The global smart weapons market is estimated to grow over the forecast year. Modernization in weapon manufacturing technology has resulted in the availability and innovation of different types of smart weapons. The market is diverse in terms of level of adoption and technological complexities. Advances in smart weapons are expected to set the stage for fundamental changes in military capability. Increasing cost of maintenance and aging military equipment have resulted in increased demand for the smart weapons market. Change in nature of warfare, demand for high precision in ammunition and arms as well as increasing need to reduce security damage are expected to drive the market. Economies such as India and China are increasing their military spending in order to modernize their equipment, leading to smart weapons adoption.
Smart weapons market segmentation by product includes smart bullets, electro-magnetic pulse weapons, precision artillery ammunitions, direct energy weapons, sensor fused weapons, smart bombs, surface-to-air missiles, and air-to-ground missiles. These weapons utilize various types of guided systems to locate the target. Satellite systems, TV camera guidance systems, and laser guidance systems are some of the guided systems. The market is expected to be dominated by guided missiles which include air-to-ground missiles and surface-to-air missiles. Guided missiles systems have evolved at a significant rate over the past. There have been considerable advancements in the smart weapons space; the need for gun safety has led to the formation of the Smart Tech Challenges Foundation. Development initiatives include the incorporation of biometric technology such as palm print scanners or voice recognition.
North America is expected to dominate the smart weapons market, mainly due to the sizable defense budget and favorable regulatory scenario in the U.S. Continued technological development initiatives by key market players has fueled smart weapons demand globally. Key industry participants include Textron Defense Systems, Raytheon Company, Israel Aerospace Industries, General Dynamics, Denel Dynamics, Boeing, Rafael Advanced Defense Systems Ltd. BAE Systems, OTO Melara S.P.A, L-3 Fuzing And Ordnance Systems Inc., and Alliant Techsystems Inc.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.