According to a recent report published by Allied Market Research, titled, “Smart Weapons Market by Product, Technology, and Platform: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global smart weapons market was valued at $14.90 billion in 2020, and is projected to reach $23.96 billion by 2030, registering a CAGR of 5% during the forecast period.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated the global smart weapons market share in North America in 2020, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies to make reliable, precise, and efficient smart weapons. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in adoption of smart weapons across several Asian nations, such as, China, India, Japan, and South Korea.
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The smart weapons market is segmented on the basis of product, technology, platform, and region. On the basis of product, the global smart weapons market is categorized into missiles, munitions, guided projectiles, guided rockets, guided firearms, and directed energy weapons. On the basis of technology, the market is classified into laser, infrared, radar, GPS, and others. On the basis of platform, the market is divided into air, land, and naval.
By product, the smart weapons market is segregated into missiles, munitions, guided projectile, guided rocket, guided firearms, and directed energy weapons. The missile segment accounted for the highest revenue in 2020, owing to high demand for guided missile that are being deployed for numerous combat operations throughout the world.
On the basis of technology, the market is segmented into laser, infrared, radar, GPS, and others. The infrared segment garnered the highest revenue in 2020, owing to high demand for infrared-derived precision across different weapon types globally.
Depending on platform, the smart weapons market is fragmented into air, land, and naval. The land segment was the highest revenue contributor in 2020, owing to high demand for smart weapons by land forces globally.
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COVID-19 Impact Analysis
- The COVID-19 impact on the smart weapon market is unpredictable, and is expected to remain in force for a few years.
- The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of raw materials items for most of 2020 and few months in 2021. This led to sudden fall in the availability of important raw materials for manufacturing smart weapons.
- Moreover, nationwide lockdown forced smart weapons manufacturing facilities to partially or completely shut their operations.
- Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of advanced smart weapons globally.
Key Findings Of The Study
- By product, the directed energy weapons segment is expected to register a significant growth during the forecast period.
- On the basis of technology, the laser segment is anticipated to exhibit significant growth in future.
- Depending on platform, the naval segment is anticipated to exhibit significant growth in future.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in the global smart weapons market include BAE Systems Plc., General Dynamics Corporation, L3Harris Technologies Inc., Leonardo S.p.A., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, and The Boeing Company.
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