Portland, OR, March 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart weapons market was valued at $14.90 billion in 2020, is expected to reach $23.96 billion in 2030, registering a CAGR of 5.0%. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Smart Weapons Market Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2021–2030 |
| Base Year | 2020 |
| Market Size in 2020 | $14.90 Billion |
| Market Size in 2030 | $23.96 Billion |
| CAGR | 5.0% |
| No. of Pages in Report | 301 |
| Segments covered | Product, Technology, Platform, and Region. |
| Drivers | Rise in demand for advanced precision strike weapons |
| Surge in the defence budget of various countries across the globe | |
| Increase in spending on up-gradation of weapons technology | |
| Opportunities | Rise in the number of security threats from terrorist organizations |
| Restrains | Stringent arms regulations on the import and export trade |
Rising demand for advanced precision strike weapons, rise in the defence budget of various countries across the globe, and increase in spending on up-gradation of weapons technology are expected to drive the growth of the smart weapons market. On the other hand, stringent arms regulations on the import and export trade are expected to impede the growth to some extent. However, increase in the number of security threats from terrorist organizations is expected to create lucrative opportunities for the growth of the market.
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COVID-19 Scenario
- The outbreak of COVID-19 has had an adverse impact on the market as government imposed stringent lockdowns and ban on import and export of raw materials to curb the spread of the virus during the pandemic. Thus, the demand for smart weapons experienced a steep decline, especially during the initial phase.
- In addition, all the manufacturing facilities of smart weapons were partially or completely shut down during the pandemic, which impacted the growth of the smart weapons market negatively. However, the market is projected to recoup soon.
The global smart weapons market is analyzed across product, technology, platform and region.
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Based on product, the missiles segment generated the highest market share in 2020, holding nearly two-fifths of the global market. The directed energy weapons segment, however, would exhibit the fastest CAGR of 8.2% during the forecast period.
Based on technology, the infrared segment generated the highest share in 2020, accounting for more than one-fourth of the global market. The laser segment, however, would cite the fastest CAGR of 6.8% during the forecast period.
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Based on region, the North America region held the lion’s share in 2020, garnering approximately two-fifths of the global market. The Asia-Pacific region, however, would exhibit the fastest CAGR of 7.0% during the forecast period.
The key market players analysed in the global smart weapons market include Northrop Grumman Corporation, Raytheon Technologies Corporation, BAE Systems Plc., General Dynamics Corporation, L3Harris Technologies Inc., Leonardo S.p.A., Thales Group, The Boeing Company, Lockheed Martin Corporation, MBDA.
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