Future of the Global Smart Weapons Market

2014-03-21
Published : Mar-2014

The global market for smart weapons has been witnessing steady rise with recent conflicts across the globe and the increasing threat of terrorism. Escalating conflicts across the globe has now more than ever emphasized the need for precision attacks and stand-off strikes. Most countries are also modernizing their air force and military arsenal and smart weapons are the new weapons of choice in any conflict. Smart weapons are weapons that have the capability to identify its target from background clutter and strike it. In 2013, the global market for smart weapons was valued at 3.62 billion USD. By 2018, the global smart weapons market is expected to reach a value of 5.335 billion with a compound annual growth rate of 8.06 percent. Some of the factors that are fueling the growth in the smart weapons market are demand for weapons from Middle Eastern countries and increase in the inventory of smart weapons in the armed forces. The US is the largest market for smart weapons in the world and in 2013 the US smart weapons market was valued at 1.59 billion USD.

The global market for smart weapons can be segmented on the basis of weapon type and demand across various geographical regions. Based on weapon type, the market can be segmented as anti-armor weapons, stand-off missiles, guided projectiles, guided rockets and guided munitions. On the basis of geography, the market can be segmented as Europe, North America, Asia, Latin America, Africa and the Middle East. The highest demand in the market is expected to come from the precision-guided stand-off missiles segment. Development in technology that aids in precisely hitting the target is going to drive the market in the future. In the coming years, development in smart missile deactivators that can locate missiles by means of satellite assistance is also going to propel the smart weapons market.

Key players in the smart weapons market are Lockheed Martin Corporation, Textron Defense Systems, Dassault Aviation, Curtiss-Wright Corporation, Boeing International Corporation, Exelis Inc. and Sandia National Laboratories. In the global smart weapons market, high-growth sectors are represented by Saudi Arabia and Japan which has a compound annual growth rate of 21.67 and 14.48 percent respectively. However, the growth in the market might be restricted by regulations such as missile technology control regime. With advancement in the area of smart weapons technology and increased demand for such weapons by the armed forces, the global market for smart weapons is expected to flourish in the future.

Explore the latest market research report on smart weapons market @ http://www.sandlerresearch.org/market-research/defence

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