Global Smart Weapons Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Smart Weapons Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global smart weapons market report has been segmented on the basis of product type, technology, platform, and region.
Global Smart Weapons Market: Overview
Smart weapons are type of weapons that rely on external assistance systems. Smart weapons term is coined in 1970 by United States Air Force. Smart weapons are commonly equipped with laser, global positioning software, and satellite guidance system. In case of movable target, the on-board computer keeps laser beam on target and it guides the movement and position of projectile so it can hit the target. Smart weapons are designed to hit specific target precisely and also reduce collateral damage. Use of smart weapons lower the risk of loss of civilian life and property damages. Smart weapons include guided bombs, target pods, smart guns, small smart weapons, mortar rounds, etc.
Global Smart Weapons Market: Dynamics
Increasing use of smart weapons to carry out precision strike is a major factor driving growth of the global smart weapons market. Growing demand for precision and guided missiles and munitions to locate and destroy target is another factor increasing demand for smart weapons. Furthermore, increasing investment in research and development activities for advancements in smart weapons is a factor expected to support growth of the global smart weapons market in the near future. Increasing budgetary allocation by various governments for smart and advanced weapons is also expected to bolster demand for smart weapons and drives growth of the target market over the forecast period.
However, stringent rules and regulations by various governments and regulatory bodies in developed and developing countries regarding usage of smart weapons, may hamper growth of the global smart weapons market. In addition, occurrence of computer malfunction is another factor that could affect growth of the target market. Nevertheless, increasing demand for smart weapons to use against terrorism can create high revenue opportunities for players in the target market.
Global Smart Weapons Market: Segment Analysis
As per product type, the munitions segment is expected to account for significant share in terms of revenue in the near future. Growing demand for smart munitions in defence sector for tactical operations is a key factor supporting growth of the segment in the global market. As per technology, the infrared segment is expected to account for high growth in terms of revenue over the forecast period. Increasing demand for technologically advanced autonomous weapons that includes artificial intelligence (AI) and machine learning among end users is a factor anticipated to support growth of the target market.
Global Smart Weapons Market: Regional Analysis
Market in North America accounts for highest share in the global market and expected to maintain its dominance over the forecast period. Presence of prominent players and high military budget, especially in countries such as US, are some of the key factors expected to drive growth of the target market in the region. In addition, increasing use of smart weapons for tactical operations against terrorist activities is another factor fueling growth of smart weapons market in the region. Market in Europe is anticipated to witness lucrative growth in terms of revenue in the near future, followed by Asia Pacific.
Global Smart Weapons Market Segmentation:
Segmentation by Product Type:
- Guided Rockets
- Precision Guided Firearms
- Guided Projectiles
Segmentation by Technology:
- Others (Optical, Satellite, Micro computing, Wire-guided)
Segmentation by Platform:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- General Dynamics Corporation
- Lockheed Martin Corporation
- MBDA Incorporated
- The Boeing Company
- BAE Systems plc
- Israel Aerospace Industries Ltd.
- Textron Inc.
- L-3 Communications Limited
- Raytheon Company
- Northrop Grumman Corporation
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