Global Smart Weapons Market is forecasted to reach $19 billion by 2024; growing at a CAGR of 6.4% between 2016 and 2024. Smart weapons are self-guided and technologically advanced artillery used for cross border security or during war. Some of the smart weapons such as surface-to-air missiles, air-to-ground missiles, and smart bombs are widely used across the world. Growing terrorism, civil strife, and cross border hostilities have increased the adoption of smart weapons by military forces.
Rising procurement of military equipment, increasing awareness towards border security, and high demand of high precision in weapons, are the major drivers of the global smart weapons market. However, high price of these weapons may hamper the market growth in the coming years. Rising worldwide demand for technologically advanced smart weapons would provide several growth opportunities for the market in the coming years.
The global smart weapons market is categorized on the basis of type and geography. By type, the market is segmented into air-to-ground missiles, surface-to-air missiles, sensor fused weapons, direct energy weapons, electro-magnetic pulse weapons, smart bombs, precision artillery munitions, 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). 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, OTO Melara S.P.A, Raytheon Company, General Dynamics, Denel Dynamics, Textron Defense Systems, Rafael Advanced Defence Systems Ltd., L-3 Fuzing And Ordnance Systems Inc., 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
- Direct Energy Weapons
- Electro-Magnetic Pulse Weapons
- Smart Bombs
- Precision Artillery Munitions
- Smart Bullets
- North America
- ·United Kingdom
- ·South Korea
- ·South America
- ·Middle East