Smart Weapons Market Analysis by Rising Trends and Regional Forecast to 2026

Companies operating in the smart weapons market are focusing on signing acquisitions, mergers, technology acquisitions, or long-term collaboration deals to expand their overall geographical presence. Citing an instance, earlier in June 2019, Harris Corporation and L3 Technologies inked a merger deal to form L3Harris Technologies. The move would help the firms gain deep technological expertise in C4ISR weapons by releasing exclusive products while creating a monopoly in the market.

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Land-based smart weapons have managed to hold a significant portion of overall market share, with the segment accounting for almost USD 1.5 billion in 2019. Governments have begun to allocate a sizable section of their defense budget to acquire or develop land-based defense systems and smart weapons. The smart weapons market might cross USD 19 billion by the year 2026.

Rising trade disputes between countries like the U.S. and China has led to increasing global tension. This has forced countries to increase their investments in the defense sector as well as on developing advance weapon technologies. Robust advancements have supported the production of new navigation systems that enhance a weapon’s operational accuracy. Increasing innovations may thereby help drive heavy demand for smart weapons systems that ensure minimal chances of friendly fire and increased accuracy.

Asia Pacific is expected to record strong demand for smart weapons, with the region likely to control over 20% of global smart weapons market share by 2026. Growing purchase of latest military grade vehicles and weapons to showcase overall strength and dominance could drive the demand for smart ammunitions in APAC.

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Additionally, Asian countries are actively taking part in numerous acquisition activities for improving air defense systems. Taking November 2019 for instance, India strengthened its air defense arsenal by adding its first Rafael Jet. The country signed a deal to purchase 36 jets worth USD 8.63 billion in 2016 and expects the jets to enter operational phase in 7 - 8 years following delivery. Besides, the purchase of S-400 air defense systems from Russia, which is likely to be delivered by 2020, would enhance the nation’s efforts to strengthen its aerial supremacy.

Rising cross-border tension between nations and changing trade relations is likely to drive new demand in smart weapons market over the coming years. There has been an increase in cases of geopolitical conflicts in recent years, especially since the COVID-19 pandemic.

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Moreover, major smart weapons market players are working with federal authorities and defense organizations to develop smart munitions. As of now, the industry for smart weapons led by companies like Aselsan A.S., Airbus Defence & Space, Diehl Defence, BAE Systems PLC, Hanwha Corporation, General Dynamics, Israel Aerospace Industries Ltd., L3Harris, Kongsberg Gruppen, JSC Concern Vko "Almaz-Antey", Lockheed Martin Corporation, Leonardo S.P.A., Northrop Grumman Co, MBDA, Raytheon Company, Rafael Advanced Defense Systems, Thales Group, The Boeing Company, and Rheinmetall AG.

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