- Ammunition and Other Products
Smart Naval Weapons Market is estimated to be valued at USD 4,163.9 Million in 2021 and is poised to grow at a significant CAGR of 6.5% over 2022-2028. Smart weapons are computer-guided munitions with radio, infrared, laser, global positioning, and satellite guidance systems that provide exceptional accuracy and precision. Smart weapons are precision-guided weapons designed to hit the target precisely while minimizing collateral damage and lethality. External operating systems situated far away in the geographical area are used to operate and assist smart weapons. Smart weapons systems have altered the course of the war and its strategies. Cruise missiles use navigation satellite data to maintain a proper course and direction during a flight. Smart guns have safeguards that allow them to be used only when activated by an authorized person, reducing the possibility of misuse, gun theft, and self-harm. RFID (Radiofrequency Identification Device) chips, fingerprint recognition, biometric sensors, mechanical locks, and magnetic kits are all safety features in smart weapons. Based on the Type, the global smart naval weapons market is segmented into Missiles, Ammunition, and Other Products. The Missile segment is anticipated to grow at a significant CAGR over the forecast years, owing to defense forces increasing their demand for advanced guided missiles. For example, in September 2019, BAE Systems signed a USD 2,680 million contract with the United States and nine other countries to provide a semi-guided missile weapons system until 2025. Increasing need for precision weapons due to rising warfare activities, increasing terrorist organizations' security threats,Â and surging defense budgets and procurement of next-generation smart weapons to propel growth.
Fastest Growing Market
The increasing need for highly precise weapons due to increasing geopolitical conflicts and cross-border issues, among other factors, is driving the global market's growth. The high demand for such weapons stems from their low cost, increased accuracy, versatility, operational range, and short training time. Furthermore, the growing number of military force replenishment and modernization programs is expected to increase demand for these weapons. For example, Raytheon Technologies Corporation signed a USD 110 million modification contract with the US Navy in March 2020 to modernize the radar-guided gun weapon system. The system is expected to aid the US Navy's defense against aircraft and anti-ship missile littoral warfare threats.
The Naval Smart Weapons Market will be studied from 2017 - 2028.
North America is growing at the highest CAGR over 2021- 2028.
BAE Systems Plc., General Dynamics Corporation, L3Harris Technologies Inc., Leonardo S.p.A., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon, Technologies Corporation, Thales Group, The Boeing Company are the major companies operating in Naval Smart Weapons Market.