Pune, 14, Dec, 2022: The Smart Weapons Market report published by Maximize market Research, the market is expected to grow from USD 18.54 billion in 2021 to USD 34.36 billion in 2029, at a CAGR of 8.02 percent for the forecast period from 2022 to 2029.
Smart Weapons Market Scope and Research Methodology
The Smart Weapons Market report provides sales, revenue, and average price forecast data by type and by application segments for the forecast Period. The Product, Platform, Technology, and Regional sectors make up the Smart Weapons Market. The development of unique market segments helps our clients learn about the numerous growth variables anticipated to be present across the industry and establish different business strategies to aid in finding key application areas and the target market's gap. In-depth market analysis, factual information, historical data, and market numbers that are scientifically backed and approved by the industry are all included in the research. Such analysis acts as a guide for stakeholders, investors, market players and followers and new entrants with an overall view of the Smart Weapons Market for formulating investment approaches and marketing tactics.
Secondary research is used to identify the major market participants, and primary and secondary research are used to calculate their market revenues. While primary research involved in-depth interviews with key opinion leaders and industry professionals including seasoned front-line personnel, CEOs, and marketing executives, secondary research included reading through the annual and financial reports of the leading manufacturers. . Extensive qualitative and further quantitative analysis is also done from key information in the Smart Weapons Market report. . The research analyses the market in-depth and includes useful insights, facts, historical data, and statistically supported and industry-validated market figures.
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Smart Weapons Market Overview
Smart weapons are also referred to as precision-guided munitions (PGMs). They are a particular kind of weapon that maximises the application of explosive force while minimising collateral damage and military casualties. They are made to hit predetermined targets with extreme accuracy. PGMs are smart weapons that can lock on to a target that has been chosen by military people and move themselves along a trajectory to that target thanks to on-board computers and laser, television, or satellite guidance systems.
Smart Weapons Market Dynamics
The development of various types of smart weapons has been made possible by improvements in weapon manufacturing technology. The market is diverse in terms of acceptance and technological sophistication. It is expected that developments in smart weapons will pave the way for significant changes in military power. The market for smart weaponry has seen growing demand as a result of rising maintenance costs and ageing military hardware. The market is expected to be fuelled by evolving military tactics, the demand for more precise weapons and ammunition, and the rising urgency to minimise security risks. In order to upgrade their arsenals, India and China are increasing their military budget, which is encouraging the use of intelligent weapons.
The agreement attempts to forbid the use of some weapons that are thought to be particularly dangerous or fatal. It is only permitted to acquire and maintain a certain number of illegal weapons and ammunition for training purposes as well as to develop the detection, authorization, and countermeasures systems. The treaty is thus expected to control, forbid, and restrict the trade of smart weapons on the global market, which is restraining the growth of the Smart Weapons Market.
Smart Weapons Market Regional Insights
More than 25% of the market is expected to come from the Asia Pacific smart weapons industry. The region's high market penetration can be connected to the rise in border disputes and terrorist activity there. Number of nations have stepped up their efforts to obtain cutting-edge weaponry in these conditions. Governments of nations like Russia, the United States, China, India, and others are increasing their spending on military hardware in an effort to acquire an advantage in warfare. Additionally, the growth in international conflicts and terrorist and civil unrest in many locations forces nations to develop their militaries through advances in weaponry which raises the need for intelligent weapons.
Smart Weapons Market Segmentation
By Product:
- Missiles
- Munitions
- Guided Projectiles
- Guided Rockets
- Guided Firearms
- Directed Energy Weapons
By Platform:
- Air
- Land
- Naval
By Technology:
- Laser
- Infrared
- Radar
- GPS
- Others
Smart Weapons Market Key Manufacturers are:
- Denel Dynamics (South Africa)
- Rafael Advanced Defense Systems Ltd. (Israel)
- OTO Melara S.P.A (Italy)
- Alliant Techsystems Inc. (US)
- Boeing (US)
- Northrop Grumman (US)
- General Dynamic (US)
- Raytheon (US)
- Lockheed Martin (US)
- BAE Systems (UK)
- Thales Group (France)
- Textron Defense Systems (US)
- MBDA (France)
- L3 Technologies (US)
- Rheinmetall Ag (Germany)
- Israel Aerospace Industries (Israel)
- China Aerospace Science & Industry Corp (China)
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Key questions answered in the Smart Weapons Market are:
- What is Smart Weapons?
- What is the growth rate of Smart Weapons Market for the forecast years?
- What is the nature of competition in Smart Weapons industry in developed and developing economies?
- Who are the key players in the Smart Weapons Market?
- Who are the market leaders in Smart Weapons in Europe?
- Who are the market leaders in Smart Weapons in USA and Canada?
- Who are the market leaders in Smart Weapons in India, China, Japan and South Korea?
- What are the factors affecting growth in the Smart Weapons Market?
- Who held the largest market share in Smart Weapons Market?
- What are the factors for the growth of Asia-Pacific region in Smart Weapons Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Platform, Technology and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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