The global smart weapons market outlook will drive, rise in cross-border political conflicts between countries and associated increase in defense budget allocation. Several nations are focusing on rapid integration of various navigation & communication technologies in weapon systems in order to remain prepared in case of threats or cross-border conflicts.
The development and acquisition of land-based smart weapons and defense systems has gradually increased. In 2019, land-based smart weapons technology accounted for over USD 1.5 billion in revenues.
Rising incidence of trade disputes or political issues between countries will support new and modern weapons deployment. Estimates suggests that smart weapons market size will exceed USD 19 billion in terms of annual valuation by 2026, worldwide.
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Countries across the globe are engaged in acquisition of radar systems for integration with their existing weapon systems in a bid to improve overall operations. For instance, Armenia recently inked a contract with India to acquire Swathi weapon locating radar systems worth USD 40 million. Swathi weapon is an automatic radar system curated by India and it is capable of identifying enemy activities over a long distance. Radar segment is set to grow at 5% through 2026 due to product capabilities to detect and precisely locate weapon system of the enemy base.
The munitions segment will generate USD 8 million in terms of revenue by 2026 on account of increasing efforts of government and private defense agencies to advance munition capabilities. In 2017, Lockheed Martin collaborated with Raytheon Corporation for the development of smart munitions utilizing medium caliber bullets, that enables navy vessels to counter aerial attacks.
Also, a contract worth USD 8 million and USD 8.2 million were given to Raytheon and Lockheed Martin respectively by the Defense Advanced Research Projects Agency.
In 2019, airborne smart weapons segment accounted for 30% share of the smart weapons market and is estimated to grow at 5% through 2026 due to increase focus of defense sector on air weapon dominance. Major countries with better defense capabilities are focused on modification of aircraft so as to enable them to carry more ammunition during defense operations.
In 2019, the USAF awarded a contract to an undisclosed group of manufacturers to enhance the weapon carriage capacity of a supersonic variable-sweep wing, heavy bomber, Boeing B-1B Lancer. This modification has not only amplified the intermediate bay's length from 457-683 centimeters but has also supplemented it with an external weapon carriage system, which will enable the aircraft to carry smaller ammunitions as well as hypersonic missiles.
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On the regional forefront, Asia Pacific is expected to record strong demand for smart weapons, with the region likely to control over 20% of global market share by 2026. Growing purchase of latest military grade vehicles and weapons to showcase overall strength and dominance could drive the demand for smart ammunitions in APAC.
The smart weapons market led by companies like Aselsan A.S., Airbus Defence & Space, Diehl Defence, BAE Systems PLC, Hanwha Corporation, General Dynamics, Israel Aerospace Industries Ltd., L3Harris, Kongsberg Gruppen, JSC Concern Vko "Almaz-Antey", Lockheed Martin Corporation, Leonardo S.P.A., Northrop Grumman Co, MBDA, Raytheon Company, Rafael Advanced Defense Systems, Thales Group, The Boeing Company, and Rheinmetall AG.
Major Key Points from Table of Content:
Chapter 6. Smart Weapons Market, By Weapons Type
6.1. Key trends, by weapons type
6.2.1. Smart weapons market estimates and forecast, 2015 - 2026
6.3.1. Market estimates and forecast, 2015 - 2026
6.4. Guided rockets
6.4.1. Market estimates and forecast, 2015 - 2026
6.5. Guided projectiles
6.5.1. Market estimates and forecast, 2015 – 2026
6.6. Guided firearms
6.6.1. Market estimates and forecast, 2015 - 2026
6.7.1. Market estimates and forecast, 2015 - 2026
Chapter 7. Smart Weapons Market, By Component
7.1. Key trends, by component
7.2.1. Market estimates and forecast, 2015 - 2026
7.3.1. Market estimates and forecast, 2015 – 2026
7.4. Global Positioning System (GPS)
7.4.1. Market estimates and forecast, 2015 - 2026
7.5.1. Market estimates and forecast, 2015 - 2026
7.6.1. Market estimates and forecast, 2015 - 2026
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