September 2022 – Drone Fund Investment in India:
Drone Fund, the world’s largest drone-focused venture capital firm based in Japan, invested USD 40 million in Indian drone manufacturing companies. The investment aims to foster the development of a comprehensive drone ecosystem in India, enabling local sourcing and production of drone components.
September 2022 – Launch of DJI Mavic 3 Enterprise by Drone Nerds:
Drone Nerds, a leading DJI-authorized UAV distributor, launched the DJI Mavic 3 Enterprise. This new commercial drone is tailored to meet the essential requirements of enterprise operations, offering practical features without the complexity and cost of high-end UAVs.
According to Fortune Business Insights™, the global light weapons market size was valued at USD 12.61 billion in 2019 and is projected to grow from USD 13.23 billion in 2020 to USD 25.61 billion by 2032, exhibiting a CAGR of 5.60% during the forecast period. The growth is primarily driven by increasing demand for portable and crew-served weapon systems used in combat and naval missions, alongside rising global defense expenditures.
North America accounted for the largest market share of 44.96% in 2019, backed by high military budgets, the presence of leading OEMs, and large-scale procurement programs from the U.S. and Canadian defense sectors.
Light Weapons Market Overview
Light weapons are typically designed for use by two or more personnel as a crew. These systems include a wide array of armaments such as heavy machine guns, recoilless rifles, grenade launchers, mortars (under 100mm), MANPADS (man-portable air-defense systems), MANPATS (man-portable anti-tank systems), landmines, and light anti-aircraft missile systems. They are extensively deployed by armed forces for tactical flexibility in various combat scenarios.
Key Companies Covered
ARSENAL (Bulgaria)
BAE Systems (U.K.)
FN HERSTAL (Belgium)
General Dynamics Corporation (U.S.)
Heckler & Koch GmbH (Germany)
Lockheed Martin Corporation (U.S.)
Northrop Grumman Corporation (U.S.)
Raytheon Technologies Corporation (U.S.)
Rheinmetall AG (Germany)
Saab AB (Sweden)
Thales Group (France)
Source:
https://www.fortunebusinessinsights.com/light-weapons-market-103529
Market Segmentation
By Type:
The market is categorized into heavy machine guns, recoilless rifles, anti-tank weapons, anti-aircraft missiles, light cannons, MANPAD, MANPAT, infantry mortars, grenades, launchers, and landmines. Among these, the anti-tank weapons segment is expected to grow significantly during the forecast period. This growth is driven by the changing nature of warfare and increased deployment of portable anti-armor systems by ground forces. In 2019, grenade launchers held a major share of the market, supported by strong demand from military forces and growing defense contracts tied to modernization programs.
By Guidance:
The market is segmented into guided and unguided weapons. The guided segment held the largest market share and is anticipated to maintain its dominance through 2025. This is due to the increasing demand for precision-guided systems such as MANPADS and anti-tank missiles, which offer greater accuracy and extended range. Guided weapons are becoming increasingly important in modern combat operations. By 2025, this segment is expected to account for approximately 59% of the total market. Meanwhile, the unguided segment, which includes heavy machine guns, recoilless rifles, and grenade launchers, is also poised for steady growth owing to its affordability, durability, and suitability for short-range combat.
By Application:
The light weapons market is divided into defense and homeland security applications. The defense segment leads the market and is projected to retain its dominance during the forecast period. This is primarily due to increasing global military spending, ongoing modernization efforts, and the steady procurement of advanced light weapons for armed forces. The segment is projected to generate USD 11.57 million in revenue by 2025. On the other hand, the homeland security segment is expected to grow steadily, driven by the rising threat of terrorism, civil unrest, and the need for advanced tactical weaponry in law enforcement operations.
Market Drivers
1. Widespread Availability and Cost Efficiency
Light weapons are widely accessible from various global manufacturers and offer cost-effective solutions for military operations. Their portability, ease of use, and low maintenance requirements make them ideal for both defense and paramilitary applications.
2. Rising Terrorism and Geopolitical Conflicts
An upsurge in terrorism, cross-border skirmishes, and political instability is fueling the demand for lightweight, deployable weapons systems. Increased investments in border security and tactical weaponry further stimulate market growth.
3. Ongoing Military Modernization Initiatives
Countries are upgrading their military capabilities by procuring advanced light weapons equipped with guided systems and enhanced targeting technologies. This trend is accelerating market expansion globally.
Market Restraints
Stringent Regulatory Frameworks
Tight weapon control laws and complex licensing procedures in countries like the U.S., Canada, Australia, and Israel are restricting civilian and commercial use. These regulatory challenges may hinder overall market growth, especially in non-conflict zones.
Latest Trends
Adoption of Precision-Guided Technologies
The integration of laser targeting, head-up display (HUD) systems, and smart tracking mechanisms into small-caliber weapons is a key emerging trend. Defense manufacturers are heavily investing in R&D to develop more precise and efficient systems for modern warfare.
Regional Insights
North America (Market Size: USD 5.67 Billion in 2019)
Dominance led by U.S. defense expenditure and major OEM presence.
Advanced military technologies and frequent procurement contracts drive market leadership.
Asia Pacific
Rapid growth supported by increasing defense budgets in India, China, and South Asia.
India allocated USD 18.52 billion for arms procurement in 2020–2021, reflecting strong investment in modernization.
Europe
Home to prominent defense manufacturers like Saab AB, Thales Group, and Rheinmetall AG.
Market expected to grow at a CAGR of 5.08% due to robust military expansions in the U.K., Germany, and Russia.
Middle East & Africa
Rising defense expenditure in Saudi Arabia, Israel, and Turkey drives growth.
Adoption of modern warfare technologies and increased arms procurement bolster regional expansion.
Rest of the World
Witnessing gradual growth due to modernization programs and increased defense spending in Latin America and Southeast Asia.
