DUBLIN–(BUSINESS WIRE)–The “Smart Weapons – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Death by Algorithm! The $120.8 Billion Smart Weapons Market Brings Us Closer to that Reality
The global market for Smart Weapons is projected to reach US$120.8 billion by 2025, trailing a CAGR of 11.3% over the analysis period 2018 to 2025.
The projected growth will be driven by the escalating global arms race and the ensuing focus on defense spending by countries across the world. Defense spending have and will continue to be supported by rapidly mushrooming hotspots of terrorism, civil strife, cross-border hostilities, expansionist and aggressive protective economic policies; and spike in insurgency.
Smart Weapons, also called Precision-Guided Munitions (PGMs), are a category of weapons systems designed for striking pre-decided targets with pinpoint accuracy in order to maximize the application of explosive force on the target, while minimizing collateral damage and military personnel casualties. PGMs incorporate on-board computer systems and laser, TV or satellite guidance systems that enable the smart weapon to lock-on to a target specified by military personnel, and steer themselves along the trajectory towards the target. Germany was pioneer in the use of PGMs for combat, with the introduction of the 1,400-kg MCLOS-guidance Fritz X weapon in the attack on an Italian battleship Roma in mid-1943.
Following a brief hiatus, the US military also restarted the development of radio-guided rockets during the Korean War. Various benefits of sophisticated, digital, intelligent, and accurate smart weapons that is driving its widespread adoption include its extraordinary efficiency and effectiveness in achieving higher target rate; higher mobility; reduced direct contact; the minimal need for human operators; and the superiority it offers over opposing military forces.
Major trends in the market influencing growth include growing interest in imaging infrared technology in IR missile guidance; rising demand for precision guided weapons and munitions as the future battlefield requires more smarter firepower, greater range and reduced risks to military personnel; rising demand for airborne and surface-to-air missile systems, self-propelled artillery and sensor-fused sub-munitions for defeating armored vehicles; and substitution of unguided cluster bombs with sensor fused weapons.
Given the high cost of missed targets in warfare, the market is expected to benefit from innovations critical to future battle space needs such as weapons effective even in RF- and GPS-denied environments; rugged network connectivity including adaptive processing and signals intelligence; and scalability for future upgrades.
The United States represents the largest market worldwide by virtue of being a political superpower with advanced military force, presence of leading advanced technology developers, large military budget allocations and favorable regulatory environment. Asia-Pacific including China ranks as the fastest growing market supported by mounting defense spending for supporting large-scale military modernization programs in China and India; escalating cross-border skirmishes, and the increasing threat of militants and extremists in the region.
Key Topics Covered:
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession
- An Introduction to Smart Weapons
- Directed-Energy Weapons
- Smart Bombs
- Sensor Fuzed Weapons
- Precision Artillery Munitions
- Other Types of Smart Weapons
- Smart Weapons: Augmenting National Defense with Intelligent, Accurate, and Digital Technologies
- Recent Market Activity
- Ushering a New Era of AI-Driven Self-aware Systems, Smart Weapons Seek to Widen Role in Modern Warfare
- Changing Realities of Modern Warfare: A Brief Overview
- Market Dynamics
- Technical Superiority over Conventional Weaponry Widens Scope & Span of Smart Weapons
- Robust Demand Projected for Smart Weapons over the Coming Years
- Developed Regions Remain Primary Revenue Contributors
- Developed Regions Account for 2/3rd Share of World Smart Weapons Market: Percentage Breakdown of Sales for Developed and Developing Regions (2019 & 2025)
- North America Makes Major Contribution to Smart Weapons Market
- Fast Paced Growth Forecasts in Asia-Pacific & Other Developing Regions
- Global Market for Smart Weapons – Geographic Regions Ranked by % CAGR (Sales) for 2018-2025
- Munitions Type and Infrared Technology: Key Segments of Smart Weapons Market
- Prevailing Economic Scenario Favors Market Expansion
- Global Economic Outlook: Real GDP Growth Rates (%) by Region/Country for the Years 2018 through 2021
2. FOCUS ON SELECT PLAYERS
- Axon Enterprise
- BAE Systems PLC
- Curtiss-Wright Corporation
- Denel SOC Ltd.
- General Dynamics Corporation
- Harris Corporation
- Israel Aerospace Industries Ltd.
- Kongsberg Gruppen ASA
- L3 Technologies, Inc.
- Leonardo SpA
- Lockheed Martin Corporation
- MBDA France
- Nexter Group
- Northrop Grumman Corporation
- QinetiQ Group PLC
- Rafael Advanced Defense Systems Ltd.
- Raytheon Company
- Rheinmetall AG
- Roketsan AS
- Safran Electronics & Defense
- Textron Inc.
- Thales Group
- The Boeing Company
3. MARKET TRENDS & DRIVERS
- Changing Face of Warfare Ignites Global Demand for Smart Weapons
- Rising R&D Spending and Adoption of Smart Weapons to Drive Market
- Smart Weapons Present High-Precision Options for Modern Warfare
- Laser Guided Bombs (LGBs)
- Satellite-Guided Weapons
- Surging Defense & Military Expenditures Worldwide: Cornerstone for Present & Future Growth
- The US & Europe Steer Global Military Spending
- Ever-Present Threat to Public Liberty & the Resulting Increase in Defense Spending for Peace as well as War to Indirectly Spur Growth in Demand for Smart Weapons: Global Military Spending (in US$ Billion) for the Years 2014 through 2018
- Top Countries with Military Spending in USD Billion: 2019
- Escalating Global Arms Race Provides the Perfect Platform for Market Expansion
- Artificial Intelligence and Emerging Technologies to Shape the Future of Smart Weaponry
- AI for Smart Weapons
- Growing Significance of AI
- Fully-Autonomous Smart Weapons on Battlefield
- Successful Deployments of Smart Bombs Drive Robust Demand
- Precision Guided Munitions Offer Lucrative Growth Opportunities
- Demand for Airborne and Surface-to-Air Missile Systems Gain Momentum
- Imaging Infrared Technology Finds Favor in IR Missile Guidance
- Satellite Guidance Emerge as the Preferred Medium of Land Attack Cruise Missile Guidance
- Directed Energy Weapons (DEW) Set to Transform Electronic Warfare
- Sensor Fuzed Weapons to Substitute Unguided Cluster Bombs, Bodes Well for Market Adoption
- Sensor Fuzed Weapons: From Undiscriminating Weapons to Highly Discriminating and Effective Systems
- Smart Gun & Personalized Gun Technologies Offering Higher Accuracy and Safety to Become Mainstream
- Directed Energy Weapons to Witness Growth in Demand
- Technological Innovations & Advancements Maintain Robust Momentum
- Resolving Prevailing Challenges: Critical for Future Success
- Leveraging Existing Designs and Using Low-Cost Materials: An Apt Solution to the High Cost Concern
- Military Cooperation: A Double-Edged Sword?
4. GLOBAL MARKET PERSPECTIVE
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