Please Wait.....
Report
Aerial Smart Weapons - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)
Market Report I 2024-02-17 I 120 Pages I Mordor Intelligence
The Aerial Smart Weapons Market size is estimated at USD 6.47 billion in 2024, and is expected to reach USD 9.03 billion by 2029, growing at a CAGR of 6.92% during the forecast period (2024-2029).
The aerial smart weapons market is expected to witness significant growth in the coming years, owing to the rising demand from diverse end users and regions. The changing nature of aerial warfare and the growth in defense spending toward developing and procuring advanced weapon systems for military aircraft are expected to drive the aerial smart weapons market during the forecast period.
The market is expected to undergo various innovations and developments as the players compete to offer advanced and cost-effective smart weapon systems. Technological advancements, in terms of miniaturization of electronics, material technologies, propulsion, and guidance systems, are expected to aid the growth of the aerial smart weapon systems market during the forecast period.
The market studied is also expected to face some challenges, such as government regulations, export controls, and ethical issues, which may limit the market growth. However, the market opportunities outweigh the market challenges, and the aerial smart weapons market is projected to grow positively during the forecast period.
Aerial Smart Weapons Market Trends
Missile Segment is Expected to Witness Highest Growth
The missile segment is anticipated to occupy the largest market share over the forecast period due to the increasing demand for advanced guided missiles from the defense forces. The key factors driving the growth of the missile segment are significant increases in defense budgets by both developed and developing nations, an increased use rate of advanced weapons, and changing aerial warfare worldwide. For instance, in 2022, the global military expenditure reached USD 2,240 billion, a growth of 6% from 2021.
The development of network-enabled weapons, hypersonic missiles, and artificial intelligence-based weapons are some of the latest trends in the missile segment that are expected to transform armed force operations. Various countries are partnering with aerial weapon system manufacturers to develop advanced smart missiles to counter future threats. For instance, in November 2023, MBDA announced that it partnered with the United Arab Emirates to co-develop smart weapons with an initial production date of 2030. The partnership was established to develop the Smart Glider and Cruiser air-to-ground missiles dedicated to future combat with AI-embedded capabilities.
Various countries are also procuring advanced military drones equipped with smart weapon systems to counter evolving threats and as a modernization effort to the changing nature of warfare. For instance, in May 2023, the Netherlands announced that it would begin arming its reconnaissance MQ-9 Reaper drones with laser-guided GBU bombs and air-to-surface Hellfire missiles under a modification and weapons procurement of USD 107-268 million. The initial deployment of the armed drones is expected by 2025, and the full deployment will be three years later. Overall, such developments and procurement orders of advanced weapons systems are expected to accelerate the growth of this segment during the forecast period.
North America is Projected to Dominate the Market During the Forecast Period
North America is expected to occupy the largest market share in the aerial smart weapons market due to large-scale developments in the market by the United States. For instance, in 2022, the US military defense expenditure rose to USD 877 billion, a growth of 9% compared to 2021. The increased investments toward technologically advanced weaponry are due to the growing threat to the country from the enhanced capabilities of China and Russia on the battlefield. The country is divesting huge amounts for the development and induction of advanced smart weapon systems ranging from smart bullets to nuclear-capable hypersonic-guided weapons. The country has been involved in several aerial smart weapon procurement programs that are expected to drive the market studied in the years to come.
For instance, in January 2023, the US Navy awarded RTX Corporation a USD 317 million contract to develop 408 AIM-9X precision short-range infrared-guided air-to-air missiles for the navy's jet fighters and other combat aircraft. Similarly, in March 2023, the US Air Force awarded RTX Corporation a USD 320 million contract to produce and deliver 1500 StormBreaker smart weapons, which are air-to-surface, network-enabled weapons that can engage moving targets in all weather conditions using its multi-effects warhead and tri-mode seeker. The StormBreaker is fielded on the F-15E Strike Eagle, with testing underway on the F-35B and F/A-18. Such developments are expected to bolster the market prospects in the region during the forecast period.
Aerial Smart Weapons Industry Overview
The aerial smart weapons market is semi-consolidated, with local as well as international players providing various types of missiles, munitions, guided rockets, and guided projectiles for aerial forces across the world. Other than international players, several state-owned companies have been developing and manufacturing smart weapons for their respective countries while also looking at export opportunities.
Some of the prominent players in the market are BAE Systems PLC, RTX Corporation, Lockheed Martin Corporation, General Dynamics Corporation, and Northrop Grumman Corporation. Due to the changing nature of aerial warfare, several nations are planning to develop and induct next-generation aerial smart weapons for their militaries. As the focus is increasing on developing indigenous smart weapons, local manufacturers can grab the opportunity to increase their market share through higher R&D investments, which will help their growth during the forecast period. Players can also establish joint ventures and partnerships with other players to enable technology transfer, which will facilitate innovations and aid the development of highly sophisticated aerial smart weapons during the forecast period.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product
5.1.1 Missiles
5.1.2 Ammunition and Other Products
5.2 Technology
5.2.1 Satellite Guidance
5.2.2 Radar Guidance
5.2.3 Infrared Guidance
5.2.4 Laser Guidance
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Israel
5.3.5.4 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BAE Systems PLC
6.2.2 General Dynamics Corporation
6.2.3 Lockheed Martin Corporation
6.2.4 RTX Corporation
6.2.5 Northrop Grumman Corporation
6.2.6 MBDA
6.2.7 Saab AB
6.2.8 The Boeing Company
6.2.9 Rafael Advanced Defense Systems Ltd
6.2.10 Safran SA
6.2.11 IAI
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security