Press release
Smart Weapons Market Projected to Hit USD 26.42 Billion at a 6.18% CAGR by 2028
Smart Weapons Market
In a recent research report by Market Research Community, 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.
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Top Key Players of the Smart Weapons Market:
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.
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.
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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.
On the Basis of Technology:
Laser Guidance
Infrared Guidance
Radar Guidance
Satellite Guidance
Others
Regional Analysis:
North America- (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe)
Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific)
Latin America- (Brazil, Argentina, Chile, Rest of Latin America)
Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA)
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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 forecast the market size by value; also includes the analysis of past market dynamics from 2016 - 2021, considering 2021 as the base year.
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