Global Smart Weapons Market size is projected to be valued $19 Billion by 2024; with a CAGR of 6.3% from 2017 to 2025. Smart weapon is a military term used to refer to weapons that are able to guide themselves to the target with the help of onboard computers. Weapons such as bombs and missiles, guided by radio waves or a laser beam, have higher accuracy in hitting the target as compared to the normal conventional weapons.Smart weapons technology is an outgrowth ofan ongoing evolution of technology to provide electronic aids and enhancements to humans, primarily pilots and army men. So the demand for this kind of weapons is increasing in defense system to combat with enemies around the globe.
Rise in awareness towards border security, increasing procurement of military equipment, and increased demand for high precision in weapons, are the major factors driving the global smart weapons market. Moreover, increased government expenditure to modernise military equipment has also fuelled the market growth. However, high price of these weapons would restrain the market growth in coming years. Rising worldwide demand for technologically advanced smart weapons would provide several growth opportunities for the market in coming years.
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. 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. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Based on geography, the global smart weapons market has been segmented into North America, Europe, Asia-Pacific and 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.
Major companies operating in the global Smart Weaponsmarket are 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.
The key takeaways from the report
Scope of Smart Weapons Market