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DEFENCE, MARINE & AEROSPACE

Smart Weapons Market Segmentation By Product Type (Missiles, Guided Rockets, Guided Firearms, Guided Projectiles, Munitions and Others), By Technology (Laser, Radar, Infrared, GPS and Others) and By Platform (Air, Land and Naval) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Smart Weapons Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • December 2019: Raytheon Company announced that one of its subsidiaries, Raytheon Missile Systems Co., has been awarded a contract worth USD 768 million to manufacture Advanced Medium Range Air-to-Air Missile (AMRAAM) by the U.S. Air Force.
  • January 2020: Israel Aerospace Industries’ (IAI) Group announced that one of its subsidiaries, ELTA Systems,  has been awarded a Government-to-Government (GTG) contract by the International Defense Cooperation Directorate (SIBAT) to manufacture eight numbers of ELTA ELM-2084 Multi-Mission Radars (MMR) under the Czech Mobile Air Defense Radar (MADR) program which will have air surveillance, air defense, and artillery capabilities.
  • February 2020: Lockheed Martin Corporation announced that one of its subsidiaries, Sikorsky, has been awarded a contract by the U.S. Navy to build six production VH-92A® Presidential Helicopters.

Introduction to Smart Weapons

Smart weapons, also known as precision guided munitions, are referred to all those weapons that can guide themselves using external assistance to precisely hit a specific target. These weapons are usually controlled by the computers present onboard and are used to minimize collateral damage and increase lethality against intended targets. Smart weapons use different types of communication systems for greater precision and guidance of the munition.

Market Size and Forecast

The global smart weapons market is thriving on the back of dynamic change observed in the nature of warfare across nations around the globe along with the growing demand for advanced high precision ammunitions and arms by the armies of developed and developing nations. Given the need for advanced technology ammunitions by governments across the world for their safety and security, an upsurge in the demand for smart weapons have been observed across nations in the recent era. Additionally, growing trade on arms and ammunitions around the world is also anticipated to contribute significantly towards the growth of the global smart weapons market. According to International Trade Centre (ITC), exports of bombs, missiles, torpedo, grenades and others around the world increased from USD 3528064 thousand in the year 2010 to USD 4616123 thousand in the year 2018.

Smart-Weapons-Market-Scope

The global smart weapons market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2020-2028. The market is segmented by platform into air, land and naval, out of which, air segment is anticipated to hold the largest market share on the back of advancing technologies for guided smart weapons and increasing demand for precisely guided weapons which minimizes collateral damage, but increases the lethality against intended targets. Moreover, smart weapons that can be launched by air, provides a standoff distance, allowing the launcher to launch the weapons outside the most intense air defenses around the target site. Such factors are anticipated to promote the growth of the segment in the global smart weapons market. CLICK TO DOWNLOAD SAMPLE REPORT

global-smart-weapons-market-size

Growth Drivers

Rising Need for the Replacement of Old Military Equipment

Nations around the globe have purchased and stored arms and ammunitions for safety and security over the years. As these weapons have grown old over the time, the fear of malfunction or failure of the weapons at the time of using these weapons during a warfare or during training sessions have raised the demand for frequent maintenance of these weapons. Increasing cost of maintenance of these weapons and the concern for huge portion of the budget for arms and ammunitions of the governments being used for maintenance is raising the need for replacement of the weapons. Additionally, concern for safety and security risks on the back of lack of advance technologies in old weapons that are available with the governments of nations around the globe is also contributing to the rising need for replacement of old weapons with new advanced smart weapons. Such a factor is anticipated to drive the growth of the global smart weapons market.

Increasing Budget of Governments for Military Spending

According to The World Bank, military expenditure around the world increased from USD 1.631 trillion in the year 2016 to USD 1.782 trillion in the year 2018.

Smart-Weapons-Market-Growth

The budget for expenditure on military by the government of nations around the world is growing at a rapid pace on the back of increasing concern for terror threats and the rising need to provide safety and security to the citizens of a nation. As such, there is a rising need for the deployment of weapons which are technologically advanced and can help nations gain an extra edge of security. With the rising budget for military spending, governments can purchase more smart weapons, which is anticipated to promote towards the growth of the global smart weapons market during the forecast period.

Restraints

Impact on Sales Due to Dynamic Arms Trade Regulations

The international treaty for arms trade is designed for the regulation of trade in arms and ammunitions. Dynamic updates into the regulation often hampers the sales of weapons between countries around the world. Moreover, high price of smart weapons is also anticipated to act as a barrier to the growth of the global smart weapons market throughout the forecast period.

Market Segmentation

Our in-depth analysis of the global smart weapons market includes the following segments:

By Product Type

  • Missiles
  • Guided Rockets
  • Guided Firearms
  • Guided Projectiles
  • Munitions
  • Others

By Technology

  • Laser
  • Radar
  • Infrared
  • GPS
  • Others

By Platform

  • Air
  • Land
  • Naval

By Region

On the basis of regional analysis, the global smart weapons market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is anticipated to hold the largest market share on the back of availability of huge amount of money for expenditure on arms and ammunitions, along with the growing trade of the nation of such weapons and favorable regulations from the government. According to other statistics by the International Trade Centre (ITC), exports of bombs, missiles, torpedo, grenades and others in the USA increased from USD 2361292 thousand in the year 2010 to USD 3517156 thousand in the year 2018.

Smart-Weapons-Market

The global smart weapons market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

 


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