Smart Weapons Market Growth Is Aided By The Increasing Global Instability And ThreatsMay 14, 2022
The Business Research Company’s Smart Weapons Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 10, 2022 /EINPresswire.com/ — The increasing global and regional instability is driving the smart weapons market growth. Transnational and regional instability refers to the political instability in neighbouring countries. Many countries have adopted smart weapons to protect themselves from rising regional instability and to protect themselves from threats by neighbouring countries. For instance, according to the Global Peace Index from the Institute for Economics & Peace (IEP), in 2020, political instability increased, with twice as many countries deteriorating as improving. The economic impact of violence increased in 2020 to $14.96 trillion due to an increase in global military expenditure, which rose by 3.7% over the previous year. According to the smart weapons market forecast, the increasing transnational and regional instability drives the smart weapons market.
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The global smart weapons market size is expected to grow from $12.56 billion in 2021 to $13.21 billion in 2022 at a compound annual growth rate (CAGR) of 5.14%. The growth in the smart weapons market is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global smart weapons market size is expected to reach $16.80 billion in 2026 at a CAGR of 6.20%.
Increasing strategic partnerships and collaborations is a key trend gaining popularity in the global smart weapons market. For instance, in February 2021, German automotive and arms manufacturer Rheinmetall Denel Munition and American aerospace and defense technology company Northrop Grumman signed a ten-year deal to develop ammunition technologies for future artillery operations. By equipping 155mm artillery rounds with an integrated M1156 precision guidance kit, the agreement focuses on precision-guided enhanced range artillery ammunition solutions (PGK).
Major players covered in the global smart weapons market are Lockheed Martin, MBDA, Inc., Orbital ATK, General Dynamics Corporation, BAE Systems, The Boeing Co., Textron, Inc., MBDA, Northrop Grumman, Raytheon Company, Rheinmetall AG, Thales Group, Israel Aerospace Industries, Denel Dynamics, Rafael Advanced Defense Systems Ltd. BAE Systems, L-3 Fuzing And Ordnance Systems Inc., L3Harris Technologies Inc., Alliant Techsystems Inc., Airbus Group, Leonardo-Finmeccanica, Saab AB, Aselsan A.S., Diehl Stiftung & Co. KG, General Dynamics, OTO Melara S.P.A, United Technologies Corporation, China Aerospace Science & Industry Corp, Orbital ATK, Textron Inc., IAI, and Rafael Advanced Defense Systems Ltd.
TBRC’s global smart weapons market analysis report is segmented by type into air-to-ground missiles, surface-to-air missiles, smart bombs, sensor fused weapons, directed energy weapons, precision artillery munitions, electromagnetic pulse weapons, smart bullets, others, by platform into air, naval, land, by technology into laser guidance, infrared guidance, radar guidance, satellite guidance.
Smart Weapons Global Market Report 2022 – By Type (Air-to-ground Missiles, Surface-to-air Missiles, Smart Bombs, Sensor Fused Weapons, Directed Energy Weapons, Precision Artillery Munitions, Electromagnetic Pulse Weapons, Smart Bullets, Other Smart Weapons), By Platform (Air, Naval, Land), By Technology (Laser Guidance, Infrared Guidance, Radar Guidance, Satellite Guidance) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a smart weapons market overview, forecast smart weapons market size and growth for the whole market, smart weapons market segments, geographies, smart weapons market trends, smart weapons market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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