Market Research Report
Smart Weapons Market (By Type; By Geography) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024
|Published by||Variant Market Research LLP||Product code||508291|
|Published||Content info||104 Pages
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|Smart Weapons Market (By Type; By Geography) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024|
|Published: April 24, 2017||Content info: 104 Pages||
Smart Weapons Market
(By Type: Surface-To-Air Missiles, Electro-Magnetic Pulse Weapons, Air-To-Ground Missiles, Smart Bombs, Direct Energy Weapons, Sensor Fused Weapons, , Smart Bullets, Precision Artillery Munitions, and Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024.
Global Smart Weapons Market is forecasted to reach $19 billion by 2024; growing at a CAGR of 6.4% between 2016 and 2024. Smart weapons are self-guided and technologically advanced artillery used for cross border security or during war. Some of the smart weapons such as surface-to-air missiles, air-to-ground missiles, and smart bombs are widely used across the world. Growing terrorism, civil strife, and cross border hostilities have increased the adoption of smart weapons by military forces.
Rising procurement of military equipment, increasing awareness towards border security, and high demand of high precision in weapons, are the major drivers of the global smart weapons market. However, high price of these weapons may hamper the market growth in the coming years. Rising worldwide demand for technologically advanced smart weapons would provide several growth opportunities for the market in the coming years.
The global smart weapons market is categorized on the basis of type and geography. By type, the market is segmented into air-to-ground missiles, surface-to-air missiles, sensor fused weapons, direct energy weapons, electro-magnetic pulse weapons, smart bombs, precision artillery munitions, smart bullets, and others. Air-to-ground missiles segment accounted for the largest market share in 2016, owing to its extensive usage during terrorism and country war. Directed energy weapons are anticipated to grow at the highest CAGR over the forecast period.
Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers Germany, France, UK, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, Middle East and Africa.
Major companies operating in this market are Boeing, OTO Melara S.P.A, Raytheon Company, General Dynamics, Denel Dynamics, Textron Defense Systems, Rafael Advanced Defence Systems Ltd., L-3 Fuzing And Ordnance Systems Inc., Alliant Techsystems Inc. and Israel Aerospace Industries, among others.