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News

Report on market for smart weapons

Research And Markets : 07 February, 2014  (New Product)
The global forecast for the market in smart weaponry is examed up to 2018 with a compound annual growth rate exceeding 8% in that time
Report on market for smart weapons

Research and Markets has announced the addition of the "Global Smart Weapons Market Forecasts & Opportunities Report 2013-2018" report to their offering.

Smart weapons range from precision-guided artillery rounds and precision-guided bombs to precision-guided stand-off missiles. Anti-armor weapons comprise of anti-tank and anti-structure missiles. Lately, multi-mission capable missiles, which could be used in a variety of operational capabilities, are widely developed and produced; thus reducing logistics and providing single, easy-to-use solutions for a variety of missions. Guided munitions are bombs that are fitted with any one of the following guidance systems, such as the inertial navigation system, global positioning system, laser beam guidance, terrain mapping, radar guidance, infrared imaging, and video guidance systems.

These guidance systems can be used solely or in combination with two different guidance mechanisms, thus creating a hybrid navigation system that helps in improving all weather targeting and attacking capabilities for war fighters. JDAM (Joint Direct Attack Munition) by The Boeing Company, Paveway by Raytheon, and AASM by Sagem of France are a couple of widely procured and proven guided munitions. The demand for precision/surgical strikes has led to an increased demand for these systems, and western companies who dominate this market are expected to strengthen their market position across the globe in the coming decade or at least until a credible domestic capability is built by the procuring nations.

The need to provide precision fire capabilities to soldiers operating in squad and platoon levels has led to the development of guided projectiles and is being inducted by all major armed forces. The precision effect offered by these projectiles - apart from offering a reliable first-shot, first-hit capability - also reduces the logistics burden. The advancements in technology means that the unit cost of such systems will be further reduced; thus, making it even more attractive and affordable over the forecasted period.

Governments are increasingly opting for joint development and procurement of smart weapons with the aim of reducing developmental costs and to offset the risks involved in development. Furthermore, it reduces procurement costs by making effective use of economies of scale. Joint procurement also helps the industry to plan production ahead and maintain effective cross-country supply chain operations.

Key Points highlighted in the report:

* The global smart weapons market is valued at $3621 million in 2013 and is expected to register a CAGR of 8.06% to reach $5335.1 million by 2018.
* High-growth sectors in the global market include Saudi Arabia with a CAGR of 21.67%, followed by Japan with a CAGR of 14.48%.
* The Middle East has a CAGR of 15.21% followed by Latin America and Asia.
* The USA is expected to procure smart weapons worth $2 billion by 2018.

The report can be purchased directly from Research and Markets here: "Global Smart Weapons Market Forecasts & Opportunities Report 2013-2018"

 

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