26 March 2021
Visiongain has published a new report on Military Smart Weapons Market Report to 2031: Forecasts By Platform (Airborne, Land, and Naval), By Product (Missiles, Munitions, Guided Projectiles, Guided Rockets, Precision Guided Firearms), By Technology (Laser, Radar, GPS, Infrared, and Others). PLUS, Profiles of Leading Smart Weapons Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Smart Weapons market was valued at US$ xx billion in xx and is projected to reach at a market value of US$ xx billion by 2031.
COVID-19 Impact on Smart Weapons Market
The COVID-19 pandemic has impacted lives of people all around the globe. It has proved quite detrimental for business across the globe and no industry and remained untouched by its impacts. This pandemic has caused a serious disruption in the supply chain and has resulted in a huge supply-demand gap in the market for smart weapons worldwide.
Rising Need for Precision Munitions
The changing nature of warfare, owing to technological advancements across the globe is anticipated to propel the demand for high precision ammunition and arms to reduce security damage.
Growing Demand in Emerging Nations
Developing economies such as China and India are growing their military expenditure in order to modernize their defense equipment. This is one of the leading factors for the growth of smart weapons adoption across the globe.
Standardization of Weapons
The standardization of weapons and armaments are being carried out heavily in the developing nations. The standardization of weapons comprises od replacing traditional munitions with precision weaponries. This is expected to bolster the market for smart weapons in the forecast period..
Some of the companies profiled in the report include Lockheed Martin Corporation, Raytheon Company, MBDA, Inc., General Dynamics Corporation, Orbital ATK, BAE Systems, PLC, The Boeing Company, L-3 Communications Holdings, Inc., Thales Group, and Textron Inc.
• In August 2020, the Air Force Research Laboratory awarded Lockheed Martin a contract worth up to $25 million to develop a palletized munitions system
• In January 2018, the U.S. Air Force selected Orbital ATK intelligent, cockpit-programmable fuze merging sensors, algorithms, and hardened electronics
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