Smart Naval Weapons Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022 to 2028

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Smart Naval Weapons Market: By Type (Missile, Ammunition, and Other Products), By Technology (Laser Guidance, Radar Guidance, Satellite Guidance, Infrared Guidance), and Geography

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Report

Description

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,  and surging defense budgets and procurement of next-generation smart weapons to propel growth.

Key Developments:

In June 2021, Excavation supplied targeting electro-optical systems for naval remote-controlled stations to the French Navy.

Smart Naval Weapons Market

MARKET SUMMARY
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6.5%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 6.5%
  • Largest Market– North-America
  • Fastest Growing Market– Europe

Smart Naval Weapons Market

  • The smart naval weapons market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The smart naval weapons market is segmented based on weapon type, technology and geography.
key players
  • BAE Systems Plc.
  • General Dynamics Corporation
  • L3Harris Technologies Inc.
  • Leonardo S.p.A.
  • Lockheed Martin Corporation
Smart Naval Weapons Market Dynamics

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.


North America Got Significant Share

Smart Naval Weapons Market

The Smart Naval Weapons market in North America will likely hold the highest revenue share in 2021. The same trend is expected over the forecast period due to factors including high government spending on military equipment modernization, R&D by major players to enhance military power, and increased procurements of naval vessels such as frigates, destroyers, and aircraft carriers. For example, in May 2019, Boeing was awarded a USD 139.8 million modification contract to manufacture and supply 12,000 additional precision laser guidance sets for Joint Direct Attack Munition to the US Navy.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Smart Naval Weapons Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

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.


Report

Company Profile

  • 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

Description

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,  and surging defense budgets and procurement of next-generation smart weapons to propel growth.

Key Developments:

In June 2021, Excavation supplied targeting electro-optical systems for naval remote-controlled stations to the French Navy.

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