Land-based Smart Weapons Market - Growth, Trends, and Forecasts (2020 - 2025)
発行: Mordor Intelligence LLP
ページ情報: 英文 82 Pages
The land-based smart weapons market is expected to register a CAGR of over 4% during the forecast period.
Growth in Defense Spending Driving the Market
The increase in defense budgets, especially in the emerging economies is currently driving the market globally for land-based smart weapons. As territorial disputes are increasing all over the world, the nations are now focusing on enhancing their land-based artillery capabilities. According to SIPRI, the global military expenditure reached USD 1917 billion in 2019, an increase of 3.6% from 2018, which is the largest annual growth in spending since 2010. Countries such as the United States, Japan, Russia, India, Germany, and South Korea, which are among the largest military spenders in the world, are investing huge amounts into the development and procurement of advanced land-based smart weapons to meet the strategic requirements of their respective militaries. For instance, in June 2020, India, the third-largest defense spending nation in the world, announced plans to procure additional Excalibur precision-guided ammunition for M-777 Howitzer guns under the emergency financial powers granted to the armed forces by the Indian Government. Thus, the growth in defense spending is expected to help the market for land-based smart weapons during the forecast period.
North America Projected to Dominate the Market During the Forecast Period:
North America accounted for the largest market share in 2019 and is expected to continue its dominance during the forecast period owing to the several weapon and ammunition procurement initiatives that are currently underway. As per SIPRI, in 2019, the US accounted for 38% of the total global defense spending, as evident from the potential strides made by the country to augment its terrestrial defense capabilities. In April 2020, Lockheed Martin announced that the US Army successfully completed the third test for its Precision Strike Missile, or PrSM, from a High Mobility Artillery Rocket System (HIMARS), which is a land-based light multiple-rocket launcher. The US plans to induct the missile by 2023. On the other hand, Raytheon is currently working on a new version of its Excalibur weapon, known as the Excalibur S for the US armed forces. According to Raytheon, the Excalibur S version has GPS and a semi-active laser seeker to get after mobile land targets in GPS-contested environments without a loss in range capability. The country is also working on EXtreme Accuracy Tasked Ordnance (EXACTO) smart bullet technology that helps the snipers achieve more accuracy in all weather conditions. Such developments are anticipated to propel the growth of the market during the forecast period.
Some of the prominent players in the market are BAE Systems plc, Raytheon Technologies Corporation, Lockheed Martin Corporation, General Dynamics Corporation, and Rheinmetall AG. As smart weapons are considered as extremely important assets in next-generation warfare, several nations are planning to procure next-generation land-based smart weapons for their militaries. Thus, the market players are looking to grab such opportunities through technological innovations driven by continuous R&D, which will help them gain a larger market share in the years to come.