Aerial Smart Weapons Market

Global Aerial Smart Weapons Market Size (2022 to 2027)

The global aerial smart weapons market is estimated to grow at a CAGR of 4.5% between 2022 and 2027. It is due to technological advancements in aerial weapons for hitting targets with more accuracy. Aerial Smart weapons are munitions that allow hitting the target in the air with great precision and accuracy. The aerial smart weapons include missiles, Ammunition, and other types of weapons. In addition, aerial smart weapons need a guidance system for hitting the target. Different technologies, such as infrared guidance, satellite guidance, radar guidance, and laser guidance, are used to guide the smart weapon.

The United States in the North American region holds the largest market of Aerial Smart weapons. However, countries like China, Japan, India, France, South Korea, and Brazil will emerge as the largest market for the development and procurement of aerial smart weapons. The boundaries disputes and other clashes and the race between the countries for powering their defense systems fuel the demand for smart weapons, including aerial weapons, also driving the growth of the global Aerial Smart Weapon in the forecasted period between 2022 and 2027.

Impact of Covid-19 on the global aerial smart weapon market: 

The COVID-19 outbreak has significantly impacted the global aerial smart weapons market. During the COVID-19 pandemic, the industries have slowed down, and GDP has shrunken. Due to this, the governmental budget for defense has already less. Moreover, the government has spent a significant part of its budget on healthcare during COVID -19. Therefore, the governmental funding for its defense has been significantly affected, which affects the market for aerial smart weapons during the pandemic.

MARKET DRIVERS:

Many countries are spending massive amounts developing and procuring smart weapons for military aircraft to strengthen their defense system. Therefore, the need for a variety of weapons with smart guidance and navigation system drives the growth of the global Aerial Smart Weapon Market in the forecasted period. On the other hand, the technological advancement in weapons hampers the international Aerial Smart Weapons Market development. Moreover, the geopolitical and other disputes resulted in to start of an arms race between countries due to which countries have started procuring and developing the weapons which drive the growth of the global aerial Smart Weapon Market in the forecasted period between 2022 and 2027.

Additionally, with the increasing emphasis on reducing the dependency on the imports of the weapons systems, several countries are focusing on developing their indigenous weapon system fuelling the growth of the market in the future. It's also been stated that the United States gives crucial technologies to countries like Saudi Arabia to develop their smart aerial weapons. The changing nature of aerial warfare and the growth in defense spending towards developing and procuring smart weapons for military aircraft is expected to boost the development of the global Aerial Smart Weapon in the market.

MARKET RESTRAINTS:

The Regime like MTCR (Missile Technology Control Regime) has few countries as their member. These regimes do not allow their members to export any defense support material to those countries that are not members of the regime. Therefore, the rules and restrictions of regimes hinder the growth of aerial smart weapons around the globe.

REPORT COVERAGE:

Market Data Forecast analyses the key trends in each sub-segment of the global aerial smart weapons market, along with forecasts at the global, regional, and country levels from 2022 to 2027. In addition, our report has categorized the market based on product, application, and region.

Aerial Smart Weapons Market - By Product:

• Missiles
• Ammunition
• Other Products

The global aerial smart weapons market is segmented into Missiles, Ammunition, and Other Products based on the product. The missiles segment is further sub-segmented into air-to-ground missiles, anti-tank rockets (launched from aircraft), air-to-air missiles, and air-launched anti-marine sub missiles. The Ammunition and other products include precision-guided artillery ammunition, an electromagnetic pulse weapon, air-launched loitering munitions, smart bombs, and sensor fused weapons. Countries are developing or procuring aerial smart weapons to increase their strength on the air battlefield driving the growth of the global aerial weapon market.

Aerial Smart Weapons Market - By Technology:

• Satellite Guidance
• Radar Guidance
• Infrared Guidance
• Laser Guidance

The global aerial smart weapons market is segmented into Satellite Guidance, Radar Guidance, Infrared Guidance, and Laser Guidance.  These technologies provide proper guidance for hitting the target with greater accuracy. The laser guidance system is also called a laser-guided bomb. In this guidance system, the target is illuminated by the laser beam emitted by the aircraft, another target-control aircraft, or a ground unit force. It is designed to improve the accuracy of air-to-ground striking. The infrared guidance system searches its target using infrared rays. Finally, the radar guidance system dominates as it detects the target at a long-range with more precision and accuracy. The technological advancement in guidance systems drives the future market growth of aerial smart weapons.

Aerial Smart Weapons Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America is a healthy market for the growth of Aerial Smart Weapons. The United States alone holds the largest share of the aerial smart weapon market globally. In addition, the United States is spending huge on developing and orientation smart weapons systems ranging from bullets to nuclear-capable hypersonic guided weapons. These smart weapons also include aerial weapons, and the country has several aerial smart weapons development projects that are underway, boosting the growth of Aerial Smart Weapons in the market.

The Asia-Pacific region is expected to grow fastest in the Aerial Smart Weapon Market. China, India, Japan, and South Korea are the major countries contributing to the market's growth. These countries are significantly investing in their defense to strengthen their global position. The east-Asia region is expected to have enormous growth in procurement of Aerial smart weapons in the near future due to disputes over the South China Sea and China’s hard-line posture towards Taiwan. Additionally, the boundary disputes and recent clashes between India and China drive the growth of aerial smart weapons in this region.

The outlook towards defense has changed between India, China & Pakistan; this situation crop up the arms race in South Asia (between India and China). Moreover, India is already acquiring the S400 defense system from Russia to strengthen its aerial surveillance, detection, target acquisition, and destroy capabilities. Owing to these factors, the demand for aerial smart weapons is increasing, which propels the growth of the global Aerial Smart Weapons Market in the forecasted period between 2022 and 2027.

In Europe, France also contributes to the growth of aerial smart weapons as France is the largest exporter of smart weapons around the globe. Due to the massive deployment of the technologies, France manufactures and exports modern technology aerial smart weapons in the market and supports other countries to strengthen their defensive position and power. Turkey will also contribute to the growth of the Global Aerial Smart Weapon in the market between 2022 and 2027.

KEY MARKET PLAYERS:

Some of the leading companies operating in the Global Aerial Smart Weapons Market are BAE Systems, Raytheon Technologies Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Harris Technologies, Inc., Israel Aerospace Industries, MBDA Incorporated, Boeing, and Hindustan Aeronautics Limited. 

Recent Developments In This Market:

• The US Air Force's Air Combat Command approved the StormBreaker smart weapon for employment on the F-15E in October 2021, according to Raytheon Missiles and Defenses (a Raytheon Technologies division). This smart weapon can strike maritime or land-based maneuvering targets at a range, even in adverse weather conditions.
• In April 2020, Raytheon Technologies teamed up with Norwegian defense firm Kongsberg defense & space to create a multi-mission cruise missile. Raytheon Technologies is now working with Norway's Kongsberg Defense & Aerospace to build a long-distance aerial weapon. This weapon has a 150miles standoff range, can fly at low altitude with subsonic speed, and can rapidly change the track to hit threats on land or sea.