In a recent research report by Reports Insight Consulting Pvt. Ltd, the Smart Weapons Market is expected to surpass USD 26.42 Billion by the year 2028, from USD 16.35 Billion in 2021.
Smart weapons consist of precision-guided bombs with high accuracy, smart bullets. Advanced technology offers the military cleverer ways of killing the enemy, while some of the methods are designed to eliminate or lessen collateral damage.
The technology segment is categorized into laser guidance, infrared guidance, radar guidance, satellite guidance, and others. The Laser guidance segment has lifted the growth of the market to a significant level. The factors responsible for the growth of the market are innovation and the launch of new technologies. For instance, lasers enhance precision and operational efficiency during missions. Further, satellite guidance, infrared guidance, radar guidance, and other, is projected to supplement the growth of the smart weapon market.
The Asia Pacific is the second dominating region in the smart weapon market as various countries in the Asia Pacific such as China, India, Japan, and others are investing highly in the defense sector. Further, geopolitical factors such as international borders conflict, and maritime boundary disputes are estimated to surge the demand for smart weapons. Moreover, Europe and the Rest of the world are anticipated to support the growth of the market in the forecast period.
The market is projected to grow at a significant pace reaching a CAGR of approximately 6.18%, over the forecast period of 2022–2028, despite a considerable fall in product sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
The study is consolidated into major segments and further into sub-segments, such as by Product (Missiles, Munitions, Guided Projectile, Guided Rocket, Directed Energy Weapons), Technology (Laser Guidance, Infrared Guidance, Radar Guidance, Satellite Guidance and Others), Platform (Air, Land, Naval) to market forecast the size by value; also includes the analysis of past Smart Weapons Market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including Northrop Grumman Corporation, Raytheon Technologies Corporation, BAE Systems Plc., General Dynamics Corporation, L3Harris Technologies Inc., Leonardo S.p.A., Thales Group, The Boeing Company, Lockheed Martin Corporation, MBDA, Orbital ATK.
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