The global land-based smart weapons market is expected to grow at a significant CAGR during the forecast period (2024-2031). The major factors contributing to the growth of the market include the rising expenditure in the advanced military armed forces for the procurement of advanced land-based wars system and portable systems. For instance, in March 2021, the National Security Commission on Artificial Intelligence (NSCAI), which was established in 2018, finished a 130-page proposal that will be presented to the US Congress. It advises the military to embrace artificial intelligence (AI) and machine learning technology, stressing that AI-enabled weapons are likely to make fewer mistakes than human errors and can play a critical, positive role in national security.
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Moreover, the rising cross-border conflicts and safety concerns are attracting towards advanced technologies such as smart weapons that are used for terrestrial conflicts. Additionally, the government is taking initiatives to manufacture indigenous smart weapons that will also propel the growth of the market. Smart weapons employ AI and machine learning (ML) driven by embedded computers to share part of the reaction decision-making with their human commanders. Semi-autonomous devices are weapons that still need human supervision to operate.
The major players contributing to the growth of the global land-based smart weapons market by adopting various strategies such as product launches & developments, mergers and acquisition, partnerships, and agreements, include Raytheon Technologies Corporation, Lockheed Martin Corporation, MBDA Inc., BAE Systems PLC, Rafael Advanced Defense Systems Ltd, among others. For instance, Raytheon Technologies Corp. announced in May 2020 that it has won $7.9 million from the US Army to develop the XM1155, ramjet artillery round. Raytheon has teamed up with the Netherlands Organization for Applied Scientific Research to create a long-range artillery shell capable of hitting targets up to 60 miles of distance. The ability of the XM1155 to strike moving targets will demand a more powerful guiding system. The projectile will very certainly have multi-mode guidance.
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Market Coverage
- Segment Covered-
o By Product
o By Technology
- Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Raytheon Technologies Corp., Lockheed Martin Corp., MBDA Inc., BAE Systems PLC, Rafael Advanced Defense Systems Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Land-Based Smart Weapons Market- Segmentation
By Product
- Missiles
- Ammunitions
- Other Products
By Technology
- Satellite Guidance
- Radar Guidance
- Infrared Guidance
- Laser Guidance
- Other Technologies
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