Key Industry Developments
January 2021 – Bharat Electronics Limited (BEL) signed a contract with the Indian Navy to supply laser dazzlers, enhancing naval defense capabilities.
September 2020 – Lockheed Martin Corporation secured a USD 183 million contract from the U.S. Army for mobile rocket launcher systems and 28 high-mobility artillery systems.
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Smart Weapons Market Revenue Share, Emerging Trends and Forecast, 2024–2032
By Rishika19, 2025-07-30
According to Fortune Business Insights™, the global smart weapons market size was valued at USD 18.99 billion in 2023 and is projected to grow from USD 20.20 billion in 2024 to USD 45.24 billion by 2032, exhibiting a CAGR of 10.61% during the forecast period (2024–2032). The market’s robust growth is driven by increasing global defense budgets, ongoing military modernization efforts, and the rising demand for precision strike capabilities in dynamic combat environments.
Market Overview
The global defense landscape is witnessing rapid transformation amid heightened geopolitical tensions and asymmetric warfare threats. As a result, militaries worldwide are increasingly focusing on integrating advanced smart weapons systems—which offer enhanced precision, range, and operational flexibility—into their inventories. Smart weapons, such as sensor-fused munitions, guided bombs, cruise missiles, and laser/satellite-guided weapons, allow militaries to minimize collateral damage while maximizing mission success.
North America dominated the global smart weapons market in 2023, accounting for 33.86% of the total share, owing to its high defense expenditure and the presence of top-tier defense contractors including Lockheed Martin, Northrop Grumman, and Raytheon Technologies.
Key Market Players
Lockheed Martin Corporation (U.S.)
Raytheon Company / RTX (U.S.)
Northrop Grumman Corporation (U.S.)
General Dynamics Corporation (U.S.)
Boeing (U.S.)
Textron Inc. (U.S.)
BAE Systems (U.K.)
Thales Group (France)
MBDA (France)
Rheinmetall AG (Germany)
- Others
Source:
https://www.fortunebusinessinsights.com/smart-weapons-market-104058
Market Segmentation
By Product:
The smart weapons market is segmented into missiles, munitions, guided projectiles, guided rockets, and directed energy weapons. Among these, missiles and munitions remain the dominant segments due to their extensive use across air, land, and naval forces. Their high precision, long operational range, and proven effectiveness in complex combat environments make them indispensable in modern military operations. Guided projectiles and guided rockets are also gaining traction for their cost-effective accuracy in tactical engagements. Meanwhile, directed energy weapons—though still emerging—represent the future of warfare with their potential for high-speed, low-cost targeting capabilities and minimal collateral damage.
By Platform:
Based on platform, the market is categorized into air, land, and naval systems. The land segment is anticipated to experience substantial growth over the forecast period, driven by increased government spending on border security, counter-terrorism initiatives, and the modernization of ground-based defense systems. However, the air segment is expected to witness significant demand as air forces globally adopt precision strike capabilities through the integration of smart weapons into fighter jets, helicopters, and UAVs. Naval platforms are also deploying smart weapons such as anti-ship missiles and guided torpedoes to enhance maritime security and strategic strike abilities.
By Technology:
In terms of technology, the market is divided into laser guidance, infrared guidance, radar guidance, satellite guidance, and others. Laser and satellite guidance systems are currently leading the market due to their ability to deliver high-precision targeting in diverse combat scenarios, including urban environments and open terrain. Satellite-guided bombs and missiles, in particular, are highly valued for long-range strike missions and their ability to maintain course accuracy using real-time GPS data. Infrared and radar guidance technologies also play critical roles, especially in low-visibility or electronic warfare conditions, while emerging technologies in the "others" category are expected to further enhance targeting efficiency and battlefield awareness.
Regional Insights
North America
Valued at USD 6.43 billion in 2023, North America is expected to maintain dominance throughout the forecast period. This is due to its massive defense budget, continual modernization programs, and the presence of established defense OEMs. In 2019, for instance, the U.S. Department of Defense allocated USD 4.3 billion for munitions procurement.
Asia-Pacific
The region is expected to witness the fastest growth, driven by rising defense investments across India, China, South Korea, and Japan. Increasing territorial conflicts, rising terrorism, and military modernization initiatives are driving demand.
Europe
Growth in Europe will be driven by prominent players like Thales Group, BAE Systems, and Rheinmetall AG, as well as increased defense spending by the U.K., France, and Russia.
Rest of the World
Countries in the Middle East, such as the UAE and Saudi Arabia, are investing heavily in smart weapons. In June 2019, EDGE Group secured a USD 1 billion contract to deliver Desert Sting-16 precision-guided munitions to the UAE Armed Forces.
Market Dynamics
Key Growth Drivers
Rising Demand for Precision Weapons: Growing cross-border conflicts and asymmetric warfare are pushing nations to adopt smart weapons for their cost-efficiency, precision, and reduced collateral damage.
Increased Defense Expenditure: According to SIPRI, countries like the U.S. (USD 732 billion), China (USD 261 billion), India (USD 71.1 billion), Russia (USD 65.1 billion), and Saudi Arabia (USD 61.9 billion) are investing heavily in military upgrades.
Technology Advancements: Integration of AI, advanced sensors, autonomous targeting, and navigation systems are enhancing the accuracy and responsiveness of smart weapons.
Strategic Defense Contracts: For instance, in March 2020, Raytheon Technologies signed a USD 110 million contract with the U.S. Navy to modernize radar-guided gun systems for defense against littoral threats.
Restraints
Stringent Regulatory Frameworks: Government regulations on the export, acquisition, and use of guided weapons, especially in India, New Zealand, Australia, and the U.K., are restricting market expansion.
Pandemic-Related Disruptions: COVID-19 disrupted production lines and caused delivery delays. In March 2020, Rafale production was halted in France, delaying aircraft delivery to India. Despite this, major contracts continued, such as Raytheon's USD 353.3 million deal with the U.S. Navy for missile systems.
