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Smart Weapons Global Market Report 2022

Smart Weapons Global Market Report 2022

  • June 2022
  • 175 pages
  • ID: 6284255
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the smart weapons market are Lockheed Martin, MBDA, Inc., Orbital ATK, General Dynamics Corporation, BAE Systems, The Boeing Co., Textron, Inc., MBDA, Northrop Grumman, Raytheon Company, Rheinmetall AG, Thales Group, Israel Aerospace Industries, Denel Dynamics, Rafael Advanced Defense Systems Ltd. BAE Systems, L-3 Fuzing And Ordnance Systems Inc., L3Harris Technologies Inc., Alliant Techsystems Inc., Airbus Group, Leonardo-Finmeccanica, Saab AB, Aselsan A.S., Diehl Stiftung & Co. KG, General Dynamics, OTO Melara S.P.A, United Technologies Corporation, China Aerospace Science & Industry Corp, Orbital ATK, Textron Inc., IAI, and Rafael Advanced Defense Systems Ltd.

The global smart weapons market is expected to grow from $12.56 billion in 2021 to $13.21 billion in 2022 at a compound annual growth rate (CAGR) of 5.14%. The growth is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $16.80 billion in 2026 at a CAGR of 6.20%.

The smart weapon market consists of sales of smart weapons by entities (organizations, sole traders, and partnerships) that are computer-guided weapons embedded with sensors and guided systems. These precision-guided weapons can hit targets with high accuracy and precision and are operated remotely, assisted by the use of external operating systems.

The main types of smart weapons include air-to-ground missiles, surface-to-air missiles, smart bombs, sensor-fused weapons, directed energy weapons, precision artillery munitions, electromagnetic pulse weapons, smart bullets, and other smart weapons.Air-to-ground missiles refer to missiles fired from military aircraft to hit ground targets on land, at sea, or both.

The different smart weapon technologies include laser guidance, infrared guidance, radar guidance, and satellite guidance used on platforms including air, naval, and land.

North America was the largest region in the smart weapons market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The increasing global and regional instability is driving the growth of the smart weapons market.Transnational and regional instability refers to the political instability in neighbouring countries.

Many countries have adopted smart weapons to protect themselves from rising regional instability and to protect themselves from threats by neighbouring countries.For instance, according to the Global Peace Index from the Institute for Economics & Peace (IEP), in 2020, political instability increased, with twice as many countries deteriorating as improving.

The economic impact of violence increased in 2020 to $14.96 trillion due to an increase in global military expenditure, which rose by 3.7% over the previous year. Therefore, the increasing transnational and regional instability drives the smart weapons market.

Increasing strategic partnerships and collaborations is a key trend gaining popularity in the smart weapons market.For instance, in February 2021, German automotive and arms manufacturer Rheinmetall Denel Munition and American aerospace and defence technology company Northrop Grumman signed a ten-year deal to develop ammunition technologies for future artillery operations.

By equipping 155mm artillery rounds with an integrated M1156 precision guidance kit, the agreement focuses on precision-guided enhanced range artillery ammunition solutions (PGK).

In July 2020, UK-based aerospace company BAE Systems acquired the Collins Aerospace Military Global Positioning System (GPS) business from Raytheon Technologies Corporation for an undisclosed amount.The deal augments BAE Systems’ existing electronic systems portfolio through the addition of robust GPS anti-jamming and anti-spoofing technology that enables reliable navigation and guidance for a range of defence missions.

Raytheon Technologies Corporation is a US-based aerospace and defence company.

The countries covered in the smart weapons market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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