Smart Weapons Market Major players are Raytheon Company (U.S.), L-3 Communications Holdings (U.S.), General Dynamics Corporation (U.S.), Lockheed Martin Corporation (U.S.), Boeing Company (U.S.), Northrop Grumman (U.S.), Airbus Group (Netherlands), United

Smart Weapons are projectiles and bombs that are known for their accuracy and are guided by lasers and other means. Given the need of such devices in warfare, the demand is expected to increase during the forecast period. Further, the high demand for such weapons is attributable to the competitive advantages of the smart weapons such as accurate, reliable first short and quick hit capability, and overall reduces the logistics carrying cost. Increasing application of smart weapons in the defence sector such as in war and security is expected to fuel growth in the coming years. Moreover, growing demand for powerful striking power and efficient defence system, stringent government regulations aimed at reducing the increasing arms transfer and aiming to maintaining peace and enhanced effectiveness of smart weapons are some other driving factors of world smart weapons market. The impact of these drivers is expected to increase significantly due to increasing awareness. Some of the restraints associated with the smart weapons market are high price of smart weapons and arms trade regulations. With the advancement in the technology with growing demand, cost of smart weapons and arm trade regulations devices is expected to reduce in the coming years.

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The market, which is diverse in terms of level of adoption and technological complexities; however, its contribution to the world market would increase significantly within the next six years. High cost is a major limitation for purchasing the smart weapons. However, recent innovations, which embed high efficiency and longer range enable the technology to reach a wider segment of consumers. Major players share the maximum market share and come with innovative products. Emerging technology such as encompassing video guidance systems, terrain mapping systems, and inertial navigation systems are expected to increase the competition in the years to come.

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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 aircrafts and drones is the fastest-growing sub-segment.

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.

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