ALBANY, New York, October 12, 2015 /PRNewswire/ --
Transparency Market Research has released a new research report on the global smart weapons market. The report, titled "Smart Weapons Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019", forecasts the growth of the smart weapons market at a CAGR of 10.3% during the period from 2013 to 2019. In 2012, the overall market was worth US$34 billion and, with the positive growth in the forecast period, the market is expected to reach US$66.91 billion by 2019. Smart weapons, also called precision-guided munition, are designed to hit a definite target accurately. With the help of laser guidance systems, TV camera systems, and satellite systems, smart weapons overcome the challenge of hitting moving targets over long distances. The report cites the rising need for precision to avoid collateral damage has promoted the uptake of smart weapons. High defense budget of various nations, coupled with the escalating demand for weapons from emerging economies, has encouraged the growth of the global smart weapons market.
Full Research Report on Global Smart Weapons Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/smart-weapons-market.html
Smart weapons display improved accuracy through precision navigation systems, which will lead to the rise in demand during the forecast period. The UN Office for Disarmament Affairs introduced the landmark Arms Trade Treaty (ATT) in December 2014, which will regulate the international trade in arms. Such international arms trade regulations will pose a challenge to the growth of the overall market. The U.S. government is closely involved in the development of smart weapons. The over-dependency of the market on the U.S. will emerge as a threat to the global smart weapons market. During the forecast horizon, implementation of dual guidance systems will offer new opportunities to the market.According to the type of smart weapons, the global smart weapons market has been segmented into surface-to-air missile, air-to-ground missile, direct energy weapons, smart bombs, precision artillery ammunitions, sensor fuzed weapons, smart bullets, electro-magnetic pulse weapons, and others. In 2012, the air-to-surface missile segment led the overall market. The report suggests that during the period between 2013 and 2019, direct energy weapons will grow rapidly, owing to their high efficiency of operation and high potency while maintaining precision.
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Globally, the smart weapons market has been segmented into Europe, Asia Pacific, North America, and Rest of the World. The U.S. and Canada have dominated the global smart weapons market. Presence of the key players of the market, coupled with high spending on defense services, has propelled the growth of the market in this region. The report forecasts that the need for smart weapons in emerging countries such as China and India will boost the global smart weapons market during the forecast period.
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The report profiles some of the key market players in the global smart weapons market, such as Boeing Company, Dassault Aviation, General Dynamics Corporation, Lockheed martin Corporation, MBDS Missile Systems, Textron Defense Systems, Northrop Grumman Corporation, and Taser International Inc.
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