This report, now available on ASDReports, Global Smart Weapons Market Report, forecast that the global market is expected to reach $19 billion by 2024 from $12 billion in 2016, growing at a CAGR of 6.4% from 2016 to 2024. There are several driving factors of the market such as rising procurement of military equipment, high demand for precision weapons, awareness towards border security and increased government expenditure to modernize defense equipment. However, high cost of smart weapons may hinder the growth of the market. Furthermore, rising demand for technologically advanced weapons globally are key opportunities of the market.
Key segments of the global smart weapons market are type and geography. Electro-magnetic pulse weapons, precision artillery munitions, smart bullets, smart bombs, surface-to-air missiles, sensor fused weapons, air-to-ground missiles, direct energy weapons and others. In 2016, air-to-ground missiles sub segment has highest market share of 45.3%, driven by increased usage during war and terrorism.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global smart weapons market. In 2016, North America region accounted for the highest market share of 45.3% due constant product developments and increased defense budget and is likely to dominate the market by attaining the fastest CAGR over the forecast period 2016-2024.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the global smart weapons market are General Dynamics, Raytheon Company, Boeing, Denel Dynamics, L-3 Fuzing And Ordnance Systems Inc., OTO Melara S.P.A, Textron Defense Systems, Alliant Techsystems Inc. Rafael Advanced Defense Systems Ltd., and Israel Aerospace Industries, among others.
Source: ASDReports - Market Research
Date: May 9, 2017