Report Coverage
The smart weapons market research report offers a comprehensive analysis of the global industry, focusing on critical components such as product types, key players, platforms, and core technologies used in smart weapons systems. It provides valuable insights into ongoing market trends, the competitive landscape, pricing dynamics, market positioning, and key developments that are shaping the industry's trajectory.
In addition to the above, the report evaluates both direct and indirect market drivers and constraints, highlighting factors that have significantly influenced global market performance in recent years. This thorough assessment equips stakeholders with actionable intelligence to support strategic planning and decision-making.
Key Industry Developments
In February 2021 , Lockheed Martin Corporation secured a contract worth USD 414 million with the U.S. Navy and Air Force to deliver the Long-Range Anti-Ship Missile (LRASM). This precision-guided, standoff missile is designed for advanced maritime strike capabilities and is based on the proven Joint Air-to-Ground Standoff Missile (JASSM) platform.
In March 2020 , Raytheon Technologies was awarded a contract valued at USD 86 million by the U.S. Department of Defense (DoD) to provide engineering services for the M982 Excalibur, a long-range precision artillery munition. The Excalibur system enhances strike accuracy and effectiveness in extended-range missions.
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Unmanned Ground Vehicles Market Outlook and Innovation Landscape, 2024–2032
By Rishika19, 2025-07-29
According to Fortune Business Insights™, the global unmanned ground vehicles market size was valued at USD 3.07 billion in 2023 and is projected to grow from USD 3.29 billion in 2024 to USD 6.35 billion by 2032, registering a compound annual growth rate (CAGR) of 8.6% during the forecast period. This robust growth is attributed to the increasing adoption of UGVs for defense logistics, explosive ordnance disposal (EOD), and surveillance operations.
The research report, titled “Unmanned Ground Vehicles Market Size, Share and Forecast 2024–2032,” emphasizes how rising geopolitical tensions, rapid advancements in robotics, and a growing focus on autonomous systems are reshaping modern battlefield strategies.
Competitive Landscape
Leading companies are adopting strategies such as defense contracts, R&D investments, and collaborative projects to strengthen their market positions. Some notable industry players include:
BAE Systems (U.K.)
Aselsan A.S. (Turkey)
Lockheed Martin Corporation (U.S.)
General Dynamics Corporation (U.S.)
Rheinmetall AG (Germany)
Teledyne FLIR LLC. (U.S.)
L3 Harris Technologies, Inc. (U.S.)
Northrop Grumman Corporation (U.S.)
QinetiQ (U.K.)
Oshkosh Defense LLC (U.S.)
Source:
https://www.fortunebusinessinsights.com/unmanned-ground-vehicles-market-102525
Key Market Drivers
1. Rising Military and Defense Applications
The growing use of UGVs for EOD missions, logistics support, and surveillance is fueling market growth. For instance, in December 2022, the U.S. Air Force awarded a contract worth USD 85 million to L3Harris Technologies to supply 100 T7 Explosive Ordnance Disposal robots.
2. Demand for Autonomous Systems
UGVs are increasingly being integrated with AI and advanced sensors, allowing autonomous navigation and decision-making capabilities. These vehicles are essential for intelligence gathering, reconnaissance, and search & rescue missions in hostile environments.
3. Commercial and Agricultural Applications
Beyond military uses, UGVs are being adopted in commercial sectors such as agriculture for soil sampling, harvesting, irrigation control, and precision spraying. Their efficiency in remote and difficult terrains makes them highly valuable.
Market Restraints
1. Budgetary Constraints
Reductions in defense budgets and limited R&D spending in some countries may slow procurement and innovation in UGV technology.
2. Bandwidth and Communication Issues
Operational challenges such as communication lag and connectivity issues—especially in remote areas—can hinder real-time responsiveness of unmanned systems, limiting their reliability during critical missions.
Market Trends
Integration of Artificial Intelligence (AI)
Leading defense contractors are integrating AI to develop more intelligent and responsive UGVs capable of navigating complex terrains such as snow, deserts, and urban environments. New-generation robots can carry payloads of up to 160 kg and operate at speeds of 10 km/h.
Segment Highlights
By Type :
Explosive Ordnance Disposal (EOD) UGVs held the dominant market position in 2023 and are expected to retain their lead through 2032. The increasing frequency of cross-border threats, urban warfare, and asymmetric combat scenarios has led defense forces to rely heavily on robotic systems capable of safely neutralizing improvised explosive devices (IEDs) and unexploded ordnance. Their ability to perform high-risk tasks remotely enhances soldier safety and operational efficiency in hostile environments, making them an indispensable asset for military engineering and bomb disposal units.
By Mobility :
Tracked unmanned ground vehicles accounted for the highest market share in 2023, driven by robust procurement programs and proven adaptability across rugged terrains. For example, in December 2022, Milrem Robotics of Estonia and Krauss-Maffei Wegmann of Germany jointly delivered 14 THeMIS-tracked UGVs to the Ukrainian Armed Forces under a NATO-aligned defense partnership. Tracked platforms are preferred for their stability, high payload capacity, and superior maneuverability in warzones, especially for logistics, reconnaissance, and remote weapon deployment tasks.
By Size :
Small UGVs, typically weighing between 10 and 200 pounds, emerged as both the largest and fastest-growing category. These systems are increasingly integrated into missions for intelligence, surveillance, and reconnaissance (ISR), battlefield support, and even facility and perimeter maintenance. Their compact size enables stealth operations and easier deployment in confined or urban spaces. Many small UGVs now come equipped with LiDAR-based navigation systems, AI-enabled obstacle avoidance, and modular payload configurations, expanding their role in multi-domain operations.
