The global smart naval weapons market size is expected to be worth USD 19.68 Billion in 2024 and USD 27.63 Billion by 2029, growing at a CAGR of 7.02% from 2024 to 2029.
A smart weapon comprises military weaponry that uses a guiding system to hit a target with greater precision. A satellite, beam, or satellite navigation tool is commonly included in smart weapons including missiles or steerable bombs. Smart weapons vary from brilliant weapons in that smart weapons rely on external guidance systems, while brilliant weapons are completely self-guided. An airplane pilot aims a laser at the target to control a smart bomb using a laser guidance system. With the help of a computer, the beam is fixed on the target. The bomb's sensor aids in the detection of the laser's light reflection. The bomb is guided along its intended course by a guidance computer that uses adjustable fins to direct it. A television guiding system saves the picture of the target specified by the pilot using a television camera mounted on the weapon's nose. Satellite-guided bombs employ guidance computers that use signals via navigation satellites to confirm their target, and the tail fins are changed to follow the bomb's route as it falls. The information given by navigation satellites is also used by cruise missiles to maintain their path during flight.
Global Smart Naval Weapons Market Drivers:
Increased defense spending, the expansion of military personnel, and the acquisition of modern weaponry enabling special operations are all expected to propel the industry forward. The worldwide market is being driven by factors such as the growing demand for extremely precise weaponry as a result of rising geopolitical conflicts and cross-border concerns, among others. Due to its cost, improved accuracy, adaptability, extended operational range, and reduced training time, such weapons are in high demand. Furthermore, the growing number of armed forces replenishment and modernization plans is expected to increase demand for these weapons. The rising budget allocation to the military industry across nations is a major growth factor for the Global Naval smart weapons market. Despite the epidemic, governments have not reduced their defense spending considerably. Increased tensions on major nations’ borders, such as China's, have fueled the expansion of the Global smart weapons market. Global Smart Weapons Market has the potential to develop due to the rising market for smart weapons from emerging countries, technical advancements, and technological advances in the smart weaponry domain.
Global Smart Naval Weapons Market Restraints:
The restraining factors that are restricting the growth of global smart weapons restraints are Government Regulations on Guided Firearms are Strict and the trading of arms due to destruction. Government restrictions and regulations in economies such As India, Australia, the United Kingdom, New Zealand, and others are projected to stifle global market growth. These nations have enacted tight restrictions on the acquisition and use of firearms. Increased limitations on the trafficking of guns, however, are likely to stifle market growth by preventing the damage done through the use of weapons.
Impact of COVID-19 on the global naval smart weapons market:
The worldwide population has restricted individuals from leaving their homes but is on the verge of doing so, which is having a negative or positive impact on all markets. The Coronavirus has struck devastation around the globe. Lockdowns and significant social isolation measures have been implemented in almost every country. As a result, supply networks have been interrupted. The epidemic has wreaked havoc on global systems. Due to the new coronavirus, the defense sector has faced unprecedented problems. Lockdowns in most nations across the world had a significant impact on the military sector, causing important businesses to cease production and smart weapon supplies to be delayed.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
7.02% |
Segments Covered |
By Product, Technology, & Region |
Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global naval smart weapons market has been segmented and sub-segmented based on product, technology and region.
Global Naval smart weapons market - By Product:
Because of the growing need for improved guided missiles from defense forces, the missile sector is anticipated to stay dominating. Anti-tank and standoff missiles, air-to-air and air-to-surface missiles, & anti-ship and anti-submarine missiles are all examples of Missiles. Target Pods & Guided Bombs are examples of munitions. Because of the growing need for Advanced Guidance Missiles by various defense forces, the missiles category is likely to have a significant market presence. During the projected period, the munitions segment is expected to increase at the fastest rate. The growth of the market for next-generation precision-guided bombs is ascribed to an increase in terrorist activities, political upheaval, and cross-border conflicts throughout the world.
Global Naval Smart Weapons Market - By Technology:
The Radar guidance is expected to boost the global naval smart weapons market in the upcoming years. Radars having Active Homing & Passive Homing are two types of radars. Radars featuring infrared (IR) targeting & imaging infrared (IIR) homing are two types of radars. Due to its operating efficiency and high accuracy with which it can affect its goal, Laser-Guided technology is predicted to have a significant market presence over the forecast period.
Global Naval Smart Weapons Market – By Region:
The United States Department of Defense approved USD 4.3 billion for the acquisition of 6,062 munitions in North America, owing to the nations in the area having considerable budgetary allocations to their defense industry and technical breakthroughs in the country. Furthermore, the presence of major firms and world market competitors in the region.
During the projection period, Asia-Pacific is expected to develop at a rapid pace. The increase is attributable to increased defense spending from Japan, India, China, S. Korea, and other countries. During the projection period, cross-border conflicts, political upheaval, and increased terrorism in Asia Pacific will drive important market growth.
Europe is projected to develop significantly. In addition, rising defense spending in nations like the United Kingdom, France, & Russia is expected to fuel demand for this weaponry. Due to prominent businesses like Thales Group, BAE Systems, Rheinmetall AG, and others,
KEY MARKET PLAYERS:
The Major Players of the Naval Smart Weapons Market are L-3 Communications Ltd., Lockheed Martin Corporation, MBDA, Inc., Orbital ATK, General Dynamics Corporation, BAE Systems, The Boeing Co., Textron, Inc., Israel Aerospace Industries, Northrop Grumman Corporation, and Thales Group
RECENT HAPPENINGS IN THE MARKET:
In November 2021, In its first-ever munition drop, the F-35B deploys the Stormbreaker smart weapon. The very first weapons deployment of a Storm Breaker smart weapon from a Marine Corps F-35 II was undertaken by Raytheon Missiles & Defense, a Raytheon Technologies subsidiary, and the United States Navy.
FAQ's
Common types include anti-ship missiles, cruise missiles, torpedoes, and other precision-guided munitions tailored for naval platforms. These weapons are equipped with advanced targeting and navigation systems.
Factors driving market growth include the increasing focus on naval modernization, the need for enhanced naval capabilities, and geopolitical tensions that stimulate investments in advanced defense technologies.
Major players in the naval smart weapons market include countries with advanced naval capabilities, such as the United States, Russia, China, and several European nations. These countries invest heavily in research and development for naval technologies.
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