-Pacific region for smart weapon investments for military, and Wars in various countries such as China, India, Turkey, Ukraine, France, Afghanistan, and Pakistan among others are the major factors fueling the product demand in the market during the forecast period.
By Region:
North America is estimated to account for the largest share of the market over the forecast period. The growth is attributed to the U.S. government focusing to incorporate technically enhanced weapons to its weaponry and the growing investments in defense. Furthermore, the growing demand for airborne smart bullets, and the U.S. government being the major customer of smart bullets in both global as well as North America is fueling the growth of the regional market during the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.