The global smart weapons market size is projected to expand at a substantial pace owing to the increasing demand for the modernization of weapons, finds Fortune Business Insights™ in its report, titled “Smart Weapons Market, 2021-2028”.
In terms of adoption and technical complexity, the competition in the weapons industry is diverse. Smart weapon advancements are supposed to pave the way for significant improvements in military capabilities. The increased demand for smart and advanced weapons has resulted from the rising maintenance costs and outdated military equipment. Lasers and other advanced technologies are used to control the majority of these weapons. As a result, they have high precision, consistent shots, and the ability to strike quickly. In addition, the weapons’ lightweight properties reduce the expense of logistics transportation. All of these factors are accelerating the adoption of smart weapons across defense systems worldwide to improve the country’s stability. The market is also expected to be driven by changes in warfare strategies, soaring demand for high-precision ammunition and weaponry, and a growing need to minimize security risks. For example, India and China are increasing their military spending in order to modernize their facilities, which is contributing to the adoption of intelligent weapons.
Informational Source:
https://www.fortunebusinessinsights.com/smart-weapons-market-104058
List of Key Players Profiled in the Smart Weapons Market Report
- BAE Systems (The U.K)
- Boeing (The U.S.)
- General Dynamics Corporation (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- MBDA (France)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Company, a Raytheon Technologies company (The U.S.)
- Rheinmetall AG (Germany)
- Textron Inc. (The U.S.)
- Thales Group (France)
Segments
Based on type, the market is segmented into missiles, munitions, guided projectiles, guided rockets, and directed energy weapons. In terms of platform analysis, the market is classified into land, air, and naval. By geography, the market has been categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Report Highlights
The report offers a comprehensive analysis of existing companies that can affect the market outlook throughout the forthcoming years. In addition to that, it provides an accurate assessment by highlighting data on multiple aspects that contain growth drivers, opportunities, trends, and hindrances. It also represents the overall market size from a global perspective by analyzing historical data and qualitative insights.
Drivers & Restraints-
Increasing Adoption of Precision Weapon Systems to Aid Market Growth
With the evolving nature of modern warfare, there has been a rise in the production and acquisition of smart arms and ammunition. Furthermore, as cross-border conflicts become more common and the pressure mounts to minimize civilian casualties, precision-guided munitions are expected to become more prevalent. Traditional mortar systems, for instance, usually fire two or three rounds to stabilize the firing platform and compensate for weather impact. As a result, guided mortars with improved firing accuracy and lower ammunition consumption have become essential. For example, Rafale released Firefly, miniature loitering ammunition, in June 2018. It can be used in combination with the EPIK system to provide precision guidance to several surface-to-surface rocket launch systems. Soldiers who are not mounted can also use it. Emerging economies have increased military spending, allowing them to invest in the production of new and sophisticated smart weapons and modernize their equipment.
Regional Insights
North America to Exhibit Excellent Growth Backed by High Military Expenditure by the US
North America is set to emerge as the leading region in the smart weapons market share and is expected to rise at the fastest rate during the forecast period. This is due to the expanding military budgets, increased government funding to military R&D, and the ongoing production and acquisition of modern warfare equipment, such as smart arms, smart textiles, and advanced armament. The US Army, for example, placed a BONUS order with BAE Systems, Bofors, and Nexter Systems for a 155-millimeter heat-seeking anti-tank mortar.
Asia Pacific is expected to trail North America in terms of market share. This is due to a significant increase in military spending in the region. For example, according to the latest report by the Stockholm International Peace Research Institute (SIPRI), China and India have emerged as the second and third largest defense spenders. Further, apart from modernizing existing equipment, India and China are also investing in smart weapons.
Competitive Landscape-
Key Players to Adopt Strategies to Meet Growing Demand for Smart Weapons
Since several players have developed different weapons based on different technologies, the market for smart weapons is highly fragmented. The Boeing Company, MBDA, L3Harris Technologies Inc., BAE Systems plc, Raytheon Company, and Thales Group are some of the major players in the weapons industry. Manufacturers are aiming to achieve a competitive advantage over their rivals by investing in advanced weapons systems for precise targeting, tracking, and attacking the target. For example, MBDA is developing SmartGlider, a new family of guided weapons, to improve the air-to-surface capabilities of combat aircraft such as the Rafale and Eurofighter Typhoon.
Industry Development-
April 2020: For fiscal years 2021, 2022, and 2023, the US Army awarded Lockheed Martin a contract worth USD 6.07 billion to produce Patriot Advanced Capability-3 (PAC-3) Missile Segment Enhancement (MSE) interceptors and related equipment.
