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The land based smart weapons market share is expected to increase by USD 2.40 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.69%.
This land based smart weapons market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers land based smart weapons market segmentations by product (missiles, ammunition, and others) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The land based smart weapons market report also offers information on several market vendors, including ASELSAN AS, BAE Systems Plc, Diehl Stiftung and Co.KG, Hanwha Corp., Israel Aerospace Industries Ltd, Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MBDA, Northrop Grumman Corp., Rafael Advanced Defense Systems Ltd, Raytheon Technologies Corp., Rheinmetall AG, Safran SA, Thales Group, and The Boeing Co. among others.
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The development and procurement of advanced technologies is notably driving the land based smart weapons market growth, although factors such as stringent regulatory norms may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the land based smart weapons industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Land Based Smart Weapons Market Driver
The development and procurement of advanced technologies is one of the major drivers impacting the smart weapons market growth. Top defense spenders globally, such as Russia, the US, and China, have already made significant advances in the research and development of land based smart weapons. This is encouraging other countries to make investments in developing similar technologies to stay at par with their allies and adversaries. Furtermore, the US is continuously evolving new technologies for the development of land based smart weapons. For instance, in January 2022, the gun company LodeStar Works announced its plan to launch a smart gun with RFID technology. Such developments are expected to boost the growth of the global land based smart weapons system during the forecast period.
Key Land Based Smart Weapons Market Trend
Growth in battlefield digitalization is one of the major trends influencing the smart weapons market growth. Besides compressing the time dimension, the information age is making distance less relevant, leading to a significant decrease in the cycle time of information gathering, analysis, and decision-making. Electro-optic systems on land are observed to be effective in tracking armored vehicles and low-observable missiles. This helps platoons strategize their approach. Furthermore, technological advances have increased the situational awareness of modern shoulder-fired weapons. The addition of a proximity fuse on the missile warhead enhances its capability to secure a more reliable lock on targets such as UAVs. Moreover, the IFF system gives an audio alert to the operator in case the weapon is directed toward a friendly vehicle. Such developments will spur the growth of the global land based smart weapons system during the forecast period.
Key Land Based Smart Weapons Market Challenge
Stringent regulatory norms is one of the major challenges impeding the smart weapons market growth. Vendors in the global land based smart weapons market are required to adhere to the stringent regulatory norms of different countries. Most vendors work with government organizations and defense departments in various countries. Therefore, the market manufacturers must comply with stringent regulations at the federal, state, and local levels. They should also adhere to rules concerning the storage, use, and release of harmful substances. These stringent regulations negatively impact the growth of the market. in June 2022, the Biden government signed a bipartisan gun control bill into law. Similarly, India has strict firearm laws in the world regarding the issuance of gun licenses. Such factors will restrain the growth of the global land based smart weapons market during the forecast period.
This land based smart weapons market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global land based smart weapons market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the land based smart weapons market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the land based smart weapons market encompasses successful business strategies deployed by the key vendors. The land based smart weapons market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The land based smart weapons market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the land based smart weapons market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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45% of the market’s growth will originate from APAC during the forecast period. China is the key market for land based smart weapons market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Rising defense expenditure in the region will facilitate the land based smart weapons market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
By 2021, with a decline in the number of COVID-19 cases and the lifting of related restrictions, the land based smart weapons market in the region witnessed steady growth and started to recover. The key vendors in the market have started working on their supply-chain models and adopting digital technologies to overcome the disruptions in the supply chain due to the pandemic.
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The land based smart weapons market share growth in the missiles segment will be significant during the forecast period. The missiles segment was the largest segment of the global land based smart weapons market and will continue to dominate the market during the forecast period as well. The changing nature of modern warfare has increased the demand for smart land based missiles and development and procurement.
This report provides an accurate prediction of the contribution of all the segments to the growth of the land based smart weapons market size and actionable market insights on post COVID-19 impact on each segment.
Land Based Smart Weapons Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.69% |
Market growth 2022-2026 |
$ 2.40 billion |
Market structure |
Concentrated |
YoY growth (%) |
7.54 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
Key consumer countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ASELSAN AS, BAE Systems Plc, Diehl Stiftung and Co.KG, Hanwha Corp., Israel Aerospace Industries Ltd, Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MBDA, Northrop Grumman Corp., Rafael Advanced Defense Systems Ltd, Raytheon Technologies Corp., Rheinmetall AG, Safran SA, Thales Group, and The Boeing Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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