“Smart Weapons market to total USD 32.8 billion in 2030” says new Visiongain report
11 December 2019
Visiongain has published a new defence report entitled Military Smart Weapons Market Forecast 2020-2030.
The Military Smart Weapons market is estimated to witness a Compound Annual Growth Rate (CAGR) of 3.9 per cent from 2020 to 2030.
Several factors are having a profound, driving effect on the market, notably cost-effective upgrade kits for ‘dumb’ bombs and the proliferation of anti-access/area-denial systems which pose a risk to troops in the field.
Visiongain anticipates that global investment and consolidation will be modest over the next decade. The market’s stable and good health is due to the factors listed above as well as the presence of many established companies, such as Boeing, General Dynamics, Kongsberg Gruppen, Lockheed Martin, MBDA, BAE Systems, Raytheon Company, Textron, Inc., and Northrop Grumman.
The senior Defence Analyst said: "The Global Military Smart Weapons market is expected to generate sales of USD 22.3 billion in 2020.
"Precision-guided munitions are critical components of military operations around the world. The United States, for example, have relied heavily on smart weapons during campaigns in the Middle East, particularly against the Islamic State in Syria and Iraq.
"For FY2020, the Department of Defense has requested approximately USD 5.6 billion for more than 70,000 weapons across 13 different munitions programmes. This financial demand is in part due to the high risk posed to US forces operating in regions belonging to so-called ‘near-peer’ competitors like Russia and China.
"Both nations have developed sophisticated air defences and anti-ship missiles over the last decade, which some commentators argue far exceed the range and speed of current DOD precision-guided munitions.
"The proliferation of anti-access/area-denial systems is just one example that is likely contributing to the acceleration of this market’s growth over the next few years.
"Indeed, by 2030, the Smart Weapons market will have surpassed the 30 billion-dollar mark, achieving a total sales figure of USD 32.8 billion."
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