The global smart weapons market is projected to reach a valuation of USD 21.85 billion by 2027 and register a CAGR of 6.5% between 2019 and 2027.
The increasing defense expenditure and naval modernization program are driving the growth of the market. The terrorist attacks globally have been increasing from the last few years. This has also increased the demand for advanced systems and solutions to counter these attacks. Likewise, this has increased the demand for smart weapons. Smart weapons help military personnel to effectively target enemies without alot of effort.
Similarly, as per the Stockholm International Peace Research Institute (SIPRI), global military spending rose by 3.6% to approximately USD 1.91 trillion from 2018 to 2019. During the same period, the US, China, and India increased their military spending by 5.3%, 5.1%, and 6.8%, respectively. Furthermore, in 2019, India overtook Saudi Arabia and Russia to become the third-largest defense spender in the world. Although there was a slight decline in the US defense spending from 2010–2019, the US observed a growth in military spending in 2019. It is estimated that the US will spend significantly more on its military for the next two years, focusing on the modernization of conventional technologies. Meanwhile, other developing countries have plans to invest in advanced technologies and are focused on expanding, modernizing, and enhancing the capabilities of their armed forces. This is also expected to drive the growth of the smart weapons market during the forecast period.
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Increasing Use ofRemotely Operated Weapon Systems
The Guided Projectiles Segment is Expected to Grow at the Highest Rate: The guided projectiles segment is expected to register the highest CAGR during the forecast period,2021 to 2027. The growth can be attributed to the high utilization of guided projectiles in warfare situations. The demand for guided projectiles that are launched by howitzers, mortars, tank guns, and naval guns has been increasing over the last few years. This is because they provide precise target locating.
The Missiles Operated Segment Accounted forthe Largest Market Share in 2020: This is due to the high use of missiles for long-range and short-range applications. Moreover, the use of surface-to-air and air-to-air missiles during border conflicts between two countries is also contributing to the growth of this segment. Currently,several countries are also investing in anti-submarine and anti-tank missiles.
The Laser Technology Segment is Expected to Witness theHighest Growth in the Market:The laser technology segment is anticipated to register the highest CAGR during the review period. This is due to the increasing demand for laser-guided weapons from defense agencies over the last few years.
The Land Segment is Expected to Witness the Highest Growth in the Market: The land segment is expected to grow steadily during the forecast period and is expected to register the highest CAGR during the review period. This is owing to the increasing use of advanced weapon-mounted military vehicles, UGVs, and soldier systems that boost the growth of this segment.
Furthermore, there has been a rising demand for ground-based anti-tank missiles.The ground-based anti-tank missiles are designed to be launched from the ground via armored vehicles or soldiers. These missiles can efficiently strike and defeat their ground-based targets (such as heavily armored tanks and other armored fighting vehicles).
These missiles are either man-portable/shoulder-fired or vehicle-mounted. In particular, the demand for man-portableanti-tank missiles has been rising, in recent years, primarily due to the increase in transnational terrorism and border security threats, across the globe. Moreover, such missile systems increase the efficiency and caliber of respective armed troops.
The Maritime Segment Accounted for the Largest Share in 2020: The maritime segment accounted for the second-largest market share in 2020. This is due to the increasing demand for advanced weapon systems for warfare ships.
Moreover, the demand for anti-ship missile defense systems has been increasing as they offer protection to naval warships and sailors from incoming missiles. Ituses a radar system to locate incoming missiles and an interceptor missile system to destroy those missiles. As a result of the recent advancements in directed energy technologies, there is a growing emphasis on developing high-energy laser (HEL) and high-power microwave (HPM) weapons to tackle and defeat anti-ship missile defense systems.
The Airborne Segment Accounted for the Largest Share in 2020: The airborne segment is expected to grow at the highest CAGR during the forecast period. It is also accounted for the largest market share in 2020. This is due to the increasing use of air to surface missiles.
The air to surface missiles are designed to be launched from military aircraft or helicopters and strike their respective targets on the ground. These missiles are guided via laser, infrared, or GPS signals. These missiles cannot engage other airborne targets, as they are not as fast or agile as their mobile aerial targets. These types of missiles are primarily used in countries such as Afghanistan, Iraq, and Syria, where ground-to-ground combat is significantly risk-prone.
Key Players Operating in the Global Smart Weapons Market: