Published Date : Nov 21, 2016
ALBANY, NY, Nov 21, 2016: The 54-page research study talks about the lucrative opportunities and latest developments in the global cluster munitions market. In addition, to offer a strong understanding of the market, the study highlights the key drivers, barriers, and latest trends in the market. The product segmentation, vendor reports, and geographical segmentation have also been included in the study.
As per the research report, the global market for cluster munitions is projected to register a 2.0% CAGR between 2016 and 2020. The development of sensor-based munitions and cost-effectiveness offered by cluster munitions are the vital factors expected to augment the global cluster munitions market throughout the forecast period. In addition, the rising deployment in extremist-controlled regions is projected to generate significant opportunities for leading players operating in the market.
On the other hand, the rising risk of unexplored ordnance, higher death rate of civilians, and concerns related to the destruction of stockpiles are some of the key factors anticipated to restrict the growth of the global cluster munitions market in the next few years. Moreover, thermal management of cluster missiles is likely to curtail the growth in coming years. Nevertheless, the emergence of limited explosive munitions and the rising prominence of alternative warhead program (AWP) are expected to contribute significantly towards the growth of the market.
On the basis of geography, in 2015, the Americas led the global cluster munitions market with a massive share and is expected to remain in the lead position throughout the forecast period. The high growth of this region can be attributed to its increasing application by the U.S. Army in order to reduce the number of artillery and aircraft systems. The anticipated growth rate and size of other key geographical segments have been mentioned in the study.
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The global cluster munitions market is characterized by intense competition. Key players in the market are competing against each other on the basis of reliability, aftermarket services, cost, and product quality. To sustain in the market, these players are making efforts to increase their market penetration and expand their product portfolio. In addition, the rising number of strategic collaborations, mergers, and acquisitions are estimated to encourage the growth of the overall market in the next few years.
Textron Systems, L-3 Fuzing and Ordnance Systems, IMI Systems, Lockheed Martin, Orbital ATK, and NORINCO are the leading players operating in the global cluster munitions market. Some of the other players mentioned in the research study are China Aerospace Science and Technology Corporation and Aeroteh. Detailed profiles of these players have been discussed in the research report.
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