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The Global Smart Weapons Market Is Majorly Driven by Increased Procurement of Military Equipment and Growing Awareness Towards Border Security

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July 7, 2017 in Economics

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Global Smart Weapons Market Report, published by Variant Market Research, forecast that the global market is expected to reach $19 billion by 2024 from $12 billion in 2016, growing at a CAGR of 6.4% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 6.9% and 6.5%, respectively, during the forecast period.

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Major factors driving the global smart weapons market are, increased procurement of military equipment, growth in demand for high precision in weapons, and rise in awareness towards border security. Furthermore, increasing government expenditure to improve military equipment has also driven the market growth. However, high price of these weapons may hinder the market growth in the upcoming years. Additionally, increasing global demand for technologically advanced smart weapons would provide several growth opportunities for the global smart weapons market in the future years.

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The global smart weapons market is segregated into type and geography. By type, the market is categorized into air-to-ground missiles, smart bombs, surface-to-air missiles, direct energy weapons, smart bullets, precision artillery munitions, sensor fused weapons, electro-magnetic pulse weapons, and others. Air-to-ground missiles segment accounted for the largest market share in 2016, driven by its extensive usage during country war and terrorism. Directed energy weapons are estimated to grow at the fastest CAGR during the forecast period.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America accounted for the largest market share of 45.3% in 2016, owing to, sizable defense budget and constant product development by major companies in the region. Asia-Pacific accounted for the second largest market share of 25.1%, owing to rising military expenses in countries such as China and India, to modernize their military power. North America is to attain the fastest CAGR of 6.9% over the forecast period 2016-2024 driven by, increased research & development activities in countries such as U.S.

The major key players operating in the smart weapons market comprise Boeing, Raytheon Company, Alliant Techsystems Inc., General Dynamics, Textron Defense Systems, Denel Dynamics, Leonardo S.P.A, L-3 Fuzing And Ordnance Systems Inc., Rafael Advanced Defense Systems Ltd., and Israel Aerospace Industries, among others.

About Variant Market Research:

Variant Market Research LLP was delineated in 2015 and to launch our business and website it grabbed more than a year. Our head office is based in Pune and we also have branch in San Francisco, California, the U.S. The long time was generally used to build up a talented team of experienced professionals and analysts, to generate client satisfying exact market analysis data. The company aims to be a specialist in delivering reports on various domains with precise analysis, keeping a virtuous relationship with our consumers. Our vision says, “We would like to grow with you, making your paths simpler yet solidest” and our mission is to “Implementing our analytical, technical and marketing skills to set a new goal for our consumers, dedicatedly helping them take their next strategic moves.”

The Co-founders of Variant Market Research: M/S Shweta Shubham and Mr. Yogesh Godse are keen to provide services across aforementioned domains helping them to take their strategic moves regarding their business and providing them the growth opportunities. The Co-founders say, “We believe in providing the future solutions for your business, exploring the current market trends and suggesting you the future strategies and forecast of a particular market that could keep your company ahead in the competitive market rivalry.” We hold expertise in our designated areas of research and consulting with a team of experts from each of the dedicated areas covered under our research. Destined by the dedicated team of analysts and experts, we are envisioned to provide you our best in order to plan your next strategic move and take your company’s future ahead with our support and your esteemed cooperation.

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