Autonomous Weapons Market Expected to Reach $30.16 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “autonomous weapons market by product, platform, and type: global opportunity analysis and industry forecast, 2021–2030,”

The global autonomous weapons market was valued at $11.56 billion in 2020, and is projected to reach $30.16 billion by 2030, registering a CAGR of 10.4%.

Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. The U.S. dominated the global autonomous weapons market share in North America in 2020, owing to increase in R&D activities, technological developments by big players, rapid adoption of innovative technologies in making reliable, precise, and efficient autonomous weapon systems. North America is expected to grow at a significant rate during the forecast period, owing to rise in adoption of autonomous weapons, along with its huge defense spending and presence of major defense equipment manufacturers such as BAE Systems plc, Northrop Grumman Corporation, and Raytheon Technologies Corporation.

By product, the market is categorized into missiles, munitions, guided rockets, guided projectiles, hypersonic weapon, and others. The missiles segment accounted for the highest revenue in 2020, owing to high demand for a number of precise, long- and short-range missile systems to safeguard national assets by defense forces throughout the globe.

By type, the autonomous weapons market is bifurcated into semi-autonomous and autonomous. The semi-autonomous segment accounted for the highest revenue in 2020, owing to high demand for semi-autonomous weapons as it encompasses both artificial and human intelligence capabilities.

By platform, the autonomous weapons market is bifurcated into land, airborne, and naval. The airborne segment accounted for the highest revenue in 2020, owing to high efficiency, lethality, and reliability of airborne autonomous weapons in a combat situation.

Increase in number of autonomous defense vehicles, drones, and robots and increase in investments to develop autonomous weapons throughout the globe are expected to drive the autonomous weapons market during the forecast period. However, serious issues with the fully autonomous weapons are anticipated to hamper growth of the market. Moreover, rise in usage of autonomous weapons globally and rise in defense spending globally are expected to offer lucrative opportunities for the market in future.

COVID-19 Impact Analysis

• The COVID-19 impact on the autonomous weapons market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
• The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of non-essential items for most of 2020. This led to sudden fall in the availability of important raw materials.
• Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
• Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative defense autonomous weapon systems globally.

Key Findings Of The Study

• By product, the missiles segment is expected to register a significant growth during the forecast period.
• By type, the autonomous segment is anticipated to exhibit significant growth in future.
• By platform, the airborne segment is projected to lead the global autonomous weapons market, owing to higher CAGR as compared to defense forces segment.
• By region, North America is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global Autonomous weapons market include BAE Systems plc, Israel Aerospace Industries Ltd., Kongsberg Gruppen ASA, Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Rheinmetall AG, and Thales Group.