Over the coming year the demand of smart weapons market is growing due to rising cross-border tension between nations and changing trade relations. There has been an increase in cases of geopolitical conflicts in recent years, especially since the COVID-19 pandemic.
The development and acquisition of land-based smart weapons and defense systems has gradually increased. In 2019, land-based smart weapons technology accounted for over USD 1.5 billion in revenues.
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Rising incidence of trade disputes or political issues between countries will support new and modern weapons deployment. Estimates suggests that smart weapons market size will exceed USD 19 billion in terms of annual valuation by 2026, worldwide.
Companies operating in the smart weapons market are focusing on signing acquisitions, mergers, technology acquisitions, or long-term collaboration deals to expand their overall geographical presence. Citing an instance, earlier in June 2019, Harris Corporation and L3 Technologies inked a merger deal to form L3Harris Technologies. The move would help the firms gain deep technological expertise in C4ISR weapons by releasing exclusive products while creating a monopoly in the smart weapons market.
Additionally, Asian countries are actively taking part in numerous acquisition activities for improving air defense systems. Taking November 2019 for instance, India strengthened its air defense arsenal by adding its first Rafael Jet. The country signed a deal to purchase 36 jets worth USD 8.63 billion in 2016 and expects the jets to enter operational phase in 7 - 8 years following delivery. Besides, the purchase of S-400 air defense systems from Russia, which is likely to be delivered by 2020, would enhance the nation’s efforts to strengthen its aerial supremacy.
Countries across the globe are engaged in acquisition of radar systems for integration with their existing weapon systems in a bid to improve overall operations. For instance, Armenia recently inked a contract with India to acquire Swathi weapon locating radar systems worth USD 40 million. Swathi weapon is an automatic radar system curated by India and it is capable of identifying enemy activities over a long distance. Radar segment is set to grow at 5% through 2026 due to product capabilities to detect and precisely locate weapon system of the enemy base.
The munitions segment will generate USD 8 million in terms of revenue by 2026 on account of increasing efforts of government and private defense agencies to advance munition capabilities. In 2017, Lockheed Martin collaborated with Raytheon Corporation for the development of smart munitions utilizing medium caliber bullets, that enables navy vessels to counter aerial attacks.
Also, a contract worth USD 8 million and USD 8.2 million were given to Raytheon and Lockheed Martin respectively by the Defense Advanced Research Projects Agency.
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On the regional forefront, Asia Pacific is expected to record strong demand for smart weapons, with the region likely to control over 20% of global market share by 2026. Growing purchase of latest military grade vehicles and weapons to showcase overall strength and dominance could drive the demand for smart ammunitions in APAC.
Moreover, major smart weapons market players are working with federal authorities and defense organizations to develop smart munitions. As of now, the industry for smart weapons led by companies like Aselsan A.S., Airbus Defence & Space, Diehl Defence, BAE Systems PLC, Hanwha Corporation, General Dynamics, Israel Aerospace Industries Ltd., L3Harris, Kongsberg Gruppen, JSC Concern Vko "Almaz-Antey", Lockheed Martin Corporation, Leonardo S.P.A., Northrop Grumman Co, MBDA.
Major Key Points from Table of Content:
Chapter 5. Smart Weapons Market, By End-Use
5.1. Key trends, by end-use
5.2.1. Market estimates and forecast, 2015 - 2026
5.3.1. Market estimates and forecast, 2015 – 2026
5.4.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Smart Weapons Market, By Weapons Type
6.1. Key trends, by weapons type
6.2.1. Market estimates and forecast, 2015 - 2026
6.3.1. Market estimates and forecast, 2015 - 2026
6.4. Guided rockets
6.4.1. Market estimates and forecast, 2015 - 2026
6.5. Guided projectiles
6.5.1. Market estimates and forecast, 2015 – 2026
6.6. Guided firearms
6.6.1. Market estimates and forecast, 2015 - 2026
6.7.1. Market estimates and forecast, 2015 – 2026
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