Competitive Dynamics
The notable players of the market are Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), BAE Systems, PLC (UK), The Boeing Company (US), L-3 Communications Holdings, Inc. (US), MBDA, Inc. (France), General Dynamics Corporation (US), Orbital ATK (US), Thales Group (France), Textron Inc. (US) and Rheinmetall Ag (Germany).
Market Overview
Global smart weapons market share is anticipated to reach USD 21.85 billion by 2027 and register a CAGR of 6.5% between 2019 and 2027.
Market Dynamics
The global smart weapons market has grown rapidly in recent years as a result of rising defense spending, naval modernization programs, and growing demand for remote weapon stations. The growing demand for extremely precise weaponry as a result of rising geopolitical conflicts and cross-border challenges, among other factors, is propelling the global market forward. The great demand for these weapons is a result of their cost-effectiveness, increased accuracy, adaptability, extended operational range, and minimum training requirements.
Governments are being pushed to strengthen their defense capabilities by factors such as ongoing conflicts in the Middle East and Africa, long-standing tensions between the US and China, the US and Iran, India and Pakistan, and South Korea and North Korea, territorial disputes between Asia-Pacific countries, and a focus on counterterrorism activities. Increased military spending immediately benefits the defense equipment industry, which encompasses everything from aircraft and weaponry to intelligent weapons.
The global market has recently experienced tremendous expansion as a result of increased expenditure in the procurement of remotely operated weapons throughout the world. Additionally, as terrorist threats develop around the globe, the amount of cross-border threats and armed conflicts will increase, boosting demand for remote weapon stations. Over the years, terrorist organizations such as ISIS and Al-Qaeda have posed serious challenges to several countries' national security, necessitating the modernisation of weaponry and the acquisition of smart weapons to counter such threats.However, the increasing complexity of weapon systems is projected to restrain the market's growth somewhat.
Segmental Analysis
The market is categorized by product into missiles, munitions, guided rockets, guided projectiles, and guided weapons.
The market is categorized according to technology into infrared, laser, radar, global positioning system (GPS), and others.
The market is categorized by platform into land, maritime, and airborne.
Regional Overview
North America is divided into two major countries, the United States of America and Canada. North America leads the world in military spending and technical breakthroughs, creating a significant demand for intelligent weaponry. While Canada invests in the development of such advanced weaponry, the country's smart weapons business is largely reliant on the United States. In 2020, the region had the greatest market share, owing to the presence of key manufacturers such as Lockheed Martin, Raytheon Technologies Corporation, and Northrop Grumman. Additionally, the US Department of Defense's (DOD) increased expenditures on smart weapons in recent years has resulted in a major increase in demand in the area market.
MRFR forecasts that the Asia-Pacific (APAC) market would grow at the quickest rate during the forecast period, owing to key economies' rising defense expenditure. In Asia-Pacific, prominent countries such as China, Japan, India, and Australia are driving market expansion, owing to increased investment in smart weapons. Increased military spending and escalating territorial conflicts between neighboring countries such as China, South Korea, and North Korea are propelling the region's smart weapons industry. Additionally, India's military expenditure increased by almost 9% between 2017 and 2019. Additionally, China, India, and other Asian countries are accelerating the regional market's growth through navy modernization efforts and increased development of naval combat systems.
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