Report Ocean has released a research study titled “Smart Weapons Market .” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Smart Weapons Market is valued approximately at USD 13.84 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2020-2027. Smart Weapons are weapons which have some degree of autonomous guidance or intelligence’ to enable them to acquire and attack targets with the minimum of external support. Rising armed conflicts, terrorism, cross-border disputes has driven the military use of smart weapons. Also, the growing demand for powerful striking power and efficient defense system has led to increase in its part of the government budgets which contribute to the growing demand of Smart Weapons Market.
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For instance: according to the SIPRO report on “Trends in World Military Expenditure, 2019, India’s military expenditure increased b 37% in the the period 2019-20 due to rising border tensions with China and Pakistan.Further, growing investment in defense, increasing technology efficiency, increasing investment on the research and development and growing demand for Internet-of-Things (IoT), all these drivers has led the adoption of Smart Weapons across the forecast period. For Instance: according to mpda company website, in September 2019, the defense authorities of France, Cyprus, and Belgium initiated trials of anti-tank missiles However, high manufacturing costs and less share of defense budgets of developing countries as these countries are unable to contribute less share of their national income to the defense sector rather they focus more on education & health as compared to the developed countries which have abundant of resources and can focus on every sector, hence this can impede the growth of the market over the forecast period of 2020-2027. Also, Opportunity with the increasing production volume, the adoption & demand for Smart Weapons is likely to increase.
Major market player included in this report are:
L-3 Communications Holdings
General Dynamics Corporation
Lockheed Martin Corporation
United Technologies Corporation
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deep analysis of the smart weapons market reveals several key insights across various sectors:
- Technological Advancements:
- Precision and Targeting: Smart weapons leverage advanced guidance systems, including GPS, laser guidance, and inertial navigation, to achieve precise targeting and reduce collateral damage.
- Autonomy and Connectivity: Integration of AI and networked communication allows smart weapons to operate autonomously or semi-autonomously, enabling enhanced decision-making capabilities and real-time data sharing among weapon systems.
- Defense Sector:
- Military Applications: Smart weapons play a critical role in modern warfare, offering enhanced accuracy, reduced reliance on human operators, and increased effectiveness against a range of targets such as enemy vehicles, infrastructure, and personnel.
- Drones and Unmanned Systems: Integration of smart technologies in unmanned aerial vehicles (UAVs) and autonomous systems allows for the deployment of precision-guided munitions, enhancing capabilities for surveillance, reconnaissance, and targeted strikes.
- Naval and Maritime Industry:
- Guided Missiles and Torpedoes: Smart weapons in naval warfare include guided missiles, torpedoes, and smart bombs designed for precise targeting against maritime threats such as enemy vessels and submarines.
- Anti-Ship Missiles: Smart anti-ship missiles equipped with advanced seekers and targeting systems provide naval forces with the capability to engage and neutralize hostile ships from a distance.
- Air Force and Aviation:
- Precision-Guided Munitions (PGMs): PGMs, including smart bombs and guided missiles, are extensively used by air forces for precision strikes against ground targets. These weapons enhance mission success rates while minimizing collateral damage.
- Air-to-Air Missiles: Smart air-to-air missiles equipped with advanced seekers and guidance systems enable fighter jets to engage and neutralize aerial threats with high precision.
- Land-Based Defense Systems:
- Guided Rockets and Artillery: Smart weapons are integrated into land-based defense systems, offering precision strikes against enemy targets such as vehicles, fortified positions, and infrastructure from a distance.
- Anti-Tank Missiles: Smart anti-tank missiles equipped with advanced sensors and target tracking capabilities are used to engage armored vehicles effectively.
- Market Growth and Investment:
- The smart weapons market is experiencing growth due to increased defense spending globally, technological advancements, and a shift towards modernization of military capabilities.
- Investments in research and development to enhance smart weapon technologies, increase their range, improve accuracy, and reduce costs are driving market expansion.
- Ethical and Legal Considerations:
- The deployment of smart weapons raises ethical concerns regarding their potential for autonomous decision-making in combat, leading to debates on the ethical use of lethal autonomous weapons systems (LAWS).
- International legal frameworks and discussions are ongoing to address ethical and legal implications related to the use of smart weapons, including issues of accountability and compliance with international humanitarian law.
- Cybersecurity and Vulnerability:
- The increasing integration of smart technologies in weapons systems exposes them to cybersecurity threats, including hacking, jamming, and spoofing, prompting the need for robust cybersecurity measures to safeguard against potential vulnerabilities.
The detailed segments and sub-segment of the market are explained below:
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Rest of the World
Table of Contents:
- Executive Summary
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
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