Smart Weapons Market is expected to progress from USD 11.52 Billion in 2021 to USD 15.64 Billion by the end of the assessment period, with a CAGR of 6.3% throughout the estimated period (2022 - 2027).
Smart weapons are missiles or steerable bombs that are equipped with a laser, television, or satellite guidance system. Smart weapons are distinguished from firearms that use guidance systems, self-guided that rely on external assistance. Like a smart bomb with a laser guidance system, a computer keeps the beam locked on the target, an aircraft pilot aims a laser beam at the destination, and the bomb has a sensor that is programmed to find the reflections of the laser's light, guided missiles, target pods, smart guns, small smart weapons, mortar rounds, etc. are some of the types of smart weapons.
These smart weapons are a kind of weapon that depends on external assistance systems to get controlled. Mostly, Smart weapons are utilized in laser, global positioning software, and satellite guidance systems. The onboard computer targets with laserbeam, and it guides the movement and position of the projectile so it can hit the target, in the case of movable goals. These weapons are designed to hit a specific target precisely and also for the reduction of collateral damage. The less risk of loss of a civilian life and property damages are the unique selling properties of these smart weapons.
The COVID-19 pandemic has the potential to trigger a major global economic crisis, which affects all industries. One of the industrial sectors affected by the coronavirus storm is aerospace. The COVID-19 epidemic has almost completely stopped global air traffic. The coronavirus continues to wreak havoc on air travel, defense and aerospace manufacturing in Europe. Airlines have suspended all flights or reduced their flight schedules by 60 to 95%. With few exceptions, a major defense and aerospace manufacturers still maintain a certain level of production. Business travel is almost stagnant, as many companies do not receive guests or physically visit customers, suppliers, and other interested parties, unless they are considered business-critical.
Recent Developments:
MBDA is developing a new family of guided weapons, namely SmartGlider, designed to improve the air surface capabilities of combat aircraft such as Rafale and Eurofighter Typhoon. This weapon is currently in development and is expected to be available to the armed forces by the end of 2026.
The increasing usage of smart weapons for carrying out precision strikes is one of the major factors that are driving the growth of the global smart weapons market. Also, rising demand for precision & guided missiles and munitions to locate, find, and destroy a target is another factor that was increasing demand for smart weapons which in turn fuelling the market And the investments from the major players on their R&D teams for developing these smart weapons are likely to propel this market growth during the forecast period.
Increasing budgetary allocation from various governments of developing and developed nations for smart and advanced weapons is also estimated to bolster the demand for smart weapons, increasing the growth of the target market future.
However, the stringent rules and regulations by regulatory bodies and various governments in the developed countries regarding the utilization of these smart weapons are challenging the global smart weapons market. Further, the risk of occurrence of some computer malfunctions is another challenge that might hinder the growth of the global smart weapons market.
But the demand for smart weapons for the usage against terrorism is creating lucrative opportunities for smart weapons manufacturers.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2021 – 2026 |
Base Year |
2021 |
Forecast Period |
2022 - 2027 |
CAGR |
6.3% |
Segments Covered |
by technology, product, platform |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Alliant Techsystems Inc, Ordnance Systems Inc., Textron Defense Systems, Fuzing, OTO Melara S.P.A, Defense Systems Ltd, BAE Systems, Rafael Advanced, Boeing, Denel Dynamics, General Dynamics, Israel Aerospace Industries, and Raytheon Company. |
Smart Weapons Market Segmentation:
The global smart weapons market is segmented by technology, product, and platform. The technological segment branches into the infrared, laser, radar, GPS, optics, cable, microcomputer, and satellite. The infrared sub-segment is further divided into reference IR and reference IIR. The radar sub-segment is further classified into active and passive homing. The ammunition sub-segment is divided into target pods and guided bombs. The missile sub-segment is classified into anti-ship and anti-submarine missiles, anti-tank missiles and emergency missiles, and air-to-air and air-to-ground missiles. The guided rocket sub-segment is further divided into air-to-surface rockets, air-to-air, tactical rockets, anti-tank, and anti-submarine. The precision-guided firearms sub-segment is further grouped into long weapons, smart weapons, and small smart weapons. The infrared and ammunition segments are leading the global smart weapons market in their divisions.
By product, the market is forked as ammunition and missiles. The platform segment is classified as land, air, and naval.
Regional Analysis:
The global market for Smart Weapons has been categorized by region into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. The Asia-Pacific smart weapons industry will capture a share of over 20% by 2026. ICCA's high market penetration can be analyzed by increasing cross-border conflicts and terrorist activities in the region. These factors have enabled several countries to intensify their efforts to acquire advanced weapons systems. The European smart weapons market generated sales of more than $ 3 billion in 2019. The acquisition of the market can be seen by formulating several new technology companies to enable the integration of smart weapons technologies. For example, in November 2019, a new Indian tech company created an R&D center in Lithuania to develop a technology, which can be integrated into a weapon, allowing it to scan, detect, and locate enemies. In North America, the ammunitions segment will experience a valuation of $ 2 billion by 2026. This growth can be attributed to increased efforts by the US government to develop smart munitions. The increasing importance to minimize friendly fire casualties is an important factor supporting R&D activities in the US. For example, in January 2021, the USA Launched smart range tests developed by Smart Shooter Ltd.
Leading Company:
Textron Defense Systems had the largest share of the Smart Weapons Market in terms of sales and revenue in 2018.
Key Players:
The global Smart Weapons Market is concentrated with well-established players such as Alliant Techsystems Inc, Ordnance Systems Inc., Textron Defense Systems, Fuzing, OTO Melara S.P.A, Defense Systems Ltd, BAE Systems, Rafael Advanced, Boeing, Denel Dynamics, General Dynamics, Israel Aerospace Industries, and Raytheon Company.
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