Visiongain has published a new report on Global Military Smart Weapons Market Report Forecast 2021-2031. Forecasts by Platform (Land-Based, Airborne, Naval), by Type (Radar-Guided, GPS/INS-Guided, Infrared-Guided, Laser-Guided, Other-Guided). PLUS, Profiles of Leading Weapon Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global military smart weapons market was valued at US$22,052 million in 2020 and is projected to reach at a market value of US$39,015 million by 2031. Owing to availability of upgrade kits for conventional weapons, increase in investment in advanced missiles defence systems and interceptor missiles, and increase in demand for miniaturised precision guided weapons.
COVID-19 Impact on Military Smart Weapons Market
Due to adverse impact of COVID-19 on defence budget that is allocated for procuring advanced military weapons, equipment, and systems, YoY revenue is estimated to decline sharply in the year 2023. However, with reduction in spread of COVID-19 owing to rising awareness concerning health is likely to encourage governments across the globe to re-shift their spending from public health to defence budget. This, in turn, is projected to fuel growth of the military smart weapon market 2025 onwards.
Market Drivers
Availability of Upgrade Kits for Modernizing Existing Weapons and Military Vehicles
In recent past, major players in the military smart weapon market has introduced upgrade kits for conventional weapons and missiles. This is helping defence organizations to optimize-cost and upgrade & equip their conventional weapons and missiles with smart and precision strike capabilities.
Investment in Advanced Missile Defence Systems and Interceptor Missiles will be a Major Source of Growth
Considering that firepower is a requirement for any nation's military arsenal, it is not surprising that many nations within the International System, have developed some degree of military capability relating to smart weapons.
Increasing Demand for Greater Precision to Alleviate Collateral Damage
While collateral damage has always posed a considerable obstacle for military strategists to overcome. Its associated costs have never been as high as they are now. In an age of instantaneous global communication, evidence of collateral damage can be used by an adversary to either mobilise public opinion against one’s military decision-makers of to recruit members to their cause.
Market Opportunities
Increasing Research and Development Activities
Significant increase in the budget allocation for defence R&D has increased the share of investment on development of advanced weapons undertaken by universities and organization to come up with next generation warfare equipment. This is presenting opportunities to major players operating in the industry.