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Global Smart Weapons Market By Platform (Airborne, Land-based, Naval), By Product (Missiles, Munitions, Guided Projectile, Guided Rocket, and Guided Firearms), By Technology (Laser, Infrared, Radar, GPS, and Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)-Global Forecast to 2027
Global Smart Weapons Market Overview:
The Smart Weapons refer to weapons with artificial intelligence, usually composed of information collection and processing systems, a knowledge base, auxiliary decision-making, and a task execution system. It can complete military missions such as surveillance, search, aiming, attacking targets, and collecting, sorting, analyzing, and comprehensive intelligence. Smart weapons are modern high-tech weapons with artificial intelligence that can automatically find, identify, track, and destroy targets. It includes precision-guided weapons, unmanned aircraft, unmanned tanks, unmanned artillery, intelligent torpedoes, and autonomous multi-purpose intelligent combat robots, etc.
Global Smart Weapons Market Insights
The global smart weapons market size was valued at USD 14.05 billion in 2019 and expected to grow at a CAGR of over 5.6% during the forecast period, 2020-2027. The growth of the market is driven by armed conflicts, terror activities, cross-border disputes, and increasing military use of smart weapons. Additionally, the growing demand for smart weapons for mounting the cost of maintenance and aging military equipment will spur the global smart weapons industry in the future periods. The advantages of smart weapons are that they are powered by laser and similar advanced technology and offer high accuracy, candid shots, and quick-hit capability. These factors anticipated driving the growth of the smart weapons market in the upcoming years. Further, change like warfare, and growing demand for high precision arms and ammunition is anticipated to fuel the demand for smart weapons across the globe. The surge in demand for powerful striking power and efficient defense system and stringent government regulations for reducing the increasing arms transfer and aiming to maintain peace is propelling the robust growth of the smart weapons market.
Moreover, the rapid integration of various navigation & communication technologies in weapon systems will boom the growth of the global smart weapons market share in the analysis timeframe. The upsurge in spending on the defense sector by developing countries India and China to modernize their equipment is strengthening the market growth. Furthermore, regulation of various government treaties for the design, development, testing, manufacturing, acquisitions, and operations of weapon systems will accelerate the growth of the smart weapons market in the forecast span. The competitive advantages of smart weapons such as accurate, reliable first short and quick-hit capability and an overall reduction in the logistics carrying cost will augment the growth of the smart weapons market. Additionally, the rise in terrorist activities globally, increasing the need for better and modernized weapons units, is positively impacting the demand.
Growth Driver
Increase in military spending of developing countries
In 2019, global military expenditure reached 1.9 trillion US dollars. According to the latest data from the Stockholm International Peace Research Institute (SIPRI), global military spending has increased by 3.6% from 2018. According to the SIPRI report, US military expenditures accounted for 38% of global military expenditures in 2019. The increase in its 2018 budget alone is equivalent to Germany’s total expenditure in 2019. In Asia, the military expenditures of China’s competitors and the major nuclear-weapon country, India, are considerable. Last year, they increased by nearly 7% to US$71.1 billion.
The surge in incidences of regional disputes, terrorism, and political conflicts
The evolution of the world situation is advancing toward multi-polarization. The gap between the strength of emerging and traditional powers is narrowing, globalization and counter-globalization are mixed, ethnic conflicts and transnational disputes are frequent, extreme Doctrine and terrorism are inextricably linked. The conflict and violence are currently on the rise, with many conflicts today waged between non-state actors such as political militias, criminal, and international terrorist groups. According to the United Nations, in 2017, almost half a million people worldwide were killed in homicides, far surpassing the 89,000 killed in active armed conflicts and the 19,000 killed in terrorist attacks.
Platform Segmental Analysis
Based on the platform, the global smart weapons market classified into airborne, land-based, and naval. The land-based segment is expected to achieve the highest revenue share for smart weapons during the forecast period. The segment’s growth is primarily attributed to the upsurge in demand for anti-tank missiles and swelling cross-border conflicts and terrorist activities. The land includes guided weapons, artillery, shoulder-fired weapons, and precision firearms, etc.
The airborne will witness a lucrative growth rate in the estimated period due to the rise in demand for satellite-guided weapons that converts unguided bombs into all-weather smart munitions.
Technology Segmental Analysis
Based on the technology, the global smart weapons market categorized into laser, infrared, radar, GPS, and others. The infrared segment is estimated to witness significant growth over the analysis timeframe due to military forces in applications, such as target acquisition, night vision, tracking, and surveillance.
The laser will grow at a significant rate during the forecast period because it is used for striking a designated target with greater accuracy than an unguided bomb.
Product Segmental Analysis
Based on the product, the global smart weapons market segregated into missiles, munitions, guided projectile, guided rocket, and guided firearms. The munitions segment held for a significant market share in 2019 and will witness to gain maximum market revenue by 2027. It is attributable to the growing number of army modernization programs, swelling procurement of military equipment, and the upsurge in defense budgets globally.
The guided rocket segment is poised to witness significant growth over the forecast period as it includes air-to-ground missiles and surface-to-air missiles and a rise in need for gun safety.
