Rising concerns pertaining to terrorism and military conflicts has compelled the global defense sector to focus on smart weapons. Over the past decade, the nature of warfare has gone through a drastic change. Recent conflicts in the global arena have underlined the need for stand-off surgical strikes and precision attacks. In the current scenario, smart weapons are the need of time. Smart weapons refer to guided ammunitions that hit a specified target with high levels of precision in order to minimize collateral damage.

Smart weapons are increasingly in demand from armed forces and other defense units across the globe, resulting in an impressive boom for the smart weapons industry.

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Due to existing conflicts and frequent terror attacks across the globe, many economies are raising their defense budget. The increased budgets are enabling governments to purchase smart weapons instead of conventional weapons, which is adding to the growth of the global smart weapons industry. The accuracy of these weapons, a result of the usage of precise navigation systems, is supplementing the demand for smart weapons across the globe. Rising concerns pertaining to terror attacks in emerging economies are also boosting the demand for these weapons from developing regions, propelling the global smart weapons market.

On the other hand, the impact of international arms trade regulations is a major restraint on the developing smart weapons industry. Additionally, the over-dependency on the U.S. government, the possessor of by far the largest military in the world, is also hindering the growth of this market. However, after implementing dual guidance systems, the global market for smart weapons is presented with potential opportunities for the near future.

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Direct Energy Weapons: Future of Global Smart Weapons Industry

The global smart weapons industry is classified into surface-to-air missiles, air-to-ground missiles, smart bombs, direct energy weapons, sensor fused weapons, precision artillery ammunitions, smart bullets, electro-magnetic pulse weapons, and others.

In 2012, the segment of air-to-ground missiles led the global smart weapons market. But the direct energy weapons market is likely to register the fastest growth during the period between 2013 and 2019 as direct energy weapon operates at superfast speeds, causing extreme damage to the targeted units, equipment, or personnel. Owing to this factor, the demand for direct energy weapons is on the rise across the world. The electromagnetic pulse weapons market and the smart bullets market are smaller segments in comparison. However, these market segments are also projected to witness rapid growth in the coming years by virtue of the continuous technical developments in order to improve their functionalities.

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North America: Global Leader in Smart Weapons Industry

According to the regional distribution of the global smart weapons market, North America leads the market thanks to the heavy activity of the U.S. and Canada. The rapid market growth in the region is due to the high amount of expenditure on the military and the large number of smart weapons manufacturers making these weapons easily available for the U.S. government. Heightened demand from emerging economies such as Japan, China, and India in Asia Pacific and Saudi Arabia et al in the Middle East region presents these regions as strong potential markets for smart weapons in the near future.

The global smart weapons industry stood at US$34 billion in 2012. Expanding at a CAGR of 10.3% during the period of 2013 to 2019, it is expected to reach US$66.91 billion by the end of 2019.

The key players in the global smart weapons industry are BAE Systems, Dassault Aviation, Boeing Company, General Dynamics Corporation, MBDS Missile Systems, Lockheed Martin Corporation, Northrop Grumman Corporation, Taser International, Inc., Raytheon Company, and Textron Defense Systems.

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