Global Smart Weapons Market Hit US$ 26.5 Billion by 2029; Driven by Increasing use of Precision Strike
Key growth factors for the market are growing investment in research and development activities and increasing penetration of precision strike.
Covina, CA, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The global smart weapons market accounted for US$ 14.9 Billion in 2020 and is estimated to be US$ 26.5 Billion by 2029 and is anticipated to register a CAGR of 6.5%.
The report "Global Smart Weapons Market, By Product Type (Guided Rockets, Munitions, Precision Guided Firearms, Guided Projectiles, and Missiles), By Technology (Infrared, Laser, GPS, Radar, and Others (Optical, Satellite, Microcomputing, Wire-guided)), By Platform (Land, Air, and Naval), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
Key Highlights:
On February 2020, General Dynamics declared that the Gulfstream G700 has completed its first flight, representing the program’s maturity and officially launching its official flight-test program. The all-new G700 is the industry’s most expansive and has the longest range at the fastest speeds.
In January 2020, Lockheed Martin Corporation awarded with the Naval Sea Systems Command with a US$138 million contract related with the AEGIS Combat System Engineering Agent (CSEA). The LMT Rotary and Mission Systems (RMS) unit of the company aims to develop, test, integrate, and deliver the AEGIS Advanced Capability Build (ACB) 20 integrated combat system. Martin drives work on the AEGIS in New Jersey. The project is estimated to be completed by December 2020.
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Analyst View:
Increasing use of Precision Strike
The growing demand for smart weapons to carry out precision strike is the main factor driving the global smart weapons market growth. Further, increasing demand for precision and guided munitions and missiles to locate and destroy a target is also a growing demand for smart weapons. Precision weapons include the aspects of range, accuracy, striking, power, and probability, the combination making powerful warfare. The weapons explain the term of low-cost damages that results in the exclusive price defence systems.
Growing investment in research and development activities
Growing investment in research and development activities for developments in smart weapons is a factor expected to drive the growth of the global smart weapons market over the forecast period. Rising budgetary allocation by various governments for advanced and smart weapons is also expected to boost demand for smart weapons and drives growth of the target market over the forecast period.
Nevertheless, smart weapons have growing demand against terrorism which can create high revenue opportunities for players in the target market.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Smart Weapons Market”, By Product Type (Guided Rockets, Munitions, Precision Guided Firearms, Guided Projectiles, and Missiles), By Technology (Infrared, Laser, GPS, Radar, and Others (Optical, Satellite, Microcomputing, Wire-guided)), By Platform (Land, Air, and Naval), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
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Key Market Insights from the report:
The global smart weapons market accounted for US$ 14.9 Billion in 2020 and is estimated to be US$ 26.5 Billion by 2029 and is anticipated to register a CAGR of 6.5% due to growing demand for smart weapons to carry out precision in the global smart weapons market growth. The market report has been segmented based on product type, technology, platform, and region.
By product type, the munitions segment is projected to account for a significant share in terms of revenue over the forecast period. Increasing demand for smart munitions in the defense sector for tactical operations is a key factor propelling the growth of the segment in the target market.
By technology, the infrared segment is projected to estimate for high growth in terms of revenue in the coming years. Growing demand for technologically advanced autonomous weapons that contain artificial intelligence (AI) and machine learning among end-users is a factor expected to boost the growth of the target market
By platform, the target market is segmented into land, air, and naval
By region, North America market estimates for the largest share in the global market and projected to maintain its dominance in the coming years. A huge number of prominent players and high military budget, particularly in countries such as the US, are some of the key factors projected to boost the growth of the target market in the region.
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Competitive Landscape:
The prominent player operating in the global smart weapons market includes General Dynamics Corporation, Lockheed Martin Corporation, The Boeing Company, BAE Systems plc, Israel Aerospace Industries Ltd., MBDA Incorporated, Textron Inc., L-3 Communications Limited, Raytheon Company, and Northrop Grumman Corporation
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. Also, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter's five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
Introduction
Study Deliverables
Study Assumptions
Scope of the Study
Research Methodology
Executive Summary
Opportunity Map Analysis
Market at Glance
Market Share (%) and BPS Analysis, by Region
Competitive Landscape
Heat Map Analysis
Market Presence and Specificity Analysis
Investment Analysis
Competitive Analysis
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