The report, now available on ASDReports, "Remote Weapon Station Market by Application (Military, Homeland Security), Platform (Land-based, Airborne, Naval), Component (Sensor, Fire Control, Weapons & Armaments), Weapon Caliber (Small, Medium), Mobility, Technology & Region - Global Forecast to 2022", The remote weapon station market is projected to grow from USD 6.28 Billion in 2016 to USD 12.70 Billion by 2022, at a CAGR of 12.47% during the forecast period.
This growth can be attributed to the increasing incidences of armed conflicts, war, and terrorism, which are driving the demand for remote weapon stations globally.
Based on platform, the land segment is expected to lead the remote weapon station market during the forecast period
Based on platform, the remote weapon station market was dominated by the land segment in 2016 and is expected to continue its dominance till 2022. Developing countries such as China and India, among others, are building large forces of IFVs and armored vehicles. These countries are investing more in automated technologies and focusing on manufacturing a wide range of offensive fighting vehicles. For instance, India recently signed a contract with Russia for 464 T-90 main battle tanks that will help the country significantly in its offensive operations vis-à-vis China and Pakistan.
The military application segment is projected to grow at the highest CAGR during the forecast period
The remote weapon station market has been analyzed and segmented on the basis of application into military and homeland security. The remote weapon station market is dominated by the military application segment. This segment is projected to grow at the highest CAGR during the forecast period, primarily driven by the upgrade and modernization programs, procurement of new military equipment, and increase in defense budgets of emerging nations.
The U.S. and China are expected to be lucrative markets for remote weapon stations
The U.S. and China are expected to lead the remote weapon station market in the coming years. The U.S. remote weapon station market is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing research and development activities undertaken in the region for the development of advanced technology-based designs of combat systems. The U.S. military is focusing more on unmanned systems and thus, remote weapon stations are vital for UGVs and UAVs.
Major players in the remote weapon station market are Elbit Systems plc (Israel), Kongsberg Gruppen (Norway), Raytheon Company (U.S.), Saab AB (Sweden), Leonardo-Finmeccanica (Italy), and Thales Group (France), among others.
Source: ASDReports - Market Research
Date: Mar 17, 2017