Smart Weapons Market Snapshot
|Fastest Growing Market:||North America|
|Largest Market:||North America|
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The smart weapons market is anticipated to register a CAGR of over 4% during the forecast period.
- Change in the nature of warfare and demand for high precision arms and ammunition are two major factors driving the smart weapons market during the forecast period.
- The increasing military spending of the emerging countries is helping the countries to invest in the development of new and advanced smart weapons and modernize their equipment. This is also propelling the growth of the smart weapons market.
Scope of the Report
The smart weapons market study includes weapons, missiles, and ammunition that are in development and production, for their use in the military sector. Based on the product, the market is segmented into missiles, and ammunition, and other products. The missiles segment includes various surface-to-air missiles, air-to-ground missiles, anti-tank rockets, air-to-air rockets, air-to-surface rockets, and anti-submarine rockets. The ammunition and other product segment includes smart bullets, precision artillery ammunition, electromagnetic pulse weapons, sensor fused weapons, and smart bombs.
|Ammunitions and Other Products|
|Rest of World|
Key Market Trends
The Ammunition and Other Products Segment is Expected to Experience the Highest Growth During the Forecast Period
The ammunition and other products segment of the market studied is expected to register the highest CAGR during the forecast period. This is majorly due to the development of advanced electro-optical precision integration kits, and sensor fused weapons. Rafael unveiled FireFly, miniature loitering ammunition that can be used by dismounted soldiers and EPIK (Electro-optical Precision Integration Kit) for providing precision guidance to surface-to-surface multiple-launch rocket systems in June 2018. Similarly, the German Ministry of Defense awarded Gesellschaft für Intelligente Wirksysteme mbH (GIWS) initial contract to restart the serial production of the SMArt 155 ammunition (Sensor-fuzed Munition for Artillery 155 mm) that was previously stopped in 2006. The phase 1 contract was awarded in December 2017, and the serial production of the ammunition is planned from 2024.
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The North America Region is Expected to Experience the Highest Growth During the Forecast Period
The North America region has the highest market share and is anticipated to have the highest growth during the forecast period. This is mainly due to the increasing defense budget and government support, as well as continuous development and procurement of modern warfare equipment, including smart weapons, smart textiles, and advanced armament. The US Army placed an order BONUS, a 155-millimeter heat-seeking anti-tank shell, from BAE Systems Bofors and Nexter Systems. Similarly, the US Navy signed a contract worth approximately USD 600 million to provide advanced precision kill weapon system (APKWS) laser-guided rockets. This contract was provided in October 2016 to meet the needs of the US Air Force, US Army, US Navy, US Marine Corps, and the allied nations.
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The smart weapons market is highly fragmented, owing to the presence of a number of players provide different weapons based on different technologies. Some of the prominent players in the smart weapons market are The Boeing Company, MBDA, L3Harris Technologies Inc., BAE Systems plc, Raytheon Company, and Thales Group. Investments in the development of advanced weapons systems by the manufacturers for precise targeting, and tracking and attacking the target are expected to help them gain a competitive edge over the other competitors. For instance, MBDA is developing a new family of guided weapons, namely, SmartGlider that is designed to improve the air-to-surface capabilities of combat aircraft, like Rafale and Eurofighter Typhoon. This weapon is currently under development and is expected to be available to the armed forces by the end of 2025.
In July 2021, the United Kingdom government announced an investment of USD 4.8 million (GBP 3.5 million) to Defence Science Technology Laboratory (Dstl) under Co-operative Strike Weapons Technology Demonstrator (CSWTD) program for the development of smarter missile systems.
In June 2021, the US Army placed an order for Alliant Techsystems Operations LLC to deliver precision guidance kits (PGKs) to convert conventional 155-millimeter artillery shells into GPS-guided smart munitions.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.2 Ammunitions and Other Products
5.2.1 Satellite Guidance
5.2.2 Radar Guidance
5.2.3 Infrared Guidance
5.2.4 Laser Guidance
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.4.4 Rest of World
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 General Dynamics Corporation
6.2.2 Israel Aerospace Industries Ltd
6.2.3 Lockheed Martin Corporation
6.2.4 Northrop Grumman Corporation
6.2.5 Rafael Advanced Defense Systems Ltd.
6.2.6 Rheinmetall AG
6.2.7 The Boeing Company
6.2.9 L3Harris Technologies, Inc
6.2.10 BAE Systems plc
6.2.11 Raytheon Company
6.2.12 Safran SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Smart Weapons Market market is studied from 2018 - 2027.
What is the growth rate of Smart Weapons Market?
The Smart Weapons Market is growing at a CAGR of >4% over the next 5 years.
Which region has highest growth rate in Smart Weapons Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Smart Weapons Market?
North America holds highest share in 2021.
Who are the key players in Smart Weapons Market?
Boeing Co, MBDA, L3Harris Technologies, Inc, BAE Systems plc, Raytheon Company are the major companies operating in Smart Weapons Market.