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.
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.
On-going advancements in the smart weapons due to innovative efforts have further enhanced the efficiency of these weapons. The competitive advantages of smart weapons over conventional alternatives have also been described in the report. In order to understand the market, drivers, restraints, and opportunities are explained in the report. Further, the key strategies adopted by potential market leaders to facilitate the effective planning have been discussed under the scope of the report.
The key players include 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 Technologies Corporation (U.S.), Leonardo-Finmeccanica (Italy) and BAE systems (U.K.).
The report segments the world smart weapons market on the basis of types and geography. Based on product type, smart weapons market is segmented into air-to-ground missiles, surface-to-air missiles, smart bombs, sensor fused bombs, electromagnetic pulse weapons, directed energy weapons, precision artillery munitions, and smart bullets. Among all product types, air-to-ground missiles were the highest revenue generating segment in 2015. However, smart bullets segment is expected to witness fastest growth over the forecast period 2016-2022.
Geographically the world smart weapons market has been segmented into North America, Asia Pacific, Europe and LAMEA. These regions have been further bifurcated into key countries. North America was the highest revenue-generating segment in 2015. Additionally, Asia-Pacific is expected to register the fastest growth rate over the forecast period.
Top Factors Impacting the World Smart Weapons Market
The significant impacting factors include increase in demand for air-to-missile weapons, surface-to-air missiles weapons, smart bombs; sensor fused bombs and directed energy weapons. Along with these factors, the market is influenced by the strict government regulations to control arms trades; enhanced efficiency of smart weapons, higher fire power energy requirements of defense forces and many others. Each factor would have its definite impact on the market during the forecast period.
Growing Demand of Precision Strike
The smart weapons are precise in attack. Precision weapons combine the attributes of accuracy, range, striking, power, and probability, combination making powerful warfare. The weapons justify the concept of low-cost damages that results in the expensive price defense systems.
Reducing the Collateral Damage
Earlier, the weapons were unguided devices which affected the lives of innocent citizens. Aiming to minimize the risk of collateral damage, smart weapons are taken in the striking power which allows the security organizations to hit the target accurately, removing the target. Overall, reducing the collateral damage and minimize the defense personal losses.
High Price of Smart Weapons
Price is the most significant factor affecting the overall adoption of smart weapons. The smart weapons are expensive which limits its widespread adoption. However, the prices of smart weapons are expected to remain reasonable every year due to increasing production volume. Moreover, with technological enhancements and more research & development, the impact of this factor is likely to grow.
Top Impacting Factors
Potential Benefits for Stakeholders:
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the world smart weapon market.
- In-depth analysis has been done in this report by constructing market estimations for the key market segments between 2014 and 2022.
- Geographically, the world smart weapon market is analyzed based on various regions such as North America, Europe, Asia-Pacific and LAMEA.
- This study evaluating competitive landscape and value chain has been taken into account to help understanding the competitive environment across the geographies.
- This report entails the detailed quantitative analysis of the current market and estimations through 2014-2022, which assists in identifying the prevailing market opportunities.
- Competitive intelligence (of leading manufacturers and distributors of smart weapon market) helps in understanding the competitive scenario across the geographies
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