Smart Weapons Market Aims to Replace Old Tech

  • The market of smart weapons is anticipated to grow on the back of increasing trade for munitions.
  • Increasing military expenditure grows out of concern for rising terror threats and the need to equip with weapons that provide  an extra edge of safety and security.
  • North America is anticipated to hold the largest market share on account of increasing trade of the nation for arms and ammunition backed by the increasing budget for military expenditure.

The World Bank, in one of its statistics stated that military expenditure around the world reached $1.782 trillion in the year 2018, up from $1.631 trillion in the year 2016. Increasing military expenditure grows out of concern for rising terror threats and the need to equip with weapons that provide  an extra edge of safety and security.

Increasing concern regarding the rising cost of maintenance of old munitions along with the presence of old technology weapons is raising the need for replacement of such weapons.  These are some of the factors anticipated to drive the growth of the global smart weapons market. The market of smart weapons is also anticipated to grow on the back of increasing trade for munitions observed around the globe. The International Trade Centre (ITC), in one of its statistics stated that exports of bombs, missiles, torpedo, grenades and more reached $4,616,123 thousand in the year 2018, up  from $3,528,064 thousand in the year 2010, globally.

Military expenditure around the world reached $1.782 trillion in the year 2018.

The global smart weapons market is anticipated to witness a modest CAGR during the forecast period, i.e. 2020-2028.

Segmentation

The market is segmented by platform into air, land and naval. Among these segments, air segment is anticipated to hold the largest market share on account of air munitions being the most preferred weapon during warfare as it provides the launcher a standoff distance so as to launch the weapon outside the most intense air defenses around the target site, coupled with increasing developments observed in air guided weapons, which increases the lethal accuracy against intended targets while minimizing collateral damage. Apparently, continuous upgrading of air weapons in the form of technological advancements is also anticipated to drive the growth of the segment in the global smart weapons market during the forecast period.

The dynamic change in regulations for arms trade among nations around the world is expected to act as a barrier to market growth.

Geographically, the global smart weapons market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America is anticipated to hold the largest market share on account of increasing trade of the nation for arms and ammunition backed by the increasing budget for military expenditure. The International Trade Centre (ITC), in other statistics, stated that exports of bombs, missiles, torpedo, grenades and others in the USA reached $3,517,156 thousand in the year 2018 from $2,361,292 thousand in the year 2010.

However, concerns for impact on sales effected by the dynamic change in regulations for arms trade among nations around the world is expected to act as a barrier to the growth of the global smart weapons market.

Key Players

This report also studies existing competitive scenario of some of the key players of the global smart weapons market, which includes profiling of Raytheon Company (NYSE: RTN), Northrop Grumman Corporation (NYSE: NOC), MBDA Inc., Lockheed Martin Corporation (NYSE: LMT), General Dynamics Corporation (NYSE: GD), The Boeing Company (NYSE: BA), BAE Systems (LON: BA), Textron Inc. (NYSE: TXT), L3Harris Technologies, Inc. (NYSE: LHX) and Israel Aerospace Industries’ (IAI) Group.

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