Research Nester has released a report titled “Smart Weapons Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The World Bank, in one of its statistics stated that military expenditure around the world reached to USD 1.782 trillion in the year 2018 from USD 1.631 trillion in the year 2016.
The statistics portray the increasing military expenditure by the governments of the world on the back of growing concern for rising terror threats and the need to equip with weapons that provide the nation an extra edge of safety and security. Apparently, increasing concern for the rising cost of maintenance of old munitions present with the military of nations around the world along with the presence of old technology weapons, which concerns the government as it lowers the strength of security of nations is raising the need for replacement of such weapons, are some of the factors anticipated to drive the growth of the global smart weapons market. The market of smart weapons is also anticipated to grow on the back of increasing trade for munitions observed around the globe. The International Trade Centre (ITC), in one of its statistics stated that exports of bombs, missiles, torpedo, grenades and others around the world reached to USD 4616123 thousand in the year 2018from USD 3528064 thousand in the year 2010.
The global smart weapons market is anticipated to witness a modest CAGR during the forecast period, i.e. 2020-2028. The market is segmented by platform into air, land and naval. Among these segments, air segment is anticipated to hold the largest market share on account of air munitions being the most preferred weapon during a warfare as it provides the launcher a standoff distance so as to launch the weapon outside the most intense air defenses around the target site, coupled with the increasing developments observed in air guided weapons, which increases the lethality against intended targets and minimizes collateral damage. Apparently, continuous upgradations of air weapons in the form of technological advancements is also anticipated to drive the growth of the segment in the global smart weapons market during the forecast period.
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Geographically, the global smart weapons market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America is anticipated to hold the largest market share on account of increasing trade of the nation for arms and ammunitions backed by the increasing budget for military expenditure. The International Trade Centre (ITC), in other statistics, stated that exports of bombs, missiles, torpedo, grenades and others in the USA reached to USD 3517156 thousand in the year 2018from USD 2361292 thousand in the year 2010.
However, concerns for impact on sales effected by the dynamic change in regulations for arms trade amongst nations around the world is estimated to act as a barrier to the growth of the global smart weapons market.
This report also studies existing competitive scenario of some of the key players of the global smart weapons market, which includes profiling of Raytheon Company (NYSE: RTN), Northrop Grumman Corporation (NYSE: NOC), MBDA Inc., Lockheed Martin Corporation (NYSE: LMT), General Dynamics Corporation (NYSE: GD), The Boeing Company (NYSE: BA), BAE Systems (LON: BA), Textron Inc. (NYSE: TXT), L3Harris Technologies, Inc. (NYSE: LHX) and Israel Aerospace Industries’ (IAI) Group.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Smart Weapons Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall smart weapons industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global smart weapons market in the near future.
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