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
Warm Windows and Streamlined Skin Patches – IDTechEx Explores Flexible and Printed Electronics
04/26/2024 | IDTechExFlexible and printed electronics can be integrated into cars and homes to create modern aesthetics that are beneficial and easy to use. From luminous car controls to food labels that communicate the quality of food, the uses of this technology are endless and can upgrade many areas of everyday life.
iNEMI Packaging Tech Topic Series: Role of EDA in Advanced Semiconductor Packaging
04/26/2024 | iNEMIAdvanced semiconductor packaging with heterogenous integration has made on-package integration of multiple chips a crucial part of finding alternatives to transistor scaling. Historically, EDA tools for front-end and back-end design have evolved separately; however, design complexity and the increased number of die-to-die or die-to-substrate interconnections has led to the need for EDA tools that can support integration of overall design planning, implementation, and system analysis in a single cockpit.
Koh Young Showcases Award-winning Inspection Solutions at SMTconnect with SmartRep in Hall 4A.225
04/25/2024 | Koh Young TechnologyKoh Young Technology, the industry leader in True 3D measurement-based inspection solutions, will showcase an array of award-winning inspection and measurement solutions at SMTconnect alongside its sales partner, SmartRep, in booth 4A.225 at NürnbergMesse from June 11-13, 2023. The following offers a glimpse into what Koh Young will present at the tradeshow:
Real Time with… IPC APEX EXPO 2024: Plasmatreat: Innovative Surface Preparation Solutions
04/25/2024 | Real Time with...IPC APEX EXPOIn this interview, Editor Nolan Johnson speaks with Hardev Grewal, CEO and president of Plasmatreat, a developer of atmospheric plasma solutions. Plasmatreat uses clean compressed air and electricity to create plasma, offering environmentally friendly methods for surface preparation. Their technology measures plasma density for process optimization and can remove organic micro-contamination. Nolan and Hardev also discuss REDOX-Tool, a new technology for removing metal oxides.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).