Apr 28, 2022   SOURCE: BusinessWire

Smart Weapons Market: Growing Demand for Advanced Precision Strike Weapons - Global Opportunity Analysis and Industry Forecast, 2021-2030 - ResearchAndMarkets.com

The "Smart Weapons Market by Product, Technology, and Platform: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

Global smart weapons market was valued at $14.90 billion in 2020, and is projected to reach $23.96 billion by 2030, registering a CAGR of 5% during the forecast period.

North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated the global smart weapons market share in North America in 2020, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies to make reliable, precise, and efficient smart weapons. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in adoption of smart weapons across several Asian nations, such as, China, India, Japan, and South Korea.

The smart weapons market is segmented on the basis of product, technology, platform, and region. On the basis of product, the global smart weapons market is categorized into missiles, munitions, guided projectiles, guided rockets, guided firearms, and directed energy weapons. On the basis of technology, the market is classified into laser, infrared, radar, GPS, and others. On the basis of platform, the market is divided into air, land, and naval.

By product, the smart weapons market is segregated into missiles, munitions, guided projectile, guided rocket, guided firearms, and directed energy weapons. The missile segment accounted for the highest revenue in 2020, owing to high demand for guided missile that are being deployed for numerous combat operations throughout the world.

On the basis of technology, the market is segmented into laser, infrared, radar, GPS, and others. The infrared segment garnered the highest revenue in 2020, owing to high demand for infrared-derived precision across different weapon types globally.

Depending on platform, the smart weapons market is fragmented into air, land, and naval. The land segment was the highest revenue contributor in 2020, owing to high demand for smart weapons by land forces globally.

MARKET DYNAMICS

Drivers

  • Growing Demand for Advanced Precision Strike Weapons
  • Increasing Number of Security Threats from Terrorist Organizations

Restraint

  • Regulations on Arm Transport

Opportunity

  • Increasing Defense Expenditure by Governments of Major Economies

KEY MARKET SEGMENTS

By Product

  • Missiles
  • Munitions
  • Guided Projectiles
  • Guided Rockets
  • Guided Firearms
  • Directed Energy Weapons

By Technology

  • Laser
  • Infrared
  • Radar
  • GPS
  • Others

By Platform

  • Air
  • Land
  • Naval

By Region

  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Russia
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

KEY PLAYERS

  • BAE Systems Plc
  • General Dynamics Corporation
  • L3Harris Technologies Inc
  • Leonardo S.pA
  • Lockheed Martin Corporation
  • MBDA
  • Northrop Grumman Corporation
  • Raytheon Technologies Corporation
  • Thales Group
  • The Boeing Company

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