Smart weapons are missiles, or steerable bombs are equipped with a television, laser, or satellite guidance system. Smart weapons, which operates on guidance systems that rely on external assistance, are distinguished from brilliant weapons that are self-guided. In the case of a laser-guided smart bomb system, an aircraft pilot aims a laser beam at the target, a computer locks the target, and the bomb with the help of a sensor program finds the reflection of the laser’s light. Smart bombs and missiles allow smaller aircraft and smaller numbers of planes to make successful attacks on stationary targets such as fortifications, buildings, or bridges. According to a study published by Insure Insights, the global smart weapon market is anticipated to grow at a CAGR of 8.9% during the forecast period.

Top Driver: Competitive Benefits and Extended Application

Given the need for such devices in warfare, the demand is expected to increase during the forecast period. Further, the growth of the market is attributed to the competitive benefits of smart weapons such as reliable first short and quick-hit capability, accuracy. It helps in overall reducing the logistics carrying cost. Extending the application of smart weapons in the defense sector, such as in war and security, is expected to fuel growth. Moreover, stringent government regulations focused on reducing the increasing arms transfer and aiming to maintain peace are some other driving factors of the world’s smart weapons market.

Air to Ground Missiles to Occupy a Larger Market Share

The global smart weapons market can be segmented on the basis of type into Air-to-ground missiles, Precision artillery munitions, Electromagnetic pulse weapons, Smart bullets, Surface-to-air missiles, Smart bombs, Sensor fused weapons, Directed energy weapons, Others. The Air- to ground missile is expected to anticipate the market growth immensely in the forecast period. The surface to air missiles segment was found to be the fastest growing segment in the forecast period.

Rising Investments in Defense and Security to Benefit North America Market

The North America region is anticipated to gain highest growth in the smart weapons market in the coming years. Furthermore, the growing need to counter increasing terrorist activities and various military equipment modernization programs are the key factors boosting the market in North America. The growth in the industry is attributed to the surge in the investment over the defense and security and would propel in the forecast period.

Players to Focus on Smart Weapons Market

The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Raytheon Company, Israel Aerospace Industries, L-3 Communications Ltd, and Northrop Grumman Corporation, Lockheed Martin, MBDA, Inc., Orbital ATK, General Dynamics Corporation, BAE Systems, The Boeing Co., and Textron, Inc. among others could be at the forefront of the competition in the global market.

Scope of the Report

By Type

• Air-to-ground missiles
• Precision artillery munitions
• Electromagnetic pulse weapons
• Smart bullets
• Surface-to-air missiles
• Smart bombs
• Sensor fused weapons
• Directed energy weapons
• Others

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.