PUNE, India, June 26, 2018 /PRNewswire/ --
According to the new research report "Remote Weapon Station Market by Application (Military, Homeland Security), Platform (Land, Airborne, Naval), Component (Sensors, HMI, Weapons & Armaments), Weapon Type (Lethal, Non-lethal), Mobility, Technology, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 8.48 billion to USD 14.42 billion by 2023, at a CAGR of 11.20% from 2018 to 2023. This growth can be attributed to increasing incidences of armed conflicts, war, and terrorism, which are driving the demand for remote weapon stations globally.
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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 is estimated to be led by the land segment in 2018 and is expected to continue to lead till 2023. Emerging countries, such as China and India, among others, are building large forces of Infantry Fighting Vehicles (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, in 2016 India signed a contract with Russia for the supply of 464 T-90 main battle tanks that will help the country significantly in its offensive operations vis-à-vis China and Pakistan.
The sensors segment is projected to grow at the highest CAGR during the forecast period
The remote weapon station market has been analyzed and segmented based on component into human machine interface, sensors, and weapons & armaments. The remote weapon station market is led by the weapons & armaments segment. The sensors segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the use of the sensor fusion technology, and the sensor suite, which continues to be upgraded to deliver enhanced detection and decision-making. Combining data from key sensors provides the warrior an autonomous ability to rapidly evaluate the overall tactical scenario and respond efficiently to identify threats.
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The market for the remote weapon station in the Asia Pacific is projected to grow at the highest CAGR during the forecast period
The rapid growth of the remote weapon station market in the Asia Pacific can be attributed to the increasing defense budgets to innovate and develop robust remote weapon stations by emerging countries, such as China and India. For instance, India-based companies, such as Mahindra Defense Systems and Bharat Electronics, recently launched their newly developed remote weapon stations for armored vehicles.
China is estimated to account for the largest share of the Asia Pacific remote weapon station market in 2018. This rapid growth can be attributed to the increasing research & development activities undertaken in the region for the development of advanced technology-based designs of remote weapon stations.
The ecosystem of the remote weapon station market comprises OEMs, integrators, and end users. Key end users of the remote weapon station market are defense forces. Major players in the remote weapon station market are Kongsberg Gruppen (Norway), Raytheon Company (US), Elbit Systems (Israel), Saab AB (Sweden), Leonardo S.p.A. (Italy), Electro Optic Systems (Australia), BAE Systems (UK), Rheinmetall AG (Germany), ASELSAN A.S (Turkey), FN Herstal (Belgium), Rafael Advanced Defense Systems (Israel), and Rheinmetall AG (Germany), among others.
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