Remote Weapon Station Market Growth over the Next Five Years – Market Research Report
The Remote Weapon Station Market is estimated to grow from $8.48 billion in 2018 to $14.42 billion by 2023, at a CAGR of 11.20% from 2018 to 2023. The remote weapon station market has been segmented on the basis of application, platform, component, weapon type, mobility, technology, and region.
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Based on application, the military segment of the remote weapon station market is estimated to grow at the highest CAGR during the forecast period. Militaries worldwide operate remote weapon stations, which enable crews of numerous combat service support vehicles to defend themselves while providing critical and necessary ammunition, food, water, and fuel in the areas of engagement. The demand for remote weapon stations is also increasing due to the rise in the asymmetric nature of warfare. Close combat operations, fire support to foot soldiers, and area defense are the major tasks performed by remote weapon stations.
Based on platform, the land segment of the remote weapon station market is estimated to grow at the highest CAGR during the forecast period due to the installation of remote weapon stations on different platforms including armored fighting vehicles, unmanned ground vehicles, and ground stationary, among others. Technological advancements with respect to the design of weapon systems of various calibers are estimated to drive the land segment of the remote weapon station market during the forecast period.
Based on weapon type, the lethal weapons segment is estimated to lead the remote weapon station market in 2018. Lethal weapons have been further categorized into small caliber and medium caliber. The small caliber segment is estimated to lead the remote weapon station market during the forecast period. This can be attributed to the increased demand for small caliber weapons that can be installed with remote weapon stations on land, naval, and airborne platforms. Countries such as China and India are expected to procure such weapons during the forecast period.
Europe is expected to be one of the largest markets for remote weapon stations in the near future. Remote weapon stations are expected to drive military operations, as these protect personnel from direct fire, thus leading to a decline in casualties. The importance of troop safety and enhancement of the kill power of a warfare platform are driving major manufacturers and service providers in the region to develop techno-efficient combat systems and unmanned systems with remote weapon stations.
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The Asia Pacific remote weapon station market is projected to grow at the highest CAGR during the forecast period, followed by the Middle East and North America. This can be attributed to the increasing demand for remote weapon stations due to the procurement of new military platform fleets. Various countries in the Asia Pacific have increased their defense budgets and are carrying out aggressive military modernization programs. These modernization programs are fueling the growth of the market for remote weapon stations in this region.
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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