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Other major trends in the market influencing growth include:
- growing interest in imaging infrared technology in IR missile guidance;
- rising demand for precision guided weapons and munitions as the future battlefield requires more smarter firepower, greater range and reduced risks to military personnel;
- rising demand for airborne and surface-to-air missile systems, self-propelled artillery and sensor-fused sub-munitions for defeating armored vehicles;
- and substitution of unguided cluster bombs with sensor fused weapons.
- weapons effective even in RF- and GPS-denied environments;
- rugged network connectivity including adaptive processing and signals intelligence;
- and scalability for future upgrades.
The United States represents the largest market worldwide by virtue of being a political superpower with advanced military force, presence of leading advanced technology developers, large military budget allocations and favorable regulatory environment. Asia-Pacific ranks as the fastest growing market with a CAGR of 17.4% over the analysis period. Mounting defense spending for supporting large-scale military modernization programs in China and India; escalating cross-border skirmishes, and the increasing threat of militants and extremists represent key growth drivers in the region.
Company and Industry News & Stories
- BAE Systems to Expand Operations in Huntsville in a Move to Effectively Serve Critical Customers in the U.S. Army and the Redstone Arsenal Community
- BAE Systems Bags New APKWS Rockets Supply Contract from the U.S. Navy for Supply of Over 7,000 Advanced Precision Kill Weapon System (APKWS®) Laser-Guided Rockets
- Harris and L3 Technologies to Merge With the Aim to Develop Differentiated and Mission Critical Solutions for Customers Worldwide
- Harris Bags US Air Force Contract for International F-16 Electronic Warfare System Support Program
- L3 Technologies Takes Over ASV Global to Enhances L3’s Full Spectrum of Unmanned Maritime Capabilities
Product Definition & Scope
- Smart Weapons, also called Precision-Guided Munitions (PGMs), are a category of weapon systems designed for striking pre-decided targets with pinpoint accuracy in order to maximize the application of explosive force on the target, while minimizing collateral damage and military personnel casualties. PGMs incorporate on-board computer systems and laser, TV or satellite guidance systems that enable the smart weapon to lock-on to a target specified by military personnel, and steer themselves along the trajectory towards the target. Subsequently a diverse array of smart weapons have been developed including smart bombs; precision-guided surface-to-air, air-to-ground missiles and stand-off missiles; smart bullets, precision guided artillery munitions, sensor-fused weapons, and directed-energy weapons. Conventional weapons can be converted into smart bombs through the incorporation of smart weapon solutions.
Timeline for Analysis
- Market Estimates and Forecasts for 2015-2022
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World
- BAE Systems PLC
- Denel SOC Ltd.
- General Dynamics Corporation
- Israel Aerospace Industries Ltd.
- L3 Technologies, Inc.
- Leonardo SpA
- Lockheed Martin Corporation
- MBDA France
How Can You Benefit?
This research project broadly covers analysis of all market trends, drivers, challenges and other macro market scenarios you need to know to improve your strategic planning and remain informed and competitive. The study also provides reliable ready facts and exclusive statistical data insights in addition to expert and highly accurate market size forecasts and projections to help you identify new markets and opportunities for revenue growth and sustainability. The extensive reportage of industry, company and product news and stories together with coverage of all major and niche players provided in the report helps you build a 360 degree perspective on your markets and gain unsurpassed insights needed to devise plans and strategies to maximize business growth.