New York, US, July 19, 2021 (GLOBE NEWSWIRE) -- Smart Weapons Market Overview
According to a report by Market Research Future(MRFR), the Smart Weapons Market Information by Platform, Technology, Product and Region - Forecast till 2027”is anticipated to gain a USD 21.85 billion income and register a CAGR of 6.5% by 2027.
Smart Weapons Market Scope:
Smart weapons consist of smart munitions, smart guns, or guided munition. With the expansion of UGVs, UAVs, and progressive combat vehicles, smart weapons have also amplified. The international smart weapons market has observed high advances in recent years due to the naval modernization package, growing defense spending, and collective demand for isolated weapon stations.
Market USP Covered:
Market Drivers:
The military expenditure has augmented considerably in current years due to aspects such as continuing conflicts territorial arguments between nations in Asia-Pacific. A concentrate on counterterrorism happenings is compelling governments to reinforce their defense competencies. An upsurge in military spending promptly boosts the progress of the defense equipment business, which includes everything from weapons and aircraft to smart weapons. The international market has observed significant progress due to an upsurge in investments in buying remotely operated arms globally.
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Smart Weapons Market Competitive Landscape:
The notable companies in the smart weapons market are
- L-3 Communications Holdings, Inc. (US)
- Rheinmetall Ag (Germany)
- The Boeing Company (US)
- MBDA, Inc. (France)
- General Dynamics Corporation (US)
- Raytheon Technologies Corporation (US)
- BAE Systems, PLC (UK)
- Orbital ATK (US)
- Thales Group (France)
- Lockheed Martin Corporation (US)
- Textron Inc. (US)
COVID 19 Analysis of Smart Weapons Market
The contagion has had a distressing and undesirable impact on the defense, aviation, and maritime business worldwide. In the defense business, due to a reduction in tax incomes with a cut in GDP, it is also projected to lessen the requirement for new naval vessels, aircraft, ground vehicles, and connected systems for defense usages in the succeeding few years, which is also projected to decrease the call for smart weapons. However, THE DEFENCE Research and Development Organization (DRDO) in India recently showed a successful test of the indigenously advanced Smart Anti-Airfield Weapon (SAAW) off the Odisha shoreline from the Hawk-I jet of Hindustan Aeronautics Limited (HAL). The weapon is a 125-kilogram group smart weapon, able to engage ground enemy airfield assets such as taxi tracks, bunkers, radars, and runways, up to a range of 100 kilometers. However, numerous governments globally are determined to control COVID-19 outbursts in their countries. Therefore, they are capitalizing more on healthcare equipment and the expansion of vaccines.
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Market Restraints:
Nearly all the smart weapons comprise many motorized and electronic modules, which raises its complexity. Owing to this difficulty, they are challenging to sustain, and there are more probabilities of the breakdown of parts. Therefore, the obscurity of weapon systems is projected to control the growth of the overall smart weapons market throughout the forecast period.
Market Segmentation
In the product segment, the guided projectiles segment is projected to develop at the highest rate. The Republic of Singapore Air Force (RSAF) is trying a new combat aircraft munitions loader that it is certain will upsurge the accuracy and efficiency of the ground crew during munitions stocking for timely air power generation air force increases smart airbase proposal with Hope Technik's CLAW munitions loader.
In the technology segment, the laser technology segment is expected to witness the highest growth in the smart weapon market. The land segment is expected to observe the maximum development in the smart weapon market in the platform segment.
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Regional Insights
The North American regional smart weapon market comprises of two major nations, such as the US and Canada. The overall North American regional market advances in the global market due to military spending and technological signs of progress and delivers a very elevated demand for smart weapons. Though Canada has put in some financing in the progress of such progressive weapons, the nation's market is chiefly dependent on the US. In the Asia-Pacific, the smart weapon market growth is appreciably driven by key countries, such as Japan, China, India, and Australia, due to expanding investments in smart weapons. Collective military overheads and rising territorial battles between adjacent countries such as South Korea, China, and North Korea are compelling the smart weapons market in the Asia Pacific region. The Indian Air Force (IAF) has recently been required to buy 10 Counter Unmanned Aircraft System (CUASs), recognized as anti-drone systems in shared vernacular, explicitly from Indian vendors. The procurement and the RFI for CUASs have been in development since the previous months. In its RFI, the force declared it is looking to obtain 10 CUAS through indigenous routes. The systems are envisioned to track, detect, identify, designate and neutralize antagonistic drones. The Navy was the initial one to place a bid for the Israeli anti-drone system Smash 2000 Plus, which changes assault rifles into smart weapons, allowing first-shot hits and anti-drone maneuvers.
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