Market Size of Naval Smart Weapons Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Naval Smart Weapons Market Analysis
The Naval Smart Weapons Market is expected to grow at a CAGR greater than 5% during the forecast period.
There was a widespread disruption in the naval manufacturing sector as the supply chain crisis escalated due to the imposed lockdowns on a global scale. Major ship manufacturing units utilize a global sourcing strategy to enable the integration of advanced materials into the ships' critical systems, such as hull, navigation, and weapon systems. The growing demand for sea-based warfare, along with the increasing fleets of naval vessels of countries around the world, is propelling the procurement of sea-based smart weapons. The market is primarily driven by the growing demand for precision strike weaponry. However, the R&D of smart weapons requires high capital investment and with the rapid pace of innovations in different parts of the world, technologies are also becoming obsolete at a very rapid pace. This market also faces strict regulatory norms regarding the sharing of technology with other countries.
