The smart weapons market had a valuation of USD 17.17 billion in 2020. It is expected to reach USD 30.12 billion by 2028, with a compound annual growth rate (CAGR) of 8.02% during the period from 2021 to 2028. The COVID-19 pandemic has had an unprecedented and significant global impact, leading to a slight decline in demand for smart weapons across all regions.
Informational Source:
https://www.fortunebusinessinsights.com/smart-weapons-market-104058
Key Companies Covered in Smart Weapons Market are:
This is attributable to the increasing adoption of network enabled weapons and the growing demand for precision weapons across the globe. For instance, in March 2020, Raytheon Technologies Corporation secured a contract with the U.S. Navy to modernize the radar-guided gun weapon system that has the capability to efficiently defend against attacks involving anti-ship missiles. The contract is expected to be worth USD 110 million.
Although the global pandemic has led to an unprecedented loss, the defense sector is slowly picking up the pace by adhering to the stringent regulations of social distancing imposed by the government agencies and the resumption of sensitive operational drills. The increasing focus on upgrading the military by countries globally is likely to favor the growth of the market in the near future.
Market Segmentation:
Based on product, the global market for smart weapons is divided into Missiles, Munitions, Guided Projectile, Guided Rocket, and Directed Energy Weapons. On the basis of platform, the market is segregated into Air, Land, and Naval. Based on technology, the market is categorized into Laser Guidance, Infrared Guidance, Radar Guidance, Satellite Guidance, and Others. Lastly, on the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.