Smart Weapons Market by Type and Geography - Analysis of Leading Market Players Raytheon Company,L-3 Communications Holdings,General Dynamics Corporation,Lockheed Martin Corporation,Boeing Company,Northrop Grumman,Airbus Group

Smart Weapons Market Report, published by Allied Market Research, projects that the smart weapons market size is expected to reach $99,380 million by 2022, growing at a CAGR of 11.6% from 2016 to 2022. This is attributed to the increase in defense expenditure by the governments paired with rising demand for precision strike weapons. North America is expected to be the largest market during the forecast period 2016-2022.

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Among air-to-surface missiles, surface-to-air missiles, smart bombs, sensor fused bombs, directed energy weapons, precision artillery munitions, electromagnetic pulse weapons, smart bullets, and other types of smart weapons, air-to-surface missiles holds the highest market share. Air-to-ground missiles are advantageous in terms of targeting from a distance and off the range of the targets air defenses. However, other weapon that includes unmanned aircraft and drones is the fastest-growing sub-segment.

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North America is the highest revenue generating region and is expected to maintain its dominance throughout the forecast period. Nonetheless, Asia-Pacific is estimated to be the fastest growing region due to an increase in the security threats, border breach, and conflicts with the neighboring countries in the region.

Analyst Review:

The world smart weapons market has experienced significant growth due to the increasing number of security threats from terrorist organizations. In addition, increase in defense expenditure by governments of major economies and rising demand for precision strike weapons have further propelled the market growth. However, import & export regulations on arms transfer and high cost have restricted the growth of the smart weapons market to a certain extent.

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Smart weapons are been increasingly adopted in North America, followed by Asia-Pacific, Europe, and LAMEA. The highest market share in North America is attributed to the research organizations undertaking increasing research and development activities for developing smart weapons for tactical operations and enhanced border security. Furthermore, the increase in military expenditure in major economies of the region has propelled the growth of smart weapons. Among the type of smart weapons, air-to-ground missiles are the highest revenue generating segment.

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