Global Automatic Weapon System Market:
According to the latest report by Market Research Future (MRFR), the global Automatic weapon system market is slated to reach a substantial valuation at a significant CAGR over the review period (2018-2023).
Factors influencing the growth of the market for Automatic weapon systems are the increasing government initiatives and investments towards security concerns, advancements in defense solutions, along with innovations taking place in the arms & ammunitions industry. The expansion of advanced technologies such as artificial intelligence (AI) is also expected to contribute to the global market for automated weapon systems over the forecast period.
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The market for Automatic weapon system has been segmented based on the type, platform, and payload. The types of Automatic weapon systems available in the global market are combat drones, homing missiles, radar-guided, stationary sentry guns. Based on the type, the combat drone is extensively used and is anticipated to account for the largest market share owing to the rise in investments on the unmanned aerial vehicle front.
Based on platforms, the global Automatic weapon system market is segmented into autonomous and semi-autonomous. Based on the platform, the semi-autonomous automated weapon system is likely to witness the highest growth due to growing interference by humans to control and monitor the weapon system.
The applications of Automatic weapon systems include airborne, land-base, and naval. Based on the application, the airborne segment is expected to register the highest CAGR during the review period due to the advent of combat and target drones.
Based on the region, the market has been segmented into North America, South America, Asia Pacific, Europe, and the middle east and Africa.
The North American region is the largest market for Automatic weapon systems and is estimated to maintain its dominant market share over the review period. This growth can be attributed to the higher investments and strategic business growth plans made by the key players present in the region. The growing adoption of sentry guns and radar-guided missiles by the defense sector of North American countries such as the U.S. and Canada, is likely to fuel the market growth. Moreover, continually advancing technology and its rapid adoption are expected to drive the market over the forecast period.
Europe is considered the second-largest region in the global Automatic weapon systems market and is expected to acquire a substantial market share over the evaluation period, owing to the established defense organizations, need for advanced military apparatus, and the higher implementation of technology advancements in developed countries such as Germany, France, the U.K., among others.
The Asia Pacific is assessed as the fastest-growing region of the global Automatic weapon system market in the foreseeable period. Factors such as the rising need for advanced defense apparatus in order to protect and prevent cross-border terrorism, border turmoil, and other security threats, are majorly driving the market for Automatic weapon systems in the region. Developing countries such as India as well as China are expected to contribute momentously to the demand over the review period.
The Middle East and Africa region is accounted for the smallest market share of the global Automatic weapon system market but is estimated to witness gradual growth over the evaluation period. This is credited to the political unrest and security threats in certain parts of the middle east and Africa.
The key players identified in the global Automatic weapon system market are Aerovironment, Inc. (U.S.), BAE Systems, Inc. (U.K), Boston Dynamics (U.S.), General Dynamics Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), Saab AB (Sweden), Turkish Aerospace Industries, Inc. (Turkey), and Thales Group (France).
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