Global Smart Weapons Market Report, published by Variant Market Research, forecast that the global market is expected to reach $19 billion by 2024 from $12 billion in 2016, growing at a CAGR of 6.4% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 6.9% and 6.5%, respectively, during the forecast period.

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The major factors driving the global smart weapons market are increasing procurement of military equipment, increase in awareness towards border security, huge demand for high precision in weapons, and rising government expenses to modernize military equipment. Though, high price of these weapons may hinder the growth of the market in coming years. In addition, globally increasing demand for technologically advanced smart weapons would unfold attractive business opportunities for the market in the coming years.

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The global smart weapons market is categorized into type and geography. By type, the market is further bifurcated into smart bullets, air-to-ground missiles, surface-to-air missiles, smart bombs, sensor fused weapons, direct energy weapons, precision artillery munitions, electro-magnetic pulse weapons, and others. Air-to-ground missiles segment held major market share in 2016, due to its wide usage during terrorism and country war. Directed energy weapons are expected to grow at the fastest CAGR during the forecast period.

Geographically, the market is bifurcated into North America, Europe, Asia-Pacific and Rest of the world (RoW).North America held the major market share of 45.3% in 2016, due to sizable defense budget and constant product improvement by major companies in the region. Asia-Pacific held the second largest market share of 25.1%, driven by increasing military expenses in countries such as China and India, to revise their military power. North America is expected to grow at a fastest CAGR of 6.9% during the forecast period 2016-2024. The growth would be driven by increased R & D activities in countries such as U.S., to improve border security operations.

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The key players operating in the smart weapons market are Boeing, Raytheon Company, General Dynamics, Denel Dynamics, Leonardo S.P.A, Textron Defense Systems, L-3 Fuzing And Ordnance Systems Inc., Rafael Advanced Defense Systems Ltd., Alliant Techsystems Inc., Israel Aerospace Industries, and Boeing, among others.

Scope of Smart Weapons Market
Type Segment
• Surface-to-air missiles
• Air-to-ground missiles
• Sensor fused weapons
• Electro-magnetic pulse weapons
• Smart bullets
• Smart bombs
• Direct energy weapons
• Precision artillery munitions
• Others
Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o United Kingdom
o Spain
o Others
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa

About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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