The global smart weapons market is bifurcated into type and geography. By type, the market is segmented into air-to-ground missiles, surface-to-air 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 estimated to grow at the fastest CAGR over the forecast period.
Global Smart Weapons Market Report, published by Variant Market Research, forecast that the global market was valued at $12 billion in 2016 and projected to reach $19 billion by 2024, growing at a CAGR of 6.4% from 2016 to 2024.
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Smart weapons are the self-guided advanced technology weaponry widely used during country war or for border security. Surface-to-air missiles, air-to-ground missiles, and smart bombs are some widely used smart weapons.
Civil conflict, increasing terrorism, and cross border hostilities raised the demand of smart weapons in military.
High expenditure of government on military enhancement, pose a high demand for smart weapons worldwide.
Rising adoption of high accuracy in weapons to drive the growth of the global smart weapons market
The major factors driving the growth of the global smart weapons market are growing military equipment procurement, increasing consciousness towards border security, high government spending to update military equipment, and rising adoption of high accuracy in weapons. Though, high cost of these weapons may hamper growth of the market in coming years.
Furthermore, globally increasing adoption of technologically innovative smart weapons would provide numerous opportunities for the growth of the market in the forecasted period.
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The global smart weapons market is categorized into type and geography. The type segment includes surface-to-air missiles, air-to-ground missiles, precision artillery munitions, smart bombs, sensor fused weapons, direct energy weapons, smart bullets, electro-magnetic pulse weapons, and others.
Based on geography, the global smart weapons market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Air-to-ground missiles held the major market share in the type segment
In 2016, air-to-ground missiles held the major market share and are anticipated to be predominant during the forecast period 2016 – 2024, in the type segment, due to its widespread use during country war and terrorism. Directed energy weapons are projected to grow at a highest CAGR during the forecast period.
North America is anticipated to grow at a fastest CAGR over the forecast period
North America is expected to attain the fastest CAGR of 6.9% during the forecast period 2016 – 2024, due to improved R & D activities to improve border security operations in nations such as U.S.. North America held the major market share of 45.3% in 2016, due to, substantial defense budget and continuous product development by key companies in the region.
In 2017, Rafael signed a collaboration agreement with Kalyani Group for founding a joint company - Kras. Rafael Advanced Defense Systems Ltd. had installed a new plant in Hyderabad, India, together with Kalyani Group, an Indian company.
They will manufacture spike antitank missiles in this plant. The major companies operating in the smart weapons market are Raytheon Company, Boeing, General Dynamics, Denel Dynamics, Leonardo S.P.A, Textron Defense Systems, L-3 Fuzing and Ordnance Systems Inc., Alliant Techsystems Inc., Israel Aerospace Industries, and Rafael Advanced Defense Systems Ltd., among others.
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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
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients.
We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
Category: Market Research Publishers and RetailersCompany profile: Variant Market Research offers syndicated and customized report to fulfill client’s objective. We also provide customized data pack proposing market sizing in an Excel/PDF/Power point or Word format as per the requirement of clients. We cover several industry domains namely- Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipmen ...
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