By Mode of Operation :
Autonomous UGVs are projected to register the fastest compound annual growth rate (CAGR) from 2024 to 2032. Their ability to operate with minimal human intervention offers advantages in high-risk, GPS-denied, and jammed environments. In May 2022, Rheinmetall AG delivered seven Mission Master Autonomous UGVs (A-UGVs) to the U.K. Ministry of Defence for use in tactical trials and future battlefield automation. These systems represent a shift toward AI-driven decision-making, autonomous navigation, and swarm intelligence for multi-vehicle coordination in defense applications.
By System :
The Others category—which includes communication links, sensor arrays, guidance modules, and AI integration systems—led the market due to rapid advancements in battlefield data fusion and network-centric warfare. A notable development is ZeroEyes, which secured a USD 1.2 million contract from the U.S. Air Force to develop AI-powered threat detection platforms for autonomous military systems. The integration of multi-sensor fusion, real-time threat analysis, and encrypted communications enhances mission success and survivability.
By Application:
The military sector dominated the UGV market in 2023 and is expected to maintain a commanding presence throughout the forecast period. These systems are widely deployed for mine clearance, route reconnaissance, heavy load transportation, and remotely operated weapon stations. UGVs are vital in modern combat, offering reduced troop exposure and greater tactical flexibility. Their deployment is also expanding in special operations, border patrol, and disaster response missions, where human access is limited or life-threatening.
Regional Insights
North America
North America led the global market in 2023, fueled by high defense budgets and strategic UGV procurement. For example, in April 2021, the U.S. Army signed a USD 31.6 million deal with FLIR Systems for Man Transportable Robot System Increment II.
Asia Pacific
Asia Pacific is projected to exhibit the fastest growth, with countries like India, China, and South Korea ramping up investments in robotic defense systems amid rising geopolitical tensions.
Europe
Europe is experiencing steady growth, supported by rising defense budgets in Germany, France, and the U.K. In August 2021, Russia's Ministry of Defense ordered a prototype of the Shturm UGV, based on the T-72 Main Battle Tank.
Rest of the World
Regions like the Middle East & Africa and Latin America are showing moderate growth. Companies like Katmerciler in Turkey are expanding their UGV portfolio to meet regional security demands.
Key Industry Development
In February 2023 , the European Defense Agency launched a USD 26.5 million project to integrate unmanned ground systems with traditional ground and air military platforms—aiming to strengthen multi-domain operations across NATO allies.
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According to Fortune Business Insights™ , the global naval actuators and valves market size was valued at USD 2.69 billion in 2022. The market is projected to decline slightly to USD 2.55 billion in 2023, before expanding and reaching USD 3.80 billion by 2030, registering a CAGR of 5.84% during the forecast period. This growth is primarily driven by the rising sea trading activity, increasing demand for advanced naval fleets, and continued modernization efforts by global armed forces.
Naval actuators and valves play a critical role in controlling fluid flow and automation onboard naval vessels. Their growing deployment in propulsion systems, weapon handling systems, and carrier flight deck operations is contributing significantly to market growth.
Key Companies Profiled:
MOOG Inc. (U.S.)
Honeywell International Inc. (U.S.)
Rotork plc (U.K.)
Emerson Electric Co. (U.S.)
Curtiss Wright Corporation (U.S.)
Wärtsilä (Finland)
Rockwell Automation, Inc. (U.S.)
Woodward, Inc. (U.S.)
Flowserve Corporation (U.S.)
Schlumberger Ltd. (U.S.)
Source:
https://www.fortunebusinessinsights.com/naval-actuator-market-105554
Market Segmentation:
By Platform :
The market is segmented into aircraft carriers, destroyers, frigates, corvettes, offshore patrol vessels, and others. The others segment, which includes large surface combatants, amphibious warships, small surface combatants, support vessels, and combat logistics force, held the largest market share in 2022. This is primarily due to the increasing global procurement of a wide range of naval ships to support tactical missions and logistical operations.
By Type :
Based on type, the market is divided into linear actuators and rotary actuators. In 2022, linear actuators dominated the market, driven by their simple construction, high reliability, and low maintenance requirements. Their ease of use and adaptability across various naval systems contribute to their widespread deployment.
By Application :
The application segment includes propulsion system valve control, weapon handling & release system, carrier flight deck operations, radar deployment operations, navigation system, and others. Among these, carrier flight deck operations led the market in 2022 and is expected to continue its dominance. The growing use of actuators and valves in managing complex aircraft operations onboard carriers is a major driver for this segment’s growth.
Regional Insights:
North America :
North America dominated the market in 2022, driven by massive investments in naval defense programs, increasing manufacturing of cargo and defense vessels, and an overall rise in maritime transport dependency. The U.S. in particular has implemented ambitious fleet modernization plans, including a target to achieve a 355-ship fleet with substantial annual investments in shipbuilding and maintenance.
Asia Pacific :
Asia Pacific is expected to experience the fastest growth over the forecast period, owing to rising seaborne trade, increasing regional defense budgets, and expanding naval shipbuilding programs in countries such as India, China, and South Korea.
Europe :
Europe is projected to grow steadily, with rising demand for both commercial and military naval vessels. Countries like the U.K., France, and Germany are heavily focused on autonomous naval platforms and energy-efficient valve technologies, boosting the demand for advanced actuator systems.
Market Dynamics:
Drivers :
One of the primary growth drivers of the naval actuators and valves market is the surging demand for naval fleet modernization by major global powers such as the United States, China, and India. These countries are significantly investing in upgrading their maritime defense capabilities. Additionally, the increase in sea trade and maritime logistics operations is creating a need for technologically advanced vessel systems, thereby fueling demand for high-performance actuators and valves. Another key factor is the growth in carrier-based operations, which rely heavily on automated valve and actuator systems for effective flight deck management and aircraft handling.
Restraints :
Despite strong growth prospects, the market faces challenges such as maintenance backlogs and operational delays in existing naval fleets. These issues can negatively impact the timely deployment and integration of new actuator systems, thereby limiting overall market expansion.
