Smart Weapons are projectiles and bombs that are known for their accuracy and are guided by lasers and other means. Given the need of such devices in warfare, the demand is expected to increase during the forecast period. Further, the high demand for such weapons is attributable to the competitive advantages of the smart weapons such as accurate, reliable first short and quick hit capability, and overall reduces the logistics carrying cost.
Growing demand for powerful striking power and efficient defence system, stringent government regulations aimed at reducing the increasing arms transfer and aiming to maintaining peace and enhanced effectiveness of smart weapons are some other driving factors of world Smart Weapons Market. The impact of these drivers is expected to increase significantly due to increasing awareness.
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Smart Weapons Market Report published by Allied Market Research, projects that the smart weapons market size is expected to reach $99,380 million by 2022, growing at a CAGR of 11.6% from 2016 to 2022. This is attributed to the increase in defense expenditure by the governments paired with rising demand for precision strike weapons. North America is expected to be the largest market during the forecast period 2016-2022.
North America is the highest revenue generating region and is expected to maintain its dominance throughout the forecast period. Nonetheless, Asia-Pacific is estimated to be the fastest growing region due to an increase in the security threats, border breach, and conflicts with the neighboring countries in the region.
Top Factors Impacting the World Smart Weapons Market:
- Growing Demand of Precision Strike
- Reducing the Collateral Damage
- High Price of Smart Weapons
Potential Benefits for Stakeholders:
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the world smart weapon market.
- In-depth analysis has been done in this report by constructing market estimations for the key market segments between 2014 and 2022.
- Geographically, the world smart weapon market is analyzed based on various regions such as North America, Europe, Asia-Pacific and LAMEA.
- This study evaluating competitive landscape and value chain has been taken into account to help understanding the competitive environment across the geographies.
- This report entails the detailed quantitative analysis of the current market and estimations through 2014-2022, which assists in identifying the prevailing market opportunities.
- Competitive intelligence (of leading manufacturers and distributors of smart weapon market) helps in understanding the competitive scenario across the geographies
Types of Smart Weapons Market:
- Air-to-ground missiles
- Surface-to-air missiles
- Smart bombs
- Sensor fused weapons
- Directed energy weapons
- Precision artillery munitions
- Electromagnetic pulse weapons
- Smart bullets
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The key players include Raytheon Company (U.S.), L-3 Communications Holdings (U.S.), General Dynamics Corporation (U.S.), Lockheed Martin Corporation (U.S.), Boeing Company (U.S.), Northrop Grumman (U.S.), Airbus Group (Netherlands), United Technologies Corporation (U.S.), Leonardo-Finmeccanica (Italy) and BAE systems (U.K.).
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