Smart weapons Market And Top Key players are General Dynamics, Thales Group, Orbital ATK, MBDA
There are various types of smart weapons such as guided bombs, air-to-surface missiles, surface-to-air missiles, smart bullets, electromagnetic pulse weapons and precision artillery munitions.
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The market is witnessing enormous demand due to factors such as changes in the nature of warfare, increasing need to decrease security damage and high demand for accuracy in arms and ammunitions. Also, aging military equipments and huge cost of maintaining those equipments drives the growth of the smart weapons market. Various governments such as China, US and Russia are investing heavily in the modernization of their military equipments which in turn give impetus to weapon manufacturers to develop smart weapons.
However, impact of arms trade regulations and dependency on the United States government is a challenge which hinders the progress of the market.
The global smart weapons market is segmented on the basis of technology, product and platform.
On the basis of technology, market can be segmented into Laser, Active Homing, GPS,Infrared, IIR Homing, IR Homing, Radar, Passive Homing, Wire-guided, Satellite and others. The market is split into Missiles, Air-to-Air & Air-to-Surface Missile, Anti-Ship & Antisubmarine Missile, Antitank Missiles & Standoff Missiles, Guided Bombs, Munitions, Artillery Shells, Mortar Rounds, antitank & Tactical rockets, Target Pods, Guided Projectiles and Guided Rockets.
On the basis of platform, the market is segmented into air, land and naval.
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The market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific and MEA. North America and Europe are projected to be the most lucrative market with significant growth. North America is dominating the smart weapons market due to increase in defense budget and continuous development in technology in smart weapons.
Some of the key players in the market include General Dynamics, Thales Group, Orbital ATK, MBDA, Boeing, Lockheed Martin and Raytheon.
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