Competitive Landscape:
Leading companies are actively engaging in strategic collaborations, contracts, and supply deals to enhance their global footprint and secure long-term defense projects.
For instance:
In May 2020, CIRCOR International secured six contracts valued at USD 18 million to supply ball valves for the U.S. Navy’s Virginia-class Block V submarines. These products are scheduled for delivery over a three-year period.
Key Industry Developments:
November 2022 : Elettronica marked a major milestone by signing its first-ever contract in Indonesia, supplying its Electronic Radar Countermeasure System for two 90-meter offshore patrol vessels. These ships are under construction at PT Daya Radar Utama shipyard and aim to enhance Indonesia’s maritime surveillance capabilities. The shipyard has also committed to building additional vessels of the same class for the Indonesian Navy.
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Digital Shipyard Market Key Players, Share and Forecast Scenario, 2021–2028
By Rishika19, 2025-07-28
According to Fortune Business Insights™, the global digital shipyard market was valued at USD 963.6 million in 2020 and is projected to grow from USD 1,129.6 million in 2021 to USD 3,444.5 million by 2028, exhibiting a CAGR of 17.27% during the forecast period. This significant growth is driven by increasing demand for modernization in shipbuilding, the integration of Industry 4.0 technologies, and a global shift toward automation and operational efficiency in the maritime sector.
Key Market Insights
Digital shipyards represent the transformation of conventional shipbuilding facilities through the integration of advanced technologies such as IoT, AI, robotics, big data analytics, digital twin, and additive manufacturing. The implementation of these technologies enables real-time decision-making, lifecycle optimization, and streamlined ship design and production processes.
The adoption of cyber-physical systems (CPS) and robotic process automation (RPA) is accelerating across global shipyards to enhance manufacturing accuracy, reduce production costs, and shorten delivery timelines. The rise in global maritime trade, coupled with the growing need for technologically enabled fleet renewal, continues to propel the market forward.
Key Companies Profiled
IFS AB (Sweden)
Pemamek Oy (Finland)
Dassault Systèmes (France)
BAE Systems (UK)
Altair Engineering Inc. (U.S.)
AVEVA Group Plc. (UK)
Wärtsilä (Finland)
KUKA AG (Germany)
Damen Shipyards Group (Netherlands)
Prostep AG (Germany)
Source:
https://www.fortunebusinessinsights.com/digital-shipyard-market-106561
Market Drivers
1. Growing Adoption of IIoT in Shipbuilding
The increasing integration of the Industrial Internet of Things (IIoT) in shipbuilding allows real-time monitoring, predictive maintenance, and data-driven optimization of workflows. Shipbuilders are leveraging IIoT to improve productivity, reduce downtime, and enable smart manufacturing capabilities.
2. Rising Investments in Digital Transformation
Major shipbuilding nations and leading OEMs are undertaking strategic digitalization initiatives. For instance, Navantia has collaborated with Siemens Digital Industries Software to transform its shipyards into fully digital environments. This trend is indicative of the broader global push toward end-to-end digitalization in the shipbuilding lifecycle.
3. Expansion of Robotics and Automation
Companies such as Hyundai Heavy Industries, Samsung Heavy Industries, and Damen Shipyards Group are increasingly deploying robotic systems for welding, cutting, assembly, and painting. Robotics reduce manual errors, improve throughput, and significantly enhance operational safety and repeatability.
Market Restraints
1. High Initial Investment and Integration Costs
Digital shipyard implementation demands considerable capital for hardware, software, infrastructure upgrades, system integration, and personnel training. This is a major barrier for small and medium-sized enterprises (SMEs) and operators in developing economies.
2. Limited Penetration in Cost-Sensitive Markets
In regions with budget-constrained shipbuilders, the adoption of digital shipyard solutions remains slow due to the longer ROI cycle and lack of digital readiness. This limits the growth potential in Africa, Latin America, and parts of Southeast Asia.
Segmentation Overview
By Shipyard Type
Commercial Shipyards (Dominant Segment)
Held the largest market share in 2020. Driven by growing international trade, rising demand for cargo vessel construction, and increasing fleet expansion initiatives among shipping companies.
Military Shipyards
Witnessing increasing digital adoption to meet the precision and safety requirements of modern naval fleets.
By Technology Platform
Robotic Process Automation (RPA)
Leading segment in 2020. Applied in key shipbuilding operations such as welding, painting, pipe-cutting, and component assembly.
Additive Manufacturing (3D Printing)
Enables production of complex parts, rapid prototyping, and reduced material waste.
AI & Machine Learning
Supports simulation, predictive maintenance, and design optimization.
Digital Twin Technology
Used for performance monitoring, fault detection, and lifecycle management.
Big Data Analytics, Blockchain, AR, and IIoT
Facilitating integrated, secure, and traceable manufacturing ecosystems.
By Digitalization Level
Semi-Digital Shipyards (Largest Segment)
Many global shipyards are in the transition phase, using hybrid approaches with software integration and partial automation.
Fully Digital Shipyards (Fastest Growing)
Expected to dominate over the long term, with full automation, IIoT networks, AR/VR simulation tools, and digital twins enabling autonomous decision-making and smart fabrication.
Regional Analysis
Asia Pacific (Leading Region)
Asia Pacific held the largest market share in 2020 at 33.55%, owing to its dominance in global shipbuilding. Countries such as China, South Korea, and Japan account for over 90% of global commercial ship production. Government investments, large-scale R&D, and strong domestic players are accelerating digitalization across the region.
Europe
Europe is advancing rapidly due to its focus on automated and sustainable shipbuilding practices. Leading companies are investing in AI, robotics, and energy-efficient platforms. Countries like Finland, the UK, Germany, and the Netherlands are home to several digital shipyard pioneers.
North America
North America is gaining traction in digital shipbuilding through defense R&D investments and innovation by key players like Altair Engineering and BAE Systems. Government-funded programs are enhancing domestic naval shipbuilding capabilities using advanced digital platforms.
