With shift in nature of warfare, demand dynamics of weapons is changing across the globe. Lately, countries are opting for smart weapons. Integration of technology in weapons is shaping smart weapons. Moreover, the integration is facilitating ease of application of these smart weapons. At the same time, it is increasing the risk of causality even in case of slight mistake.
Most of these weapons are powered by laser and similar advanced technology. As a result, it offers high accuracy, reliable shots, and quick hit capability. Also, light weight of the weapon is minimizing the logistics carrying cost. All these factors conjointly are boosting the adoption rate of smart weapons in defense system to enhance security system of country. Although, stringent arm regulations applied in various countries are likely to limit the growth of smart weapons market in forthcoming years.
The upcoming smart weapons market report provides insights about the segments and trends influencing growth of the market. The market report is divided on the basis of product type, end-user, application area, and regions. Further, role of each category is specified in the growth of market in the duration of forecast period (2019-2027).
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Smart Weapons Market: Notable Developments
Lately, Indian Police were supposed to be equipped with with biometric weapon safety and tracking system (WSTS). This will assist in tracking stolen weapons. Also, any stealing case could be easily prevented.
In the past few years, the police filed complaint of numerous incident of gun-snatching. As per the report, since 2016, almost 200 weapons, including AK-47s have fallen into hands of militants.
The weapon safety and tracking system has palm print and finger print scanners built into the grip that helps in operating trigger locks. Further, the integrated GPS in the weapon will enable easy tracking of the weapon, if lost. The devices can only be removed by biometric authorization of the enrolled user.
Some of the pioneers in smart weapons market are-
- BAE Systems plc
- The Boeing Company
- L3Harris Technologies Inc.
- Thales Group
- Raytheon Company
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Smart Weapons Market: Key Trends
Ammunitions along with other product segments are anticipated to account for significant growth rate in the course of forecast period. The growth is attributed to development of sensor fused weapons and advanced electro-optical precision integration kits.
In June 2018, Rafael launched firefly, a miniature loitering ammunition. It can be used along with electro-optical precision integration kit (EPIK) to provide precision guidance to surface-to-surface multiple rocket launch systems. In addition, it can also be used by dismounted soldiers.
Likewise, German Ministry of Defense provided Gesellschaft für Intelligente Wirksysteme mbH contract to initiate the manufacturing process of serial production of the SMArt 155 ammunition (Sensor-fuzed Munition for Artillery 155 mm), again. Earlier, the production was stopped in the year 2006. Serial production is planned to begin from 2024.
Smart Weapons Market: Regional Analysis
In recent years, North America has emerged as major market share holder and is anticipated to exhibit maximum growth in coming years as well. Increasing defense budget and on-going research and development activities are prominent factors contributing to the growth of smart weapons market in the region. Further, government regulations are also supporting growth of the market.
For example, the U.S. army placed an order BONUS to BAE Systems Bofors and Nexter Systems for production of a 155-millimeter heat-seeking anti-tank shell.
Likewise, in October 2016, the US navy signed a contract to provide advanced precision kill weapon system (APKWS) and laser guided rockets. The main reason behind the contract was to meet the weapon requirement of US Army, US Air Force, US Marine Corps, and to the allied nations.
Further, Asia Pacific is anticipated to follow North America. This is due to increase in budget on military. Emerging economies such as India and China are investing on smart weapons, apart from modernizing existing equipment.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.