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Global Smart Weapons Market to Reach $112.6 Billion by 2026

·8 min read

SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Weapons - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Smart Weapons Market
Global Smart Weapons Market

FACTS AT A GLANCE
Edition: 15; Released: July 2021
Executive Pool: 12496
Companies: 51 - Players covered include Axon Enterprise; BAE Systems PLC; Denel SOC Ltd.; General Dynamics Corporation; Israel Aerospace Industries Ltd.; Kongsberg Gruppen ASA; Leonardo SpA; Lockheed Martin Corporation; MBDA France; Nexter Group; NORINCO; Northrop Grumman Corporation; QinetiQ Group PLC; Rafael Advanced Defense Systems Ltd.; Raytheon Company; Rheinmetall AG; Roketsan AS; Safran Electronics & Defense; Textron Inc.; Thales Group; The Boeing Company and Others.
Coverage: All major geographies and key segments
Segments: Type (Air-to-Ground Missiles, Surface-to-Air Missiles, Directed Energy Weapons, Smart Bombs, Sensor Fused Weapons, Precision Artillery Munitions, Other Types); Technology (Infrared, Laser, Radar, GPS, Other Technologies); Platform (Land, Air, Naval)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

Global Smart Weapons Market to Reach $112.6 Billion by 2026
Smart Weapons, also called Precision-Guided Munitions (PGMs), are a category of weapons systems designed for striking pre-decided targets with pinpoint accuracy in order to maximize the application of explosive force on the target, while minimizing collateral damage and military personnel casualties. PGMs incorporate on-board computer systems and laser, TV or satellite guidance systems that enable the smart weapon to lock-on to a target specified by military personnel, and steer themselves along the trajectory towards the target. Conventional weapons can be converted into smart bombs through the incorporation of smart weapon kits and technologies. The fire-and-forget capability and high accuracy of smart weapons enables their use in surgical strikes as well as counterinsurgency operations in populated areas. Fuelled by the rapid pace of advancement in algorithm, processor, and sensor, technologies, smart weapons are offloading an increasing share of the target acquisition, navigation and attack functions from human operators. Smart weapons are therefore precursors to the next-generation autonomous or 'brilliant' weapons that are completely computerized, and capable of fully self-guided identification of targets, selection of the appropriate response against the target, coordination of navigation and attack format, as well as planning reload and re-attack.

Amid the COVID-19 crisis, the global market for Smart Weapons estimated at US$67.5 Billion in the year 2020, is projected to reach a revised size of US$112.6 Billion by 2026, growing at a CAGR of 8.8% over the analysis period. Air-to-Ground Missiles, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$26.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Surface-To-air Missiles segment is readjusted to a revised 7.5% CAGR for the next 7-year period. This segment currently accounts for a 17.9% share of the global Smart Weapons market.

The U.S. Market is Estimated at $29.1 Billion in 2021, While China is Forecast to Reach $13.9 Billion by 2026
The Smart Weapons market in the U.S. is estimated at US$29.1 Billion in the year 2021. The country currently accounts for a 40.39% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$13.9 Billion in the year 2026 trailing a CAGR of 12.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR while Rest of European market (as defined in the study) will reach US$15.8 Billion by the close of the analysis period.

Future growth in the market will be driven by the escalating global arms race fuelled by rapidly mushrooming hotspots of terrorism, civil strife, cross-border hostilities, expansionist and aggressive policies around the world. The broad arsenal of smart weaponry for the new age airborne, naval and ground-based military operatives include anti-tank and anti-aircraft missiles; stand-off missiles; target pods; armour piercing anti-structure and anti-tank weapons; a host of precision-guided rockets, projectiles, mortars, artillery shells, bullets and artillery munitions; smart tech firearms; electro-magnetic pulse weapons; directed energy weapons; and non-lethal smart weapons, among others. Other important growth drivers include the spiralling demand for smart bombs owing to successful deployments in Iraq, Afghanistan, Syria and Yemen; growing prominence of precision-guided rockets in counterinsurgency operations; the revolutionizing role of Directed-energy Weapons in electronic warfare; development of innovative weapons systems integrated with artificial intelligence; and the substitution of unguided cluster bombs with Sensor Fuzed weapons. Rapid advancements in the field of smart guns and personalized gun technologies that will result in a computerized, high-tech soldier is also poised to benefit market prospects in the long run.

The United States represents the largest market worldwide. The country is the biggest adopter of smart weapons worldwide by virtue of being a political superpower with an advanced military force, presence of leading advanced technology developers, large military budget allocations and favourable regulatory environment. China ranks as the fastest growing market with a CAGR of 12.1% over the analysis period. Mounting defense spending for supporting large-scale military modernization programs in China and India; escalating cross-border skirmishes, and the increasing threat of militants and extremists represent key growth drivers in the Asian region. The Middle East is another promising regional market for smart weapons given the mushrooming of conflict zones due to civil unrest, sectarian violence, and the ongoing international military operations against the terrorist group IS in Syria, Iraq, Egypt, and Libya.

Directed Energy Weapons Segment to Reach $22.6 Billion by 2026
Directed-energy Weapons emit powerful and focused energy waves in the form of electromagnetic radiation, microwave, lasers, masers, particle-beams, or sound to damage, incapacitate or destroy enemy equipment, personnel and facilities. DEWs such as high-power microwaves and high-energy lasers first emerged in the 1960s as one of the most promising and sought after futuristic weapons concepts with the potential to provide cost-effective, scalable, long-range strike capability with a virtually-inexhaustible magazine capacity. While high-powered microwaves fire electrical pulses of microwave radiation at wide angles, and high-energy lasers focus beams of lower-power energy with either electric-power or chemical-fuel mechanisms. In the global Directed Energy Weapons segment, USA, Canada, Japan, China and Europe will drive the 11.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.9 Billion in the year 2020 will reach a projected size of US$19.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.1 Billion by the year 2026. More

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www.StrategyR.com
Email: ZA@StrategyR.com

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SOURCE Global Industry Analysts, Inc.