The need to procure next-generation weapons and the rise in geopolitical conflicts and cross-border issues are expected to drive the demand for the global smart weapons market in the forecast period, 2023-2027.
According to TechSci Research report, “Smart Weapons Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global smart weapons market is anticipated to witness impressive growth in the forecast period, 2023-2027. Smart weapons are also known as precision-guided weapons. They are computer-guided weapons equipped with radio, global positioning systems, and infrared and laser systems and are highly accurate and precise. Due to their ability to hit the target precisely, they are able to lower the collateral damage and lethality. They can be operated by operating systems that can be located from far locations and, therefore, are considered highly useful. A smart weapon system is expected to transform war engagement and strategies. To enhance the safety of using smart weapons, they are equipped with advanced technologies such as fingerprint recognition, mechanical locks, magnetic kit, and biometric sensors. The global smart weapons market is driven by the rise in terror activities, cross-border disputes, and growing military usage of smart weapons. Also, the rise in the demand for precision weapons and the use of smart weapons for tactical operations are accelerating the demand for smart weapons across the globe.
However, the imposition of strict arming regulations on the import and export of smart weapons may restrain the growth of the global smart weapons market in the forecast period.
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The global smart weapons market is segmented into weapon type, platform, technology, regional distribution, and competitive landscape.
Based on weapon type, the market is divided into missiles, munitions, guided projectiles, guided rockets, guided firearms, and directed energy weapons. Missiles are expected to capture the highest market share in the forecast period. The high demand for advanced missiles from the defense sector is driving the segment demand.
Based on the platform, the market is divided into air, land, and naval. The land segment is expected to witness the fastest incremental growth in the forecast period. The rapid expansion of the military forces and the growing defense expenditure are driving the sales of smart weapons which can be used on land. Land weapons include the guided weapons that are launched by shoulder-fired weapons, artillery, main battle tanks, and precision firearms, amongst others. Also, the high demand for anti-tank missiles to counter terrorist activities in developed countries is expected to influence the market demand.
Based on technology, the market is divided into laser, infrared, radar, GPS, and others. Laser technology is expected to witness the highest growth over the next five years. Laser technology is highly popular in weapons as they improve the accuracy and operational efficiency of smart weapons.
On the basis of regional analysis, the North American region is expected to hold the largest market share in the forecast period. The market is driven by the launch of a number of defense modernization programs and high defense expenditure by the leading authorities. Also, the presence of major market players in the region, such as Northrop Grumman Corporation, The Boeing Company, and General Dynamics Corporation, is expected to influence the demand for the global smart weapons market in the forecast period.
Major market players operating in the global smart weapons market are:
- BAE Systems Plc.
- L3Harris Technologies Inc.
- Thales Group
- The Boeing Company
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
- Leonardo S.p.A.
- Lockheed Martin Corporation
- General Dynamics Corporation
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“Market players are working on advancing technologies and upgrading the existing weapons to their advanced versions. The advent of network-enabled weapons that can share information between systems and platforms in real-time is expected to create lucrative growth opportunities for the global smart weapons market. These weapons can find, engage, and track the weapons and provide the necessary information, which helps the defense professionals make real-time decisions. Also, the emergence of new market players and growing awareness about the benefits of smart weapons is expected to propel the growth of the global smart weapons market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Smart Weapons Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Weapon Type (Missiles, Munitions, Guided Projectiles, Guided Rockets, Guided Firearms, Directed Energy Weapons), By Platform (Air, Land, Naval), By Technology (Laser, Infrared, Radar, GPS, Others), and By Region”, has evaluated the future growth potential of global smart weapons market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global smart weapons market.