LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global network enabled weapons (NEW) market to grow at a CAGR of close to 14% during the period 2018-2022, according to their latest report.
This market research report segments the global network enabled weapons market into the following applications, including naval-launched, air-launched, and ground-launched and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the demand for long-range missiles as a key factor contributing to the growth of the global network enabled weapons market:
Demand for long-range missiles
In a battlefield, eliminating enemies while remaining at a safe distance is very crucial. This will greatly enhance the survivability of battle troops. Globally, defense agencies have been investing in the development of extended-range missiles or beyond-visual-range-missiles to strike enemies from miles away. The beyond-visual-range missiles have the ability to engage enemies at ranges of more than 20 nautical miles. Booster rocket motor and ramjet sustainer motor were used to achieve such high range.
According to a senior analyst at Technavio for defense, “In the past few years, the development and advances of technology and sensors have enabled these missiles to receive target coordinates during flight. Earlier, air-to-air and air-to-surface missiles used semi-active radar homing guidance. The new generation of missiles are based on the fire-and-forget concept.”
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Global network enabled weapons market segmentation
Of the three major applications, the naval-launched segment held the largest market share in 2017, accounting for nearly 41% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is ground-launched, which will account for nearly 26% of the total market share by 2022.
The Americas was the leading region for the global network enabled weapons market in 2017, accounting for a market share of nearly 68%. By 2022, APAC is expected to witness the highest growth rate in terms of market share.
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