The Global Smart Weapons Market Size Was USD 17.17 Billion In 2020, And Is Expected To Grow To USD 30.12 Billion In 2028, With A CAGR Of 8.02% During 2023-2028.
Market Overview
The research firm Contrive Datum Insights has just recently added to its database a report with the heading global Smart Weapons Market . Both primary and secondary research methodologies have been utilised in order to conduct an analysis of the worldwide Smart Weapons Market . In order to provide a comprehensive comprehension of the topic at hand, it has been summed up using appropriate and accurate market insights. According to Contrive Datum Insights, this worldwide comprehensive report is broken up into several categories in order to present the data in a way that is understandable, succinct, and presented in a professional manner.Computer-guided munitions known as “”smart weapons”” have laser, radio, infrared, GPS, and satellite guidance systems, which allow for incredibly precise and accurate targeting. Smart weapons, which are often referred to as precision-guided weapons, are intended to attack targets precisely while minimizing collateral damage and lethality. The utilization of external operating systems situated in remote geographic locations allows smart weapons to be controlled and aided. The use of intelligent weaponry modifies strategy and the manner of engagement. The precise course and direction are maintained throughout flight by cruise missiles using data from navigation satellites. Smart firearms have safety features that can only be activated by authorized individuals, which lowers the likelihood of misuse, gun theft, and self-harm. RFID (radio frequency identification device) chips, fingerprint scanners, biometric sensors, mechanical locks, and magnetic kits are a few examples of the security measures found in smart weapons. With historical and projected data for the years 2017 through 2030, with 2022 serving as the base year, the size, estimations, and forecasts of the global market for smart weapons are given in terms of sales volume (K units) and revenue (million USD). The market for smart weapons is divided into several segments in this analysis. Detailed information on regional markets for certain products is also provided. We factored in the effects of COVID-19 and the Russian-Ukrainian war when calculating the market’s size.
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Segment Analysis
It encompasses the most important key players in the world’s various regions and contains them. In this research report, several different techniques that high-level industries have utilised to achieve their goals are discussed. In order to obtain a more in-depth analysis of a number of different businesses, player profiles of the most important top players have been developed. It is beneficial to have an understanding of the worldwide competition on both the domestic and international platforms.
It provides a detailed description of the drivers and opportunities in the Smart Weapons Market , which assists current customers and potential customers in gaining a clear vision and making decisions that are most effective for them. In order to discover the desired facts regarding the target market, various types of analysis models, such as Smart Weapons Market , are utilised. In addition to this, it includes a variety of different techniques for strategic planning, which encourages the way to define and develop the framework of the various industries. The guided projectiles, guided rockets, directed energy weapons, munitions, and missiles make up the different product categories in the global market.
Due to the growing need from the defense forces for sophisticated guided missiles, the missiles segment is anticipated to maintain its dominance.
The market is divided into air, land, and naval segments according on the platform. During the projection period, the land segment is anticipated to increase the fastest. Defense spending will rise, military troops will grow quickly, and more sophisticated weaponry will be purchased, which will spur sector growth. The market is segmented into laser guidance, infrared guidance, radar guidance, satellite guidance, and other types of guiding based on technology. In the upcoming years, the laser guidance market is expected to experience exponential expansion. Modern technology, including lasers, which increase accuracy and operating efficiency, is to blame for the growth.
Based on types, the Smart Weapons Market is segmented into:
- Smart Military Robot,
- Smart Drone,
- Smart Tank,
- Smart Missile,
- Smart Mine,
- Others,
Based on application, the Smart Weapons Market is segmented into:
- Defense,
- Homeland Security,
- Other
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Recent Development
The U.S. Navy and Air Force and Lockheed Martin Corporation agreed to a 414 million USD supply deal for LRASM in February 2021. Based on the successful joint air-to-ground standoff missile, it is an anti-ship, precision-guided standoff missile.
In March 2020, Raytheon and the U.S. Department of Defense (DoD) agreed to a USD 86 million deal for engineering services related to the M982 Excalibur long-range precision artillery bombs.
Regional Analysis
The market is divided into North America, Europe, Asia-Pacific, and the Rest of the World based on region. With a market value of USD 5.79 billion in 2020, North America is expected to rule the global market for smart weaponry. The largest military or defense budget as well as expanding military modernization plans are credited with the growth. The US Department of Defense allocated 4.3 billion USD in 2019 for the purchase of 6,062 bombs. Also, the existence of major players like the Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, General Dynamics Corporation, and others will promote the expansion of the regional market. During the projection period, Asia-Pacific is anticipated to have extraordinary growth. The expansion is the result of rising military industry investments from nations like India, China, South Korea, and Japan, among others. Cross-border disputes, political upheaval, and an increase in terrorism throughout Asia Pacific drive the primary market’s growth over the projection period.
Regional Smart Weapons Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
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- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in Smart Weapons Market include:
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- Smart Weapons Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
Report Customization: This report will be customized to your needs for additional data up to 5 companies or 5 countries or nearly 40 analyst hours.
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Key Market Participants in the Smart Weapons Market :
Boeing, Textron Defense Systems, Raytheon, Northrop Grumman, Thales Group, General Dynamic, L3 Technologies
Recent Development
The U.S. Navy and Air Force and Lockheed Martin Corporation agreed to a 414 million USD supply deal for LRASM in February 2021. Based on the successful joint air-to-ground standoff missile, it is an anti-ship, precision-guided standoff missile.
In March 2020, Raytheon and the U.S. Department of Defense (DoD) agreed to a USD 86 million deal for engineering services related to the M982 Excalibur long-range precision artillery bombs.
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