Rest of the World
Moderate adoption in Latin America and the Middle East, primarily for commercial ship repairs and regional trade vessel upgrades. Opportunities for growth lie in offshore oil & gas, coastal surveillance, and marine logistics.
Recent Industry Developments
June 2021 – Drydocks World launched a digital transformation program powered by IFS Cloud , enabling optimized resource planning, predictive asset management, and seamless integration across operations.
October 2021 – Dassault Systèmes announced enhancements to its 3DEXPERIENCE platform , supporting digital continuity and real-time collaboration in shipyard design and planning processes.
February 2021 – Navantia and Siemens deepened their strategic collaboration to fully implement digital twin technology in Spain’s naval shipbuilding program.
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According to Fortune Business Insights™, the global aircraft micro turbine market size was valued at USD 25.9 million in 2020 and is projected to reach USD 58.7 million by 2028, growing at a CAGR of 10.6% during the forecast period. The market was estimated at USD 29.1 million in 2021. North America dominated the global market with a 39.38% share in 2020.
This growth is driven by the rising demand for micro turbines in Unmanned Aerial Vehicles (UAVs) and small aircraft applications. The increasing focus on lightweight propulsion systems, hybrid electrification, and zero-carbon emission targets are additional contributing factors fueling market expansion.
Development Overview
Micro-turbine engines (MTEs) represent two decades of engineering evolution. Originally developed by RC model aviation enthusiasts, these miniature gas turbines mirror conventional turbines in design—featuring a compressor, combustion chamber, and power turbine—but are scaled down for smaller aircraft and drones. Unlike conventional turbines, micro-turbines typically use a single set of compressor and turbine blades. Today, these engines are integral to modern UAV propulsion systems, offering compactness, lightweight features, efficiency, and lower emissions.
Competitive Landscape
Key companies are focusing on R&D, innovation, and product launches to strengthen market presence. Strategic acquisitions and collaborations are common tactics to gain competitive advantage.
Key Players:
-
AeroDesignWorks GmbH (Germany)
-
General Electric Company (U.S.)
-
Kratos Defense & Security Solutions, Inc. (U.S.)
-
PBS Group a.s. (India)
-
Sentient Blue Technologies (Italy)
-
Turbotech SAS (France)
-
Williams International (U.S.)
- Others
Source:
https://www.fortunebusinessinsights.com/aircraft-microturbine-market-105863
Key Market Trends and Drivers
1. Demand for Lightweight UAV Engines The micro turbine market is benefiting from increased demand for lightweight engines in UAVs and drones for military reconnaissance and surveillance missions. Their compact design and fuel efficiency make them ideal for tactical use.
2. Hybrid Electrification and Emission Reduction Goals Hybrid systems that combine battery and micro turbine propulsion are gaining traction, especially for urban air mobility (UAM) and light aircraft. These solutions help in reducing carbon emissions while optimizing aircraft performance, particularly during take-off, hovering, and landing.
3. Advancements in Missile and Drone Technologies Ongoing developments in missile and unmanned combat drone propulsion systems further boost the adoption of high-thrust, miniaturized gas turbine engines.
Restraints
Despite promising growth, the high manufacturing and maintenance costs of micro turbine components such as rotors, FADEC systems, and precision miniaturized parts limit widespread adoption. These turbines are also more expensive than reciprocating engines, though R&D is ongoing to improve their cost-efficiency.
Segmentation Analysis
By Engine Type:
The aircraft microturbine market is segmented by engine type into turbojet, turboshaft, and turboprop. Turbojets dominated the market in 2020 due to their high-speed performance and extensive application in military UAVs and drones. Their ability to operate efficiently at high altitudes and speeds makes them the preferred choice for defense missions. Turboshaft engines are increasingly being adopted in rotorcraft and VTOL platforms, benefiting from their high power-to-weight ratio. Turboprops, while slower than turbojets, are ideal for short-range missions and are widely used in reconnaissance and training aircraft.
By Fuel Type:
Based on fuel type, the market includes JET A-1, diesel, kerosene, natural gas, and sustainable aviation fuel (SAF). JET A-1 was the dominant fuel in 2020, favored for its high flash point, low freezing point, and overall cost-effectiveness. Diesel is used in specific UAV platforms that require easier fuel logistics and longer endurance. Kerosene serves as a conventional alternative in some regions. Natural gas is emerging as an eco-friendly option but is still in the early stages of adoption. SAF is expected to gain momentum in the coming years due to increasing regulatory pressure for carbon reduction and the aviation industry's push toward sustainability.
By Application:
In terms of application, the market is categorized into UAVs, VTOL, air taxis, and RC planes. UAVs held the largest share in 2020, driven by their growing use in military surveillance, intelligence gathering, and commercial delivery services. The demand for UAVs continues to rise as they offer cost-effective and efficient solutions across defense and civilian sectors. VTOL aircraft are gaining interest for their vertical take-off and landing capabilities, making them suitable for urban air mobility and tactical deployments. Air taxis represent an emerging segment, powered by compact microturbines designed for rapid intra-city transport. RC planes, although niche, continue to use microturbines for training, recreational, and testing purposes.
By End-User:
The market by end-user is segmented into military and commercial sectors. The military sector was dominant in 2020, accounting for the largest market share due to the increased use of UAVs in border patrol, reconnaissance, and combat operations. Governments worldwide are investing in modernizing their defense fleets, which includes integrating advanced propulsion technologies like microturbines. Meanwhile, the commercial sector is witnessing growing interest in microturbine-powered UAVs for applications such as infrastructure inspection, agriculture monitoring, and package delivery, especially in remote or hard-to-reach locations.
Regional Insights
North America The region held the largest market share in 2020 (USD 10.2 million) due to the presence of major players such as GE Aviation and Jetcats America. Increasing military UAV deployments and government-funded defense projects drive growth.
