Smart Weapons Market Analysis by Size & Share by 2024
Sarasota, FL -- (SBWIRE) -- 09/05/2017 -- The weapons that are guided by the various technologies such as the computer, lasers, and others, in order to direct them correctly towards the target, are known as smart weapons. These weapons are highly efficient and accurate. Thus, the demand for this kind of weapons is increasing around the globe boosting the smart weapons market.
Global Smart Weapons Market: Growth Factors
The primary factor that attributes to the global smart weapons market growth includes the increasing research and progression activities of a number of research institutes in various regions in order to develop smart weapons. The demand for modernized and efficient weapons drives the global smart weapons market growth. The increasing need of tight security in the border areas and also for strategic operations is expected to influence the growth of the global market globally. The military's interest in investing more and modernizing the weapons fuels the global smart weapons market. The rising terrorism across the borders also demands smart weapons which in turn escalates the global market growth. The increasing defense budget and military equipment operations, and research boost the growth of the global smart weapons market in various regions around the globe.
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Global Smart Weapons Market: Segmentation
The global smart weapons market is segmented based on technology, product, and platform. The technology segment is bifurcated into infrared, laser, radar, GPS, optical, wire-guided, micro-computing, and satellite. The infrared subsegment is further divided into IR homing and IIR homing. The radar subsegment is further categorized into active and passive homing. The product segment is classified into guided rockets, guided projectiles, missiles, munitions, and precision guided firearms. The guided projectiles subsegment is bifurcated into mortar rounds and artillery shields.
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The munitions subsegment is divided into target pods and guided bombs. The missiles subsegment is categorized into anti-ship and anti-submarine missile, anti-tank missiles and standoff missiles, and air-to-air and air-to-surface missile. The guided rockets subsegment is classified into anti-submarine, anti-tank and tactical rockets, and air-to-air and air-to-surface. The precision guided firearms subsegment is further grouped into shoulder fired weapons, smart guns, and small smart weapons. The platform segment is classified as land, air, and naval. The infrared technology and munitions segment leads the global smart weapons market globally.
Global Smart Weapons Market: Regional Analysis
A significant growth in the regions such as North America and Europe is expected due to various research organizations' interest in research and development activities to develop smart weapons for tight border security and strategic operations. The terrorist's threat has increased the military expenditure and modernization techniques for weapon development which in turn boost the global smart weapons market in various regions.
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Global Smart Weapons Market: Competitive Players
The major players in the global smart weapons market include Raytheon Company, Lockheed Martin, Orbital ATK, MBDA Inc., and General Dynamics Corporation. The other players in the global market include Israel Aerospace Industries, The Boeing Co., Northrop Grumman Corporation, BAE Systems, Textron Inc., and L-3 Communications Ltd.
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