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Global Military Smart Weapons market is projected to reach at a market value of US$39,015 million by 2031: Visiongain Reports Ltd
Visiongain has published a new report on Global Military Smart Weapons Market Report Forecast 2021-2031. Forecasts by Platform (Land-Based, Airborne, Naval), by Type (Radar-Guided, GPS/INS-Guided, Infrared-Guided, Laser-Guided, Other-Guided). PLUS, Profiles of Leading Weapon Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global military smart weapons market was valued at US$22,052 million in 2020 and is projected to reach at a market value of US$39,015 million by 2031. Owing to availability of upgrade kits for conventional weapons, increase in investment in advanced missiles defence systems and interceptor missiles, and increase in demand for miniaturised precision guided weapons.
COVID-19 Impact on Military Smart Weapons Market
Due to adverse impact of COVID-19 on defence budget that is allocated for procuring advanced military weapons, equipment, and systems, YoY revenue is estimated to decline sharply in the year 2023. However, with reduction in spread of COVID-19 owing to rising awareness concerning health is likely to encourage governments across the globe to re-shift their spending from public health to defence budget. This, in turn, is projected to fuel growth of the military smart weapon market 2025 onwards.
Market Drivers
Availability of Upgrade Kits for Modernizing Existing Weapons and Military Vehicles
In recent past, major players in the military smart weapon market has introduced upgrade kits for conventional weapons and missiles. This is helping defence organizations to optimize-cost and upgrade & equip their conventional weapons and missiles with smart and precision strike capabilities.
Investment in Advanced Missile Defence Systems and Interceptor Missiles will be a Major Source of Growth
Considering that firepower is a requirement for any nation's military arsenal, it is not surprising that many nations within the International System, have developed some degree of military capability relating to smart weapons.
Increasing Demand for Greater Precision to Alleviate Collateral Damage
While collateral damage has always posed a considerable obstacle for military strategists to overcome. Its associated costs have never been as high as they are now. In an age of instantaneous global communication, evidence of collateral damage can be used by an adversary to either mobilise public opinion against one’s military decision-makers of to recruit members to their cause.
Market Opportunities
Increasing Research and Development Activities
Significant increase in the budget allocation for defence R&D has increased the share of investment on development of advanced weapons undertaken by universities and organization to come up with next generation warfare equipment. This is presenting opportunities to major players operating in the industry.
Growing Demand for Smart Weapons Across Emerging Countries
Geopolitical conflict in Asia Pacific is greater than the rest of world combined owing to presence of superpower and dispute between neighbouring countries. For instance, historical conflict between China and Japan, dispute between India and Pakistan, and latest war situation across border of India and China are few of the examples. With ongoing technological advancements in warfare technologies and adoption of next generation weapons in China, the face of warfare is changing across emerging nations in Asia Pacific.
Competitive Landscape
Major players profiled on the market includes BAE Systems, Boeing, General Dynamics Corporation, Kongsberg Gruppen, L-3 Communications Holdings, Inc., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Orbital ATK, Rafael Advanced Defense Systems Ltd., Raytheon, Rheinmetall Ag, Textron Inc, Thales Group. Prominent players in the market are inclined towards offering the most cutting-edge weapon system technology to end users that can adapt to different levels of conflict, including local coastguard operations, peacekeeping missions, and military operations. For instance:
In March 2021, General Dynamics Ordnance and Tactical Systems (OTS) signed a partnership agreement with Dynamit Nobel Defence GmbH (DND) to develop and provide advanced weapons for warfighters to enhance their capabilities during war.
In February 2021, Thales received a contract from Rheinmetall BAE Systems Land (RBSL) and Rheinmetall Landsystems (RLS) to supply and integrate the PROTECTOR RS4 Remote Weapon Station (RWS) and the Acusonic® Shot Detection system in the British Army’s new Boxer, 8x8, armoured vehicle.
Contact:
Dev Visavadia
PR at Visiongain Reports Limited
Tel: + 44 0207 336 6100
Email: dev.visavadia@visiongain.com
