Not only does a smart bullet tracks the path of the target but it also changes its speed, sends data, and turns according to the target. Smart bullets come with various advantages such as superior fatality with aim point range. They are also effective against moving targets.
Rising investments in the defense sector are one of the key factors propelling the growth of the global smart bullets market. This trend is anticipated to boost the global market in the coming future as well. High demand for airborne smart bullets is another major factor contributing to the global smart bullets market growth. In addition, increasing demand for smart bullets in various developing economies including India, Brazil, China, and Argentina is anticipated to boost the global smart bullets market in the near future.
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The global smart bullets market is segmented on the basis of product types, end user, and region. Based on the product types, the global market is segmented as a self-guided smart bullet and guided smart bullet. On the basis of the end user, the global smart bullets market is segmented as land, airborne, and naval. Geographically, the global market is segmented as Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
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North America dominates the global smart bullets market mainly owing to the rising focus of the U.S. Government on the integration of the technologically enhanced weapons into its weapon list. Additionally, the U.S. Government is further the key smart bullets customer in North America as well on a global level. Developing countries in Asia-Pacific are investing considerably in smart weapons since the military is one of the key factors further propelling the growth of the global smart bullets market. In addition, wars in different countries such as Ukraine, Turkey, Lebanon, India, China, France, Pakistan, and Afghanistan is another key factor having a positive impact on the demand as well as the growth of the global smart bullets market. North America showed an important contribution in 2016 in terms of market share in the global market. This trend was followed by Europe, Middle East & Africa, Asia-Pacific, and Latin America and is further expected to remain the same in the near future.
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Some of the major companies in the global smart bullets market include The Raytheon Company, Lockheed Martin Corporation, BAE Systems PLC, Thales Group, General Dynamics Corporation, and Northrop Grumman Corporation. Other key players dominating the global smart bullets market are Harris Corporation, Taser International Inc., Boeing Company, and Textron Defense Systems.