This 380+ page report provides 236 tables and 262+ charts/graphs. This new study is suitable for anyone requiring commercial, in-depth analyses for the global military smart weapons market, along with detailed segment analysis in the market. This new study will help you evaluate the overall global and regional market for military smart weapons. Get the financial analysis of the overall market and different segments including platform and type and capture higher market share. We believe that high opportunity remains in this fast-growing military smart weapons market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
How has COVID-19 had a significant negative impact on the Military Smart Weapons Market?
The COVID-19 pandemic has a negative impact on the military smart weapons market globally. As a result of the COVID-19 outbreak, which has resulted in tight border controls, instability on the stock market, and country-wide lockdowns, this pandemic has hampered the production and distribution of smart weapons.
Companies are concerned about supply and demand gaps caused by the COVID-19 epidemic. Military smart weapons are highly sophisticated and technologically advanced military platforms and are consequentially incredibly costly to procure. Once procured, the constant need to maintain them can also be financially burdensome. Consequentially, the most advanced military smart weapons are the preserve of economically developed countries and inaccessible for less-economically developed countries. This means that the military smart weapons market lacks the universality of other defence markets.
This report includes data analysis and invaluable insight into how COVID-19 will affect your industry. Access this report today.
What are the current market drivers?
Easy access to upgrade kits for modernizing existing weapons and systems, emergence of security dilemma politics, increasing adoption of advanced missile defence systems and interceptor missiles, rising penetration of miniaturised precision guided weapons, and growth in the need for greater precision to alleviate collateral damage, are some of the major factors that boosting the growth of the global military smart weapons market.
The demand for advanced weaponry technology has been increased at a significant rate owing to need for modern defense solutions and conflict resolution. In addition, pressure across the globe to reduce human causalities during conflicts are catalysing the growth of the military smart weapon market. Apart from human causalities, these weapons help in minimizing the risk to the assets.
Where are the market opportunities?
Rising investment on development of advanced weapons and increasing research and development activities undertaken by universities and organization to innovate and introduce next generation warfare equipment is presenting opportunities to key players operating in the military smart weapon industry. Further, prominent players in collaboration with defense departments across major and emerging countries are conducting testing of various smart weapon prototypes as a part of first stage of the overall development process.
With the advent of advanced weapon technologies, the dynamics of global security has been changed drastically among the super power countries. In addition, technological evolution has opened a gateway to intelligent and precise wars without much escalation and resources to attain military objectives. Comparatively, smart weapons are more precise and accurate than conventional weapons and require a smaller number of soldiers to achieve military targets. Aforementioned reasons smart weapons are anticipated to replace weapons among militaries across the globe.
The major players operating in the military smart weapons market are BAE Systems, Boeing, General Dynamics Corporation, Kongsberg Gruppen, L-3 Communications Holdings, Inc., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Orbital ATK, Rafael Advanced Defense Systems Ltd., Raytheon, Rheinmetall Ag, Textron Inc, and Thales Group.
Prominent companies operating in the military smart weapons market have adopted various strategies comprising substantial investment in R&D, partnerships, collaborations, geographical and portfolio expansion, and new product launch. For instance, in March 2021, General Dynamics Ordnance and Tactical Systems (OTS) signed a partnership agreement with Dynamit Nobel Defence GmbH (DND) to develop and provide advanced weapons for warfighters to enhance their capabilities during war.