Increased Spending on Global Peacekeeping & Security in an Increasingly Unpredictable World to Benefit Global Opportunities for Advanced Military Technologies

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. 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 world weapons market. Northbound trajectory in the weapons market is creating a robust business case for Smart Weapons, a novel category of weapons systems designed for striking identified targets with pinpoint accuracy in order to maximize the application of explosive force on the target, while minimizing collateral damage and military personnel casualties.  

Demonstrating unmatched technical superiority over conventional weapons, smart weapons are increasingly gaining traction in the defense budgets of nations across the world. Precision-guided anti-tank, anti-aircraft & stand-off missiles, armour piercing anti-structure & anti-tank weapons, target pods, smart tech firearms, electro-magnetic pulse weapons, directed energy weapons, and a host of precision-guided rockets, mortars, bullets and munitions are the major smart weapon types making robust inroads into defense arsenals. 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. 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.

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 campaigns against terrorist organizations in the region.

Key players in the market include Axon Enterprise, BAE Systems PLC, Curtiss-Wright Corporation, Denel SOC Ltd., General Dynamics Corporation, Harris Corporation, Israel Aerospace Industries Ltd., Kongsberg Gruppen ASA, L3 Technologies, Inc., 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, and The Boeing Company, among others.

The research report titled “Smart Weapons - Market Analysis, Trends, and Forecasts” 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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