Research Nester has released a report titled “Smart Weapons Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global smart weapons market in terms of market segmentation by product type, by technology, by platform and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart weapons market is segmented by platform into air, land and naval, out of which, air segment is anticipated to hold the largest market share owing to rising advancements in the technology of air guided munitions, such as surface-to-air missiles and air-to-surface missiles among others, and the increasing need for developing the preciseness of the air guided ammunitions so that these weapons when fired increases the lethality against the intended targets instead of maximizing collateral damage. Moreover, air munitions are the most widely preferred munitions during a warfare as it provides a standoff distance to the launcher by helping to launch the weapon outside the most intense air defenses around the target site.
The global smart weapons market is anticipated to witness a modest CAGR during the forecast period, i.e. 2020-2028. Increasing demand for advanced high precision ammunitions amongst the government of nations around the world backed by the dynamically changing nature of warfare, followed by the increasing trade on munitions amongst the nations are some of the factors anticipated to promote significantly towards the growth of the global smart weapons market. In the statistics by the International Trade Centre (ITC), exports of bombs, missiles, torpedo, grenades and others around the world peaked to USD 4616123 thousand from USD 3528064 thousand in-between 2010-2018.
Regionally, the global smart weapons market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to increasing trade on munitions in the region backed by huge budget of the government for expenditure on military. In other statistics by the International Trade Centre (ITC), exports of bombs, missiles, torpedo, grenades and others in the USA peaked to USD 3517156 thousand from USD 2361292 thousand in-between 2010-2018.
Growing Need For The Replacement of Ageing Military Munitions
Presence of several old weapons with the nations around the globe raises the need for frequent maintenance of these weapons. The concern for the increasing cost of maintenance of these ageing weapons, along with the presence of the fact that the old weapons are technologically not that advanced as compared to smart weapons is also raising the need for the replacement of the weapons. Smart weapons are technologically advanced weapons and helps a nation gain an extra edge of strength in the nation’s security. Backed by the increasing government budget for military expenditure, it is anticipated that the demand for smart weapons would grow exponentially, in turn impacting positively towards the growth of the global smart weapons market. In the statistics by The World Bank, military expenditure around the world peaked to USD 1.782 trillion from USD 1.631 trillion in-between 2016-2018.
However, concerns regarding the dynamic change in arms trade regulations amongst the nations in the world which might impact the sales of the weapons is anticipated to limit the growth of the global smart weapons market.
This report also provides the existing competitive scenario of some of the key players of the global smart weapons market, which includes company profiling of Raytheon Company (NYSE: RTN), Northrop Grumman Corporation (NYSE: NOC), MBDA Inc., Lockheed Martin Corporation (NYSE: LMT), General Dynamics Corporation (NYSE: GD), The Boeing Company (NYSE: BA), BAE Systems (LON: BA), Textron Inc. (NYSE: TXT), L3Harris Technologies, Inc. (NYSE: LHX) and Israel Aerospace Industries’ (IAI) Group.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart weapons market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.