Europe Europe is expected to witness strong growth supported by leading OEMs and a rising demand for urban air mobility solutions and UAVs in military and commercial sectors.
Asia Pacific Significant growth is projected in Asia Pacific owing to rising defense budgets, increasing drone manufacturers, and technological advancements in countries like China and India. PBS India is a key regional player.
Rest of the World Latin America and the Middle East show moderate growth, driven by drone adoption in oil & gas sectors and the growing interest in recreational aerial sports.
Recent Developments:
- June 2021 – Kratos Defense & Security Solutions, Inc. announced that its Kratos Turbine Technologies (KTT) division secured a USD 8.6 million task order under the Advanced Turbine Technologies for Affordable Mission (ATTAM) ID/IQ contract. Under this agreement, KTT will design, develop, assemble, and test a cost-effective turboshaft engine specifically for Group 3 UAVs, supporting the U.S. defense sector’s need for affordable and advanced propulsion systems.
- February 2021 – Prvni brnenska strojirna Velka Bites (PBS) , a Czech-based aerospace manufacturer certified by EASA, revealed plans to launch a new range of high-performance jet engines. In 2020, the company celebrated the delivery of its 1,000th PBS TJ100 turbojet engine. Building on this milestone, PBS is now adapting its engine offerings to meet growing market demand for disposable propulsion systems in specialized UAV applications.
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According to Fortune Business Insights™, the global aerial refueling systems market size was valued at USD 535.8 million in 2020 and is projected to grow from USD 545.4 million in 2021 to USD 743.8 million by 2028, exhibiting a CAGR of 4.53% during the forecast period (2021–2028). The market is witnessing strong growth due to the increasing development and deployment of next-generation fighter jets, unmanned systems, and lightweight military aircraft.
North America Leads Global Market
In 2020, North America dominated the market, accounting for 51.31% of the global share, primarily due to high defense spending and the presence of major aerospace and defense companies such as Lockheed Martin, Eaton Corporation, and GE Aviation.
Key Players in the Global Market:
Airbus S.A.S (Netherlands)
Cobham Plc (UK)
GE Aviation (U.S.)
Lockheed Martin Corporation (U.S.)
Boeing (U.S.)
Eaton Corporation (U.S.)
Safran S.A. (France)
Israel Aerospace Industries (Israel)
Marshal Aerospace & Defence Group (UK)
Parker Hannifin (U.S.)
Source
https://www.fortunebusinessinsights.com/aerial-refueling-systems-market-105152
Market Segmentation Insights
By Component:
The market is segmented into pods, refueling probes, hoses, boom, and drogues. The pod segment held the largest share in 2020, primarily due to the rising demand for high-performance fighter aircraft. Refueling pods provide enhanced stability and allow effective in-air fuel transfer, supporting long-duration operations. Meanwhile, refueling probes are expected to grow rapidly due to their integration into new-generation aircraft, offering benefits such as ease of maintenance and cost efficiency.
By System:
Based on system, the market is divided into probe & drogue, flying boom, and autonomous. The flying boom segment accounted for the largest share in 2020 due to its high-capacity, rapid fuel transfer capabilities, essential for military missions. The autonomous segment is projected to register the highest growth during the forecast period, driven by increased adoption of unmanned and operator-free systems that reduce labor and operational costs. The probe and drogue segment is anticipated to hold 45% of the market share by 2025.
By Application:
The aerial refueling systems market is categorized into military aircraft, commercial aircraft, helicopters, and unmanned aerial vehicles (UAVs). The military aircraft segment dominated the market in 2020 and will continue leading due to its widespread use in operations such as combat, surveillance, and transport. The commercial aircraft segment is expected to generate USD 88.7 million in revenue by 2025, showcasing growing interest in extended-range commercial aviation.
Growth Drivers
Increasing Defense Spending to Boost Market Growth
The growing investment in military modernization programs by global powers is one of the key factors fueling market growth. Nations are increasingly prioritizing air superiority through advanced aerial capabilities.
In May 2020, according to the Center for Strategic & International Studies (CSIS), China’s defense budget rose by 6.6% to USD 178.2 billion.
China aims to modernize the People’s Liberation Army (PLA) by 2035 and transform it into a world-class military by 2049.
Similarly, the U.S. Department of Defense allocated USD 704 billion for FY 2020–2021, while Japan announced over USD 51 billion in defense spending for 2021.
These substantial defense budgets are driving the procurement of new aircraft and supporting the demand for aerial refueling systems that extend mission range and operational flexibility.
Procurement of Next-Generation Military Aircraft to Propel Growth
The rising number of aging combat aircraft has accelerated the global need for next-generation fighter jets and warfare platforms. Many of these legacy systems are outdated and pose operational risks in modern combat environments. As a result:
Countries are modernizing their air fleets with technologically advanced, fuel-efficient, and combat-ready platforms.
This trend is directly contributing to the demand for aerial refueling systems, which are critical for long-duration missions, strategic surveillance, and air superiority operations.
Restraining Factors
High Installation and Maintenance Costs May Hamper Market Growth
Despite growing demand, the high cost of installation and maintenance remains a major barrier to widespread adoption of aerial refueling systems.
Military aircraft must be uniquely designed to withstand high air pressure and speed, requiring specialized refueling mechanisms.
These systems must enable precise mid-air fuel transfer, often requiring different setups for each aircraft type (probe and drogue, flying boom, etc.).
Tanker aircraft also require specialized modifications, which incur high upfront investment and long-term maintenance expenses.
These factors can deter budget-constrained countries from adopting or upgrading aerial refueling capabilities, especially during peacetime.
Regional Insights
North America:
North America is projected to dominate the market throughout the forecast period. This growth is attributed to high defense budgets and the presence of major industry players, including Lockheed Martin, GE Aviation, and Eaton Corporation.
Asia Pacific:
The region is poised for substantial growth due to rising tensions, cross-border conflicts, and increased defense budgets in countries like China and India. Investments in modern air fleets and aerial refueling capabilities will support market expansion.
