Selbyville, Delaware, June 02, 2020 (GLOBE NEWSWIRE) --
According to latest report “Smart Weapons Market by End-Use (Land, Airborne, Naval), Weapon Type (Missiles, Munitions, Guided Rockets, Guided Projectiles, Guided Firearms), Component (Infrared, Laser, Global Positioning Systems (GPS), Radar), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of smart weapons will reach $19 billion by 2026. Changing government trade relations with other countries and increasing cross-border political conflicts will support the market growth.
The land-based smart weapons accounted for more than USD 1.5 billion market revenue in 2019. High penetration can be credited to increasing defense budget allocation toward the development and acquisition of land-based smart weapons and defense systems. The munitions segment valuation in the market will reached USD 8 million by 2026. Efforts taken by private & government defense organizations toward the integration of smart munitions in the existing defense system to improve the lethality of weapons will fuel the market demand.
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The airborne smart weapons held 30% market share in 2019 and is predicted to witness over 5% CAGR till 2026. Major countries with developed defense capabilities are engaged in the modification of aircraft, enabling them to carry more ammunition during operations. For instance, in September 2019, the U.S. Air Force (USAF) awarded a contract to an undisclosed group of industry players to improve the weapon carriage capacity of Boeing B-1B Lancer. The modification has increased the intermediate bay's length from 457cm to 683cm and installed an external weapon carriage system. This allows aircraft to carry hypersonic missiles and smaller ammunitions.
The Asia Pacific smart weapons market will capture more than 20% revenue share by 2026. Increasing acquisition of new weapons and military vehicles to establish dominance will support market growth. Countries are engaged in acquisition activities of fighter jets and air defense systems, improving the demand for smart weapons.
The radar component segment will experience a growth rate of more than 5% during the forecast timeframe. The capabilities of the radar segment to detect and precisely locate enemy base and weapon system are major factors driving the segment growth. Various countries are engaged in acquisition of radar systems and are integrating them with their existing weapon systems to improve weapon operations. For instance, in March 2020, Armenia signed a contract worth USD 40 million with India to acquire Swathi weapon locating radar systems. It is an automatic radar system developed by India and can identify enemy activities over a long distance.
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Major players operating in the smart weapons market are 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, Rheinmetall AG, Saab AB, Thales Group, and The Boeing Company. Mergers, acquisitions, long-term collaborations, and technology acquisitions are among the key trends practiced by organizations in the market. These strategies allow companies to increase their market penetration and capture future market opportunities.
Some major findings of the smart weapons market report include:
- The rise in geopolitical conflicts due to ongoing COVID-19 pandemic, allowing countries to increase their defense budget allocation.
- Technological developments in various navigation systems to improve operational accuracy of smart weapons.
- Trends to infuse multiple navigation technologies in a single weapon.
- Rising efforts of Asia Pacific to gain indigenous development and manufacturing capabilities.
- Investments from major industry participants, governments, and defense organizations in the development of smart weapons.
- Changing government norms toward arms trade with other countries depending upon geopolitical relations will govern the market statistics.
- Increasing demand for smart weapons to improve accuracy and minimize friendly fire.
- Long-term agreements, acquisition of technologies, and retrofitting of conventional weapons will boost the market demand.
Table of Contents (ToC) of the report:
Chapter 3. Smart Weapons Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Impact of COVID-19
3.4.1. America
3.4.2. Europe
3.4.3. Asia Pacific
3.4.4. Latin America
3.4.5. MEA
3.5. Evolution of smart weapons
3.6. Industry ecosystem analysis
3.7. Technology & innovation landscape
3.8. Regulatory landscape
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter's analysis
3.12. PESTEL analysis
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https://www.gminsights.com/toc/detail/smart-weapons-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.