Global Smart Weapons Market is Estimated to Reach $27 Billion by 2025, Says Accurize Market Research
Global Smart Weapons Market report published by Accurize Market Research forecast that the global market is expected to reach $27 billion by 2025. By geography, Asia Pacific and North America are expected to grow at fast CAGR during the forecast period, i.e., 2017 - 2025.
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Increased government spending on military to drive the market
Rise in awareness towards border security, and increased government expenditure to modernize military equipment fuel the demand for the global smart weapons market. Moreover, increasing procurement of military equipment, and increased demand for high precision in weapons also boosts the growth of the market.
The global smart weapons market has been segmented on the basis of type and geography. By type, the market is segmented into surface-to-air missiles, air-to-ground missiles, smart bombs, sensor fused weapons, direct energy weapons, precision artillery munitions, electro-magnetic pulse weapons, smart bullets, and others
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers Germany, France, UK, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, Middle East and Africa.
"Air-to-ground missiles segment accounted for the largest market share in the type segment", says Accurize
By type, Air-to-ground missiles segment accounted for the largest market share in 2016, owing to its extensive usage during terrorism and country war. Directed energy weapons are anticipated to grow at the highest CAGR over the forecast period.
"Europe dominated the global market with the highest market share over the forecast period", says Accurize
North America accounted for the largest market share of XX% in 2016, owing to, sizable defense budget and constant product development by major companies in the region. Asia-Pacific accounted for the second largest market share of XX%, driven by rising military expenses in countries such as China and India, to modernize their military power. North America is to attain the fastest CAGR of XX% over the forecast period 2017-2025. The growth would be attributed to increased research and development activities in countries such as U.S., to enhance border security operations.
Top players in the market
The key market players include Boeing, Raytheon Company, General Dynamics, Denel Dynamics, Leonardo S.P.A, Textron Defense Systems, L-3 Fuzing And Ordnance Systems Inc., Rafael Advanced Defense Systems Ltd., Alliant Techsystems Inc. and Israel Aerospace Industries, among others.
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