Market Forecast By Product (Missiles, Munitions, Guided Projectiles, Guided Rockets, Guided Firearms, Directed Energy Weapons), By Technology (Laser, Infrared, Radar, GPS, Others), By Platform (Air, Land, Naval) And Competitive Landscape
|Product Code: ETC433228||Publication Date: Nov 2022||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
Bangladesh Smart Weapons Market is projected to witness growth in the coming years owing to the surging border disputes, increasing terrorism, and rising expenditure on defense. Additionally, the government initiatives to modernize the armed forces and replace legacy systems are expected to augment the growth of Bangladesh Smart Weapons Market. Moreover, the demand for smart weapons is also being driven by the need to maintain superiority over neighboring countries in terms of military capabilities. However, the high cost of the modern weapons and lack of skilled personnel are some of the factors hampering the growth of the market.
The Bangladesh Smart Weapons Market Share is fragmented among many small and medium-sized players. In addition to this, the country is a member of the various international organizations, such as the United Nations (UN) and South Asian Association for Regional Cooperation (SAARC) which is contributing is expected to boost the procurement of smart weapons by Bangladesh.
According to 6Wresearch, Bangladesh Smart Weapons Market is expected to grow during 2022-2028. The Asia Pacific Smart Weapons Market is expected to grow at highest CAGR in the forthcoming years due to rising border disputes, increasing defense expenditure, and terrorist activities. However, the high cost of these weapons, dependency on imported products, economic condition, and stringent government regulations are restraining the Bangladesh Smart Weapons Market Growth.
The Bangladesh Army is the largest service branch of the Bangladesh Armed Forces and is responsible for protecting the country's territorial integrity. Also, the army has been engaged in counterterrorism operations in recent years and has procured various types of smart weapons to report this threat.
The COVID-19 outburst substantially affected the Bangladesh Smart Weapons Market and its growth rate. The supply chain of these weapons hindered the market to grow during the pandemic. In general, lockdown measures lead to flight cancellations, restrictions on import and exports, and quarantine protocols which in turn resulted in the decreased demand for Bangladesh Smart Weapons Market.
There are several governance, regulation, and policy issues that need to be addressed in order to ensure the Bangladesh Smart Weapons Market Growth. The government needs to establish a clear and concise regulatory framework for the development and use of smart weapons. Additionally, it is important that the government provides an adequate funding and resources to support the growth of the smart weapons industry.
On the basis of Product, the market is categorized into Missiles, Munitions, Guided Projectiles, Guided Rockets, Guided Firearms, and Directed Energy Weapons. The missiles segment is anticipated to grow at rapid pace rate during the forecast period attributed to the rising demand for long-range and precision-guided missiles.
Based on Platform, the market is classified into Air, Land, and Naval. Of these, the Air platform segment is projected to grow at a rapid pace during the forecast period on the account of increasing defense expenditure to procure new fighter jets and other aircrafts equipped with smart weapons.
The report offers a comprehensive study of the subsequent market segments:
1. Why the demand for smart weapons is increasing?
The demand for smart weapons is increasing due to rising terrorism activities.
2. What augments the Bangladesh Smart Weapons Market growth?
Rising terrorism and rising border disputes augments the Bangladesh Smart Weapons Market growth.
3. Does this market report thoroughly signifying the COVID-19 effect?
Yes, this market report thoroughly signifies the COVID-19 effect.
4. What are the restraining factors of Bangladesh Smart Weapons Market?
Lack of skilled personnel and high cost of these weapons restrained the market growth.