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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Major factors driving the global smart weapons market are, increased procurement of military equipment, growth in demand for high precision in weapons, and rise in awareness towards border security. Furthermore, increasing government expenditure to improve military equipment has also driven the market growth. However, high price of these weapons may hinder the market growth in the upcoming years. Additionally, increasing global demand for technologically advanced smart weapons would provide several growth opportunities for the global smart weapons market in the future years.
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The global smart weapons market is segregated into type and geography. By type, the market is categorized into air-to-ground missiles, smart bombs, surface-to-air missiles, direct energy weapons, smart bullets, precision artillery munitions, sensor fused weapons, electro-magnetic pulse weapons, and others. Air-to-ground missiles segment accounted for the largest market share in 2016, driven by its extensive usage during country war and terrorism. Directed energy weapons are estimated to grow at the fastest CAGR during the forecast period.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America accounted for the largest market share of 45.3% in 2016, owing to, sizable defense budget and constant product development by major companies in the region. Asia-Pacific accounted for the second largest market share of 25.1%, owing to rising military expenses in countries such as China and India, to modernize their military power. North America is to attain the fastest CAGR of 6.9% over the forecast period 2016-2024 driven by, increased research & development activities in countries such as U.S.
The major key players operating in the smart weapons market comprise Boeing, Raytheon Company, Alliant Techsystems Inc., General Dynamics, Textron Defense Systems, Denel Dynamics, Leonardo S.P.A, L-3 Fuzing And Ordnance Systems Inc., Rafael Advanced Defense Systems Ltd., and Israel Aerospace Industries, among others.
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