Global Smart Weapons Market is estimated to reach $19 billion by 2024; with the CAGR of 6.4% between 2016 and 2024. Smart weapons are self-guided technologically advanced artillery used for border security or during country war. Air-to-ground missiles, surface-to-air missiles, and smart bombs are some of the majorly used smart weapons. Increasing terrorism, civil strife, and cross border hostilities increased the adoption of smart weapons in military. Increased governments spending on military enhancement, pose a huge demand for smart weapons globally.
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 this market 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
- The report will provide detailed analysis of Smart Weapons Market with respect to major segments such as type and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Smart Weapons Market has been included in the report
- Profile of the key players of the Smart Weapons Market will be provided, which include key financials, product & services, new developments and business strategies.
Scope of Smart Weapons Market
- Surface-to-air missiles
- Air-to-ground missiles
- Sensor fused weapons
- Electro-magnetic pulse weapons
- Smart bullets
- Smart bombs
- Direct energy weapons
- Precision artillery munitions
- North America
- United Kingdom
- South Korea
- South America
- Middle East