Need for improved security systems boosts demand in Global Smart Weapons Market
The global smart weapons market is foreseen to register a CAGR of over 4% during the conjecture period.
Weapons that are guided by different technologies such as computers, lasers and others, in order to correctly direct them to the target, are called smart weapons. These weapons are very efficient and accurate, increasing the demand for this type of weapon around the world, boosting the overall market growth.
Raytheon Missiles & Defense, a Raytheon Technologies company, announced that the StormBreaker® smart weapon has been approved forā use on the F-15E by the US Air Combat Command Force.
Market Drivers and Restraints:
Most of these weapons work with lasers and similar high technology. As a result, it offers high precision, reliable shots and fast hitting capabilities. In addition, the lightness of the weapon minimizes the cost of logistics transport. All these factors together drive the rate of adoption of smart weapons in the defense system to improve the country's security system.
However, strict weapons regulations enforced in various countries are likely to limit the growth of the global smart weapons market in the coming years. Price is the biggest factor affecting the general adoption of smart weapons. They are expensive, limiting their widespread adoption.
Nevertheless, the prices of these weapons are anticipated to remain reasonable due to the increased production volumes. Also, with technological improvements and more research and development, the impact of this factor is likely to increase.
Impact of COVID-19 on Smart Weapons Market:
The new coronavirus pandemic has slowed the manufacturing of smart weapons with a complete lockdown across the areas. The virus outbreak is having an unforeseen impact in end-user sectors due to the disruption of the supply chain and production. Aside from products and manufacturing, financing options for consumers will be prioritized to enable new sales in the coming months.
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Report is segmented as:
• Air-to-ground missiles
• Surface-to-air missiles
• Smart bombs
• Sensor fused weapons
• Directed energy weapons
• Precision artillery munitions
• Electromagnetic pulse weapons
• Smart bullets
The munitions and other market segments are expected to record the highest CAGR during the outlook period. This is mainly due to the development of advanced electro-optical precision integration kits and sensor fusion weapons.
Based on geography, the global smart weapons market is divided into regions of Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these regions, North America has the highest market share and is supposed to experience the highest growth during the outlook period. This is primarily due to increased defense budget and government support, as well as continued development and purchase of modern warfare equipment, including smart weapons, smart textiles, and advanced weaponry.
Key market players:
The key players in the global smart weapons market are Raytheon Company, Lockheed Martin, Orbital ATK, MBDA Inc., and General Dynamics Corporation. The other players in the global market include Israel Aerospace Industries, The Boeing Co., Northrop Grumman Corporation, BAE Systems, Textron Inc., and L-3 Communications Ltd.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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