Smart Weapons Market Worth $15.64 Billion by 2021
August 4, 2016 | PRNewswireEstimated reading time: 2 minutes
The report "Smart Weapons Market by Product (Missiles, Munitions, Guided Projectile, Guided Rocket, Guided Firearms), platform (Air, Land, Naval), Technology (Laser, Infrared, Radar, GPS, Others) & Region - Global Forecast to 2021", published by MarketsandMarkets, the market is estimated to reach USD 15.64 Billion by 2021, at a CAGR of 6.3% between 2016 and 2021.
This growth can be attributed to increasing incidences of armed conflicts, war, and terrorism, which are driving the demand for smart weapons globally.
The infrared technology segment is expected to lead the smart weapons market
On the basis of technology, the infrared technology segment is expected to lead the smart weapons market in 2016, and is anticipated to continue its dominance till 2021. Infrared technology is widely used by military forces in applications, such as night vision, target acquisition, tracking, and surveillance. There have been tremendous technological developments in the infrared technology. Defense companies have developed infrared lasers, which are used for destroying weapons in military war zone. Present day infrared-guided missiles are considered one of the most lethal weapons. They are air-to-air missiles and surface-to-air missiles, and include small, shoulder fired weapons.
The munitions segment to grow at the highest rate during the forecast period
The Smart Weapons Market has been segmented on the basis of product into missiles, munitions, guided projectiles, guided rockets, and precision guided firearms, among others. On the basis of product, the munitions segment is expected to lead the smart weapons market. This segment is projected to grow at the highest CAGR during the forecast period, primarily driven by rising number of army modernization programs, increasing procurement of military equipment, and rise in defense budgets globally.
North America and Europe to be the most lucrative markets for smart weapons
The smart weapons market in North America and Europe is expected to witness significant growth in the coming years. The North America market is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to increasing research and development activities undertaken by research organizations of various countries in the region to develop smart weapons for enhanced border security and tactical operations. There has been an increase in military expenditure and military modernization programs of major economies in the region, primarily owing to rising threat of cross-border terrorism.
Airbus Group (Netherlands): One of the key players in the aircraft health monitoring systems market
The other major players in the aircraft health monitoring systems market are the Boeing Company (U.S.), United Technologies Corporation (U.S.), Honeywell International, Inc. (U.S.), and General Electric Company (U.S.).
About MarketsandMarkets:
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
Suggested Items
SMC Korea 2024 to Highlight Semiconductor Materials Trends and Innovations on Industry’s Path to $1 Trillion
04/24/2024 | SEMIWith Korea a major consumer of semiconductor materials and advanced materials a key driver of innovation on the industry’s path to $1 trillion, industry leaders and experts will gather at SMC (Strategic Materials Conference) Korea 2024 on May 29 at the Suwon Convention Center in Gyeonggi-do, South Korea to provide insights into the latest materials developments and trends. Registration is open.
Orbex Secures £16.7m Investment for Rocket ‘Ramp Up’ Period
04/24/2024 | OrbexThe UK spaceflight company Orbex has received £16.7m from six backers in an update to its Series C funding round.
Real Time with... IPC APEX EXPO 2024: Going Vertical: SCHMID's Advanced Solutions for Printed Circuit Boards
04/24/2024 | Real Time with...IPC APEX EXPOEditor Marcy LaRont chats with Bob Ferguson, the president of SCHMID, about advanced solutions for PCBs and the equipment they are highlighting at this year's show. He delves into vertical no-touch handling systems and the prospect of achieving sub-10-micron lines. Inspired by SCHMID's technology, Bob expresses excitement about where the industry is today.
Real Time with... IPC APEX EXPO 2024: Advancements in Laser Depaneling with LPKF
04/24/2024 | Real Time with...IPC APEX EXPOJake Benz, LPKF sales manager for North America, discusses the company's advancements in laser depaneling. LPKF has introduced a green wavelength laser for processing rigid FR-4 circuit boards, bringing significant gains in processing speeds to market. The company transitioned from IR CO2 to UV wavelength due to heat and burning issues.
Adura Solutions Exhibits at Del Mar 2024
04/24/2024 | Adura SolutionsSumit Tomar, CEO of Adura Solutions, has announced that his company will be exhibiting at this year’s Del Mar Electronics and Manufacturing Show to be held at the Del Mar Fairgrounds, San Diego, California, April 24-25.