The Global Market for Smart Weapons is Projected to Exceed US$84 Billion by 2022

Rising Geopolitical Instability and Insecurity Resulting in the Global Arms Race Drive Demand for Smart Weapons, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Smart Weapons market. The global market for Smart Weapons is projected to exceed US$84 billion by 2022, driven by the escalating global arms race, and surging defense expenditures by countries across the world.

Military weaponry has evolved considerably from the rudimentary cannons and muskets of the 18th century to sophisticated weaponry in sync with the varying dynamics of modern warfare. Nations across the globe are vying to augment their military might with leading-edge weapons technologies, systems, and components, as well as state-of-the-art microelectronics, and advanced nuclear, biological, chemical, cyber- and space-based warfare capabilities. Geopolitical and economic factors are driving the commoditization of these technologies that were once the exclusive dominion of a handful of global superpowers, and making such capabilities available to almost every state and non-state organization in the world representing the primary growth driver for the smart weapons market. Various benefits of sophisticated, digital, intelligent, and accurate smart weapons that is driving its widespread adoption include its extraordinary efficiency and  effectiveness in achieving higher target rate; higher mobility; reduced direct contact; the minimal need for human operators; and the superiority it offers over opposing military forces.

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 spiraling 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.

As stated by the new market research report on Smart Weapons, 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. Asia-Pacific ranks as the fastest growing market with a CAGR of 17.4% 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 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 ISIS in Syria, Iraq and Libya.

Key players covered in the report include BAE Systems PLC, Curtiss-Wright Corporation, Denel SOC Ltd., Finmeccanica SpA, General Dynamics Corporation, Harris Corporation, Israel Aerospace Industries Ltd., Kongsberg Gruppen ASA, L-3 Communications Holdings, Inc., Lockheed Martin Corporation, MBDA France, Nexter Group, NORINCO, Northrop Grumman Corporation, QinetiQ Group PLC, Rafael Advanced Defense Systems Ltd., Raytheon Company, Rheinmetall AG, TASER International Inc., Thales Group, and The Boeing Company, among others.

The research report titled “Smart Weapons: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World.

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