According to the research report titled ‘Smart Weapons Market Size By End-Use, By Weapon Type, By Component Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026’, available with Market Study Report, global smart weapons market to register remunerative growth during 2020-2026.
 

Increasing cross border conflicts along with escalating FDI (foreign direct investments) towards weapon manufacturing are major factors driving the smart weapons market growth. It is to be noted that smart weapons use guidance systems that depend on external assistance. These weapons primarily employ artificial intelligence while guiding the payload to the target.
 

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Smart weapons are integrated with various components, one such is global positioning system (GPS). This system provides the weapon with better accuracy and helps in determining the position of the user. In fact, numerous satellites can be employed to determine the precise location of the receiver. GPS is extensively used in both military and civilian applications, primarily for navigating and guiding bombs & missiles as well as for tracking targets and rescue in emergency situations.
 

Citing the end-user landscape, the naval segment is predicted to expand considerably during the forecast duration. Focus towards protection of coastal areas owing to naval conflicts is augmenting the demand for smart weapons in naval end-user segment.
 

Moving on to weapon type, the report states that missiles segment is anticipated to experience significant growth in the ensuing years. Growing demand for intercepting missiles for air defense purposes is favoring the market scenario. Meanwhile, the guided projectiles segment is also reckoned to witness high CAGR through 2026, primarily driven by improved lethality of these weapons.
 

As per component type, the infrared segment is expected to record remunerative growth during the estimated timespan. Infrared enabled smart weapons can effectively navigate in dark conditions, which in turn is promoting the industry remuneration