Europe:
Europe is expected to show steady growth owing to established aerospace firms like Cobham, Safran, and Marshal Aerospace & Defence. Notably, in August 2020, Denmark began assembly of its first F-35 fighter jet at Lockheed Martin’s facility, with plans to acquire 27 jets by 2026.
Notable Development
In February 2021, the Israeli ministerial committee approved a significant procurement package from the United States, including F-35 fighter jets, munitions, and four new KC-series aerial refueling aircraft. This move aims to enhance the operational readiness and reach of the Israeli Air Force.
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According to Fortune Business Insights, the global commercial drone market was valued at USD 13.86 billion in 2024. The market is projected to rise from USD 17.34 billion in 2025 to USD 65.25 billion by 2032, exhibiting a remarkable CAGR of 31.31% during the forecast period.
Overview
Commercial drones, also known as unmanned aerial vehicles (UAVs), are rapidly transforming industries worldwide. With applications ranging from logistics and surveying to filmmaking, agriculture, and security, drones are becoming indispensable tools across the commercial landscape. The integration of advanced sensors, high-resolution cameras, and AI-powered systems has significantly enhanced their capabilities. As enterprises and startups ramp up investments, the commercial drone industry is entering a phase of exponential growth.
Key Market Players
Prominent companies shaping the competitive landscape include:
3D Robotics, Inc. (U.S.)
AeroVironment Inc. (U.S.)
Autel Robotics (China)
Ehang Holdings Limited (China)
FLIR Systems, Inc. (U.S.)
Intel Corporation (U.S.)
SZ DJI Technology Co., Ltd. (China)
Skydio, Inc. (U.S.)
Parrot Group (France)
Teal Drones (U.S.)
Yuneec Holding Ltd. (China)
AgEagle Aerial Systems Inc. (U.S.)
PrecisionHawk, Inc. (U.S.)
Holy Stone (China)
Aeronavics Ltd. (New Zealand)
These players are actively pursuing partnerships, product innovation, regional expansions, and long-term contracts to consolidate their market position.
Source:
https://www.fortunebusinessinsights.com/commercial-drone-market-102171
Key Market Drivers
1. Growing Demand for Lightweight Commercial Drones
Mini and micro drones are becoming widely popular due to their affordability, mobility, and ease of deployment across sectors like filmmaking, construction, and emergency response.
2. Advancements in Remote Sensing and ADS-B Transponders
Drones are increasingly used in precision mapping, photogrammetry, and remote sensing. Advanced transponder technologies allow for safe flight operations in congested airspace.
Restraints
Regulatory Challenges and Infrastructure Gaps
Lack of uniform drone traffic management (UTM) systems and limited access to BVLOS operational licenses are slowing commercial adoption. In addition, inadequate operator training and infrastructure issues remain key concerns in emerging markets.
Latest Trends
AI & Machine Learning Integration
Advanced technologies such as artificial intelligence, computer vision, and real-time data processing are being embedded into drones. These features allow for automated data analysis, object recognition, and predictive maintenance, drastically improving operational efficiency.
Autonomous Systems for Complex Missions
Development of fully autonomous drones with obstacle avoidance, swarming capabilities, and automated takeoff/landing is transforming logistics, military, and agricultural operations.
Market Segmentation
By Weight:
The market is segmented into <2Kg, 2Kg – 25Kg, and 25Kg – 150Kg. The <2Kg segment currently dominates the market, primarily due to its widespread use in aerial photography, inspections, surveillance, and mapping applications. These lightweight drones are preferred for their portability, ease of compliance with regulations, and lower operational costs. Meanwhile, the 25Kg – 150Kg segment is projected to be the fastest-growing during the forecast period, fueled by increasing adoption of Electric Vertical Take-Off and Landing (eVTOL) aircraft and urban air mobility (UAM) initiatives, especially in metropolitan areas.
By Technology:
This category includes Remote Operated, Semi-Autonomous, and Fully Autonomous drones. Remote Operated drones hold the leading share, driven by their low cost and ease of use, particularly for commercial and individual users in the post-pandemic environment. Fully Autonomous drones are emerging as a fast-growing segment, supported by increasing demand for Beyond Visual Line of Sight (BVLOS) capabilities, which enhance long-distance and automated flight operations across industries such as logistics, agriculture, and infrastructure monitoring.
By System:
The drone system market is divided into Hardware and Software. Hardware commands the largest share, comprising components like airframes, propulsion systems, and payloads. This is due to the growing adoption of drones across sectors for surveillance, inspections, and delivery services. On the other hand, Software is witnessing the fastest growth as drone operators increasingly rely on advanced tools for real-time data processing, AI analytics, flight planning, and mapping. These capabilities are essential for tasks requiring high precision and decision-making automation.
By Application:
Major applications include Filming & Photography, Mapping & Surveying, Horticulture & Agriculture, Inspection & Maintenance, Surveillance & Monitoring, and Delivery & Logistics. Filming & Photography is currently the largest segment, driven by rising usage in cinematography, tourism, events, and real estate. High-end models like DJI Mavic 2 Zoom and Autel EVO II are widely used in this domain. Meanwhile, the Delivery & Logistics segment is expanding rapidly, with increasing adoption of drones for delivering medical supplies, e-commerce packages, and food—especially in urban and remote regions.
Regional Insights
North America (Dominant Market):
The region leads due to robust drone manufacturing, supportive regulations, and widespread UAV adoption. As of May 2021, over 872,000 drones were registered in the U.S., according to the FAA.
Europe:
Countries like Germany, the U.K., and France are investing in drone technology for agriculture, surveillance, and urban logistics.
Asia Pacific (Fastest Growing Region):
Significant investments by China, India, and Japan in drone R&D, infrastructure, and military-commercial dual-use technologies are fueling rapid growth.
Industry Developments
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