Naval Smart Weapons Market Share

Market Share of Naval Smart Weapons Industry

The naval smart weapons market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the market are BAE Systems plc, Lockheed Martin Corporation, Raytheon Technologies Corporation, and General Dynamics. Most major players have formed long-term partnerships with the armed forces to upgrade and enhance battlefield capabilities. Also, companies are investing heavily in the R&D of advanced products and technologies that may help develop tactical advantages over rivals. For instance, in February 2021, the US Navy and the US Air Force jointly awarded a USD 414 million contract to Lockheed Martin Corporation for Long Range Anti-Ship Missile (LRASM) production. The LRASM is a precision-guided anti-ship standoff missile, designed to detect and destroy specific targets within a group of ships by employing advanced technologies that reduce dependence on intelligence, surveillance, and reconnaissance (ISR) platforms. The modernization of navigation kits and aids to upgrade the existing missiles is anticipated to support the growth of companies.

Naval Smart Weapons Market Leaders

1. Lockheed Martin Corporation

2. Raytheon Technologies Corporation

3. General Dynamics Corporation

4. The Boeing Company

5. BAE Systems plc

*Disclaimer: Major Players sorted in no particular order