Smart Weapons Market to Garner $23.96 Billion by 2030: Says Allied Market Research

Allied Market Research

[301 Pages Report] Significant surge in the defense budget of various countries across the globe, growing demand for advanced precision strike weapons coupled with the increased expenditure on upgradation of numerous weapons technology are expected to drive the growth of the global smart weapons market during the forecast period. Based on technology, the infrared segment generated the highest market share in 2020. The laser segment, however, is expected to exhibit the fastest CAGR by 2030.

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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