Dublin, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The "Land-based Smart Weapons Market by Product, Technology, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global land-based smart weapons market size reached US$ 4.22 Billion in 2022. Looking forward, the market is set to reach US$ 6.92 Billion by 2028, exhibiting a growth rate (CAGR) of 8.3% during 2023-2028
The global market for land-based smart weapons is being driven by several significant factors. Firstly, there is a rising prevalence of geopolitical tensions, terrorism, and political unrest, which has increased the demand for precise and accurate targeting of enemy assets. This need for precision is a key driver of the market.
Secondly, the international arms trade has seen a considerable increase, further fueling the growth of the land-based smart weapons market. Countries around the world are investing heavily in upgrading their military capabilities, contributing to the market's expansion.
North America stands as the largest market for land-based smart weapons, driven by factors such as high military expenditure, continuous technological advancements, increasing disposable income levels, and the implementation of stringent national security policies.
Land-based smart weapons are advanced military armaments designed for precise engagement of targets on land. Deployed on ground-based platforms like vehicles or stationary launchers, these weapons utilize cutting-edge guidance systems and technologies. GPS, laser designation, and other advanced guidance mechanisms ensure accurate targeting, allowing for real-time adjustments to flight paths to avoid obstacles and achieve precise hits on intended targets.
One of the significant advantages of land-based smart weapons is their ability to minimize collateral damage and reduce risks to personnel. They enhance mission effectiveness while minimizing unintended consequences. Moreover, these weapons can be cost-effective by reducing the number of munitions required to accomplish mission objectives.
Land-based smart weapons find extensive use in urban environments, where the aim is to minimize civilian casualties and infrastructure damage. Their precision and versatility make them a preferred choice for modern military operations.
Land-based Smart Weapons Market Trends:
The global market for land-based smart weapons is experiencing significant growth, primarily driven by the increasing need for precision and accuracy in targeting enemy assets, including vehicles, buildings, and individuals. This heightened demand can be attributed to the rising geopolitical tensions and political unrest witnessed across the globe.
Furthermore, the substantial increase in military expenditure by governments of various countries, aimed at upgrading existing weapon systems and ensuring military readiness, is serving as a strong catalyst for market growth. Additionally, the adoption of various technological advancements, such as the integration of GPS, artificial intelligence (AI), laser guidance systems, and advanced sensors, is enhancing the flexibility and lethality of these weapons, further boosting their adoption.
The evolving nature of modern warfare, characterized by its hybrid, asymmetric, and urbanized aspects, is fueling the demand for land-based smart weapons, as they offer effective means of minimizing collateral damage in such scenarios. Moreover, the market is benefiting from the significant rise in international arms trade and military modernization programs worldwide.
The global rise in insurgency and terrorism incidents is leading to heightened security concerns, driving the demand for advanced land-based smart weapons. Other contributing factors include rapid urbanization, increased disposable income levels, the implementation of stringent national security policies, and extensive research and development (R&D) efforts.
The report also offers a comprehensive analysis of the competitive landscape within the global land-based smart weapons market. It covers various aspects of competitive analysis, including market structure, market share held by key players, player positioning, top-performing strategies, competitive dashboard, and company evaluation quadrant.
Key Questions Answered in This Report:
- How has the global land-based smart weapons market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global land-based smart weapons market?
- What is the impact of each driver, restraint, and opportunity on the global land-based smart weapons market?
- What are the key regional markets?
- Which countries represent the most attractive land-based smart weapons market?
- What is the breakup of the market based on the product?
- Which is the most attractive product in the land-based smart weapons market?
- What is the breakup of the market based on the technology?
- Which is the most attractive technology in the land-based smart weapons market?
- What is the competitive structure of the global land-based smart weapons market?
- Who are the key players/companies in the global land-based smart weapons market?
Competitive Landscape
- Aselsan A.S. (Turkish Armed Forces Foundation)
- BAE Systems plc
- Israel Aerospace Industries
- Lockheed Martin Corporation
- MBDA Systems
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- Safran SA
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $4.22 Billion |
| Forecasted Market Value (USD) by 2028 | $6.92 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Key Market Segmentation:
Product Insights:
According to the report, missiles represented the largest segment.
- Ammunitions
- Missiles
- Others
Technology Insights:
According to the report, satellite guidance accounted for the largest market share.
- Satellite Guidance
- Radar Guidance
- Infrared Guidance
- Laser Guidance
- Others
Regional Insights:
North America
- United States
- Canada
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/7b63hp
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