Smart Weapons Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
Report ID: GMI3048
Smart Weapons Market size is set to register significant CAGR in the projected timeframe impelled by increasing demand for smart weapons by the military along with the growing conflicts in the border regions. The lightweight weapons with higher efficiency, precision, and long shooting range will further support the business proliferation till 2024.
Rising investments by the military across the globe for introducing innovative and technologically-advanced systems for aiding the soldiers are strengthening the market size over the forecast period. For instance, in 2018, the U.S. government announced a defense budget of around USD 750 billion for the military to modernize their equipment and acquire advanced weapons for combat, positively influencing the smart weapons market growth.
Industry participants are continuously investing in R&D to develop innovative solutions for differentiating their products from the competition. For instance, in 2016, Identilock introduced a smart gun that features a gun lock operating on fingerprint scanners. The gun allowed the user to store up to three biometric fingerprints for preventing any unauthorized usage, thereby supporting the industry proliferation till 2024.
However, risks and bugs associated with electronics technology along with reliability concerns are hampering the market growth over the forecast timeframe. Moreover, higher costs associated with the acquisition of these weapons along with complex design requirements are further limiting the industry growth till 2024. However, industry participants along with defense organizations are continuously investing in the R&D to develop advanced smart weapons that pass stringent military tests, providing a positive outlook for the smart weapons market expansion. For instance, in 2018, Defense Research and Development Organization (DRDO) successfully tested a 1kW laser weapon system with a range of 250 meters.
Based on product type, the smart weapons market is classified into projectiles, missiles, guns, and rockets. Advancements in technologies along with lightweight materials and small-sized weapons are boosting the smart weapons market share. Increasing adoption of smart weapons including small bombs with the capability to be equipped in UAVs with the fusion of high-precision sensors & cameras is providing a positive outlook for industry expansion.
Based on technology, the smart weapons market size is divided into radar-guided, laser-guided, and satellite-guided. Advancements in radar technologies including improvements in range detection and communication capabilities are supporting the segment growth over the forecast timeframe. The proliferation of laser-guided smart weapons owing to high precision and advanced target acquisition capabilities is further strengthening the industry expansion till 2024.
North America will contribute significantly toward the smart weapons market. This growth is attributed to the continuous research & testing activities by government organizations across the region. For instance, in 2016, the U.S. government tested the first 350kg smart nuclear bomb designed to penetrate underground structures that will hit targets with precision and limited damage elsewhere.
Few players in the smart weapons market include Rheinmetall AG, Raytheon Company, Orbital ATK, MBDA, Inc., General Dynamics Corporation, Lockheed Martin, General Atomics, Northrop Grumman, AeroVironment, and Boeing. Joint ventures and partnerships are among the major strategies adopted by industry participants to increase their market share. For instance, in 2016, Hindustan Aeronautics Ltd. (HAL) and BAE Systems entered into a strategic partnership for developing smart weapons targeting the defense sector.
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