The global smart weapons market is exhibiting a CAGR of 10.30% between 2013 and 2019. The global smart weapons market was valued at US$34 bn in 2013 and is assumed to reach US$66.9 bn by the end of 2019, as long as the accelerated growth rate remains consistent. This data is provided in a research report released by Transparency Market Research, titled “Smart Weapons Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019”.
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According to the report, the key drivers of the global smart weapons market include the high budgets set by developed as well as emerging economies. The report also explains how emerging nations can boost their demand for smart weapons due to need and availability of resources, thereby encouraging the global smart weapons market as a whole.
The top players operating in the global smart weapons market, as detailed in the report, are Taser International, Inc., Northrop Grumman Corp., Textron Defense Systems, MBDS Missile Systems, Lockheed Martin Corp., General Dynamics Corp., Dassault Aviation, and Boeing Company.From a geographical perspective, the global smart weapons market has consistently been dominated by North America, due to the technological progress in the region and steady demand from the U.S. and Canada. These nations have the advantage of being the base of operations of most of the top players in the global smart weapons market.
While North America has historically registered steady demand from the global smart weapons market, countries such as India and China are showing rapidly growing demand for smart weapons, allowing a faster growth rate for the global smart weapons market in the near future.The report further explains all the factors that restrain the global smart weapons market. The top concern for the market is the 2014 Arms Trade Treaty struck by the U.N. Office for Disarmament Affairs. The treaty seeks to regulate and cut down the trade of arms in the global markets, which is expected to hamper the global smart weapons market.
Another possible restraint examined in detail is the overdependence of the global smart weapons market on its leading country, the U.S. However, fluctuations in demand from other leading countries have more potential to affect the overall stability of the global smart weapons market in the report’s forecast period.According to the report, the global smart weapons market was led by surface-to-air missiles in terms of weapon type, in 2012. The future of the global smart weapons market is expected to be driven by a growing demand for energy weapons.
The report also explains how ancillary industries will experience a high growth rate by association, as the global smart weapons market makes use of satellite systems, camera systems, and laser guidance systems. The use of these technologies is expected to increase the precision as well as the range of smart weapons.
Key segments of the Global Smart Weapons Market
Global Smart Weapons Market, by Type:
- Air-to-Ground Missiles
- Surface-to-air missiles
- Smart Bombs
- Sensor Fused Weapons
- Direct Energy Weapons
- Precision Artillery Ammunitions
- Electro-Magnetic Pulse Weapons
- Smart Bullets
Global Smart Weapons Market, by Geography:
- North America
- Asia Pacific
- Rest of the World
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