Region Segmental Analysis
Based on geography, the global smart weapons market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to gain maximum considerable growth over 2020-2026. Due to the sizable defense budget, the favorable regulatory scenario in the US, the growing need to counter increasing terrorist activities across the globe, and various military equipment modernization programs.
The Asia Pacific will capture a prominent share of the smart weapons market by 2027. Due to the surge in the military’s budget, emerging economies such as India and China invest in smart weapons and modernizing existing equipment.
Competitor Analysis
Companies such Airbus Defence & Space, Aselsan A.S., BAE Systems PLC, Diehl Defence, General Dynamics, Hanwha Corporation, L3Harris, Israel Aerospace Industries Ltd., JSC Concern Vko “Almaz-Antey,” Kongsberg Gruppen, Leonardo S.P.A., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Rafael Advanced Defense Systems, and Raytheon Company, are the key players in the global smart weapons market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global smart weapons manufacturing firm
- Research organizations and consulting companies
- Organizations, associations, and alliances related to smart weapons
- Regulatory bodies
- Suppliers
- Retailers
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Platform
- Airborne
- Land
- Naval
By Product
- Missiles
- Munitions
- Guided Projectile
- Guided Rocket
- Guided Firearms
By Technology
- Laser
- Infrared
- Radar
- GPS
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Global Smart Weapons Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Supply Chain Analysis
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- New Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Global Smart Weapons Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Units)
- Market Share & Forecast, 2016-2027
- By Platform
- Airborne
- Land
- Naval
- By Product
- Missiles
- Munitions
- Guided Projectile
- Guided Rocket
- Precision Guided Firearms
- By Technology
- Laser
- Infrared
- Radar
- GPS
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Platform
- Demand
- Market Size & Forecast, 2016-2027
- North America Smart Weapons Market Overview
- North America Smart Weapons Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Units)
- North America Smart Weapons Market Share & Forecast, 2016-2027
- By Platform
- Airborne
- Land
- Naval
- By Product
- Missiles
- Munitions
- Guided Projectile
- Guided Rocket
- Precision Guided Firearms
- By Technology
- Laser
- Infrared
- Radar
- GPS
- Others
- By Country
- US
- Canada
- Mexico
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Smart Weapons Market
- By Platform
- Demand
- North America Smart Weapons Market Size & Forecast, 2016-2027
- Europe Smart Weapons Market Overview
- Europe Smart Weapons Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Units)
- Europe Smart Weapons Market Share & Forecast, 2016-2027
- By Platform
- Airborne
- Land
- Naval
- By Product
- Missiles
- Munitions
- Guided Projectile
- Guided Rocket
- Precision Guided Firearms
- By Technology
- Laser
- Infrared
- Radar
- GPS
- Others
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Smart Weapons Market
- By Platform
- Demand
- Europe Smart Weapons Market Size & Forecast, 2016-2027
- Asia Pacific Smart Weapons Market Overview
- Asia Pacific Smart Weapons Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Units)
- Asia Pacific Smart Weapons Market Share & Forecast, 2016-2027
- By Platform
- Airborne
- Land
- Naval
- By Product
- Missiles
- Munitions
- Guided Projectile
- Guided Rocket
- Precision Guided Firearms
- By Technology
- Laser
- Infrared
- Radar
- GPS
- Others
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Smart Weapons Market
- By Platform
- Demand
- Asia Pacific Smart Weapons Market Size & Forecast, 2016-2027
- South America Smart Weapons Market Overview
- South America Smart Weapons Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Units)
- South America Smart Weapons Market Share & Forecast, 2016-2027
- By Platform
- Airborne
- Land
- Naval
- By Product
- Missiles
- Munitions
- Guided Projectile
- Guided Rocket
- Precision Guided Firearms
- By Technology
- Laser
- Infrared
- Radar
- GPS
- Others
- By Country
- Brazil
- Argentina
- Rest of South America
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Smart Weapons Market
- By Platform
- Demand
- South America Smart Weapons Market Size & Forecast, 2016-2027
- Middle East & Africa Smart Weapons Market Overview
- Middle East & Africa Smart Weapons Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Units)
- Middle East & Africa Smart Weapons Market Share & Forecast, 2016-2027
- By Platform
- Airborne
- Land
- Naval
- By Product
- Missiles
- Munitions
- Guided Projectile
- Guided Rocket
- Precision Guided Firearms
- By Technology
- Laser
- Infrared
- Radar
- GPS
- Others
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Smart Weapons Market
- By Platform
- Demand
- Middle East & Africa Smart Weapons Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Airbus Defence & Space
- Aselsan A.S.
- BAE Systems PLC
- Diehl Defence
- General Dynamics
- Hanwha Corporation
- L3Harris
- Israel Aerospace Industries Ltd.
- JSC Concern Vko “Almaz-Antey”
- Kongsberg Gruppen
- Leonardo S.P.A.
- Lockheed Martin Corporation
- MBDA
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems
- Raytheon Company
- Other Prominent Players
