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Autonomous Military Weapons Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The autonomous military weapons market size is expected to see rapid growth in the next few years. It will grow to $24.07 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%” - The Business Research Company
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The autonomous military weapons market size has shown impressive growth trends over recent years. It is expected to grow from $14.68 billion in 2023 to $16.21 billion in 2024, boasting a compound annual growth rate CAGR of 10.4%. Factors such as past conflicts and military strategies, historic research and development investments, regulatory milestones, past budget allocations, and the fruits of previous successes and failures have primarily shaped this projected growth.
Projected Growth: What is the anticipated market size for autonomous military weapons?
Expected to follow the growth trajectory, the autonomous military weapons market is projected to reach a staggering $24.07 billion by 2028, indicating the same CAGR of 10.4%. A plethora of factors are speculated to supercharge this forecasted expansion. Significant amongst these are adoption by non-state actors, changes in supply chain dynamics, shifts in public opinion and advocacy, geopolitical trends, and industry competition and innovation. Major trends shaping the future of this sector include changing public perceptions and acceptance, collaboration and alliances, geopolitical tensions, ethical concerns, and cost-efficients.
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What drives the growth of the autonomous military weapons market?
The ability to perform dangerous tasks with precision majorly contributes to the robust growth of the autonomous military weapons sector. Autonomy in weaponry can prevent army personnel from undertaking dangerous assignments or any imminent threat to human life. Increased decision-making reaction speed, accuracy, and the ability to stay focused on the target are crucial factors in this equation. Access to extensive information, high predictability for certain functions, and the capacity to operate in remote control technology-inaccessible areas keep humans away from tedious or repetitive tasks, boosting this sector's appeal. Prominent countries like the USA, China, and Russia are investing heavily in artificial intelligence AI for weapons, with Russia notably planning to spend a whopping $719 million until 2021 on AI research and development for weapons. The ability to accurately hit the target without human intervention, thus minimizing risks to human life, is causing the market demand to soar.
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Who are the key players in the autonomous military weapons market?
The market report reveals the essential companies operational in the autonomous military weapons market. Notable amongst these are China North Industries Group Corporation Limited, Aviation Industry Corporation of China, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus Group Inc., Kalashnikov Concern LLC, China Aerospace Science and Technology Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Rostec State Corporation, BAE Systems plc, L3Harris Technologies Inc., Thales Group, and Textron Inc.
What new trends are shaping the autonomous military weapons market?
Leading companies in this sector have been focusing specifically on developing innovative products like unmanned ground vehicles UGV to provide elite services to their customers. For example, MSI Defence Systems Ltd., a UK-based defense and space systems manufacturer, recently teamed up with Milrem Robotics, an Estonia-based robotic vehicles manufacturer, to launch THeMIS, a highly mobile, unmanned kinetic C-UAV in September 2021. Integrating with the Remote Weapon Systems RWS and Electrical Optical Sensor Systems from MSI-DSL, this launch brought about a groundbreaking solution to combat mini-UAVs and other small, elusive aerial targets.
The market segments of the autonomous military weapons sector -
1 Type: Autonomous, Semi-autonomous
2 Product: Missiles, Rockets, Guided Bombs, Target Pods, Others
3 Platform: Land, Airborne, Naval
Understanding the market demographics: A regional insight into the autonomous military weapons market
As of 2023, Asia-Pacific stood as the largest region in the autonomous military weapons market. During the forecast period, Western Europe is expected to emerge as the fastest-growing region in this market. The entire autonomous military weapons market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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