The Land-based Smart Weapons was valued at USD 3. 64 billion in 2020 and is projected to grow to about USD 7. 7 billion in 2030 with a CAGR of 7. 9% during the forecast period (2021-2030). The impact of COVID-19 on the overall market revenue is deemed to be less.
New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Land-based Smart Weapons Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2030)" - https://www.reportlinker.com/p06020232/?utm_source=GNW
Although manufacturing delays are expected for a short duration, drastic fluctuations in demand due to the pandemic are not anticipated.
The growing military expenditure of major economies is expected to help the armed forces to spend huge amounts for the procurement of advanced terrestrial combat systems and man-portable weapon systems, which is expected to propel the growth of land-based smart weapons market during the forecast period.
The government initiatives to indigenously develop and manufacture guided ammunition and missile and reduce the dependence on foreign technologies is expected to drive the growth of the market in the coming years.
The increasing investment towards integration of advanced technologies that will enhance the accuracy and performance of existing missiles and ammunition is expected to bolster the sales of smart ammunition for land applications in the coming years.
Key Market Trends
Ammunitions and Other Products Segment is Expected to Witness Highest Growth
With the changing nature of modern warfare, there has been an increase in smart weapons and ammunition development and procurement. Moreover, the rising cross-border conflicts and pressure to reduce civilian casualties are anticipated to increase precision-guided munitions. Unguided Mortars have been used for decades by various countries against personnel, light armored vehicles, and structures. Conventional mortar systems typically require two or more rounds to be fired to stabilize the firing platform and make corrections for weather effects. This has necessitated the shift toward guided mortars that provide increased firing accuracy and reduced ammunition consumption. Their increased accuracy gives them greater utility as an anti-tank weapon, with the more accurate engagement of moving targets. These advantages have made guided mortar systems more popular, and they are now in service with several militaries around the world. Loitering munition is a weapon system category in which the munition loiters around the target area for some time, searches for targets, and attacks once a target is located. Similarly, the demand for precision-guided artillery shells has also increased in the past decade. For instance, in December 2019, the Indian Army tested its latest artillery ammunition, the Excalibur precision-guided shells from the US-made M777 Howitzer in Pokhran. The Indian Army procured over 600 rounds of the Excalibur ammunition from the US in October 2019 to increase artillery firepower. The ammunition can be fired from all 155 mm guns. Programmable ammunition has gained more popularity in recent years and has resulted in several countries purchasing such ammunition. In this regard, the US Army’s Maneuver Ammunition Systems (PM-MAS) division awarded a contract to Northrop Grumman Corporation in July 2020 to develop the next generation of airburst cartridge for the 30 mm XM813 Bushmaster Chain Gun. The program is envisioned to provide greater capability for the US Army’s up-gunned Stryker Brigade Combat Team fleets. Such developments and procurement orders of advanced munitions is expected to accelerate the growth of this segment during the forecast period.
North America will Continue to Dominate the Market During the Forecast Period
The North American region is currently dominating the market and is expected to continue its dominance during the forecast period. This is primarily due to the large military spending of the United States, which in turn supports the development and procurement programs for land forces. The increased investments towards technologically advanced weaponry are due to the growing threat to the country from enhanced capabilities of China and Russia on the battlefield. The United States has been testing improved variants of both the Aegis SM-3 and SM-6 missiles and fielding a new sensor to significantly increase Aegis’s missile defense capabilities. The US Department of Defense (DoD) also plans to improve the capability and reliability of the Ground-based Midcourse Defense (GMD) system. The upgrades include equipping recently deployed GBIs with an advanced booster and a more capable Exoatmospheric Kill Vehicle (EKV). In November 2020, the US Army awarded a USD 340 million contract to the Lockheed Martin Corporation to extract design elements from the US Navy’s Raytheon-built SM-6 and Tomahawk missiles, to put together a Mid-Range Capability (MRC) prototype that consists of launchers, missiles, and a battery operations center. Through the MRC program, the US DoD aims to fill the gap in the US Army’s long-range precision fires portfolio having capabilities halfway between the Precision Strike Missiles and hypersonic weapons of the future. Such investments into development and procurement of smart munitions anticipated to bolster the growth of the region at highest growth rate during the forecast period.
The land-based smart weapons market is fragmented, with local as well international players providing various types of guided weapons, programmable ammunition and missiles for the land-based forces across the world. Other than international players, there are several state-owned companies that have been developing and manufacturing the smart weapons for their respective countries while also looking at export opportunities. The major players in the land-based smart weapons market are Raytheon Technologies Corporation, Lockheed Martin Corporation, MBDA Inc., BAE Systems PLC and Rafael Advanced Defense Systems Ltd. Several developing nations have been planning to procure next-generation land-based smart weapons for their militaries, and the market players have been looking to grab such opportunities by offering sophisticated land-based smart weapons, which will help them gain a competitive edge over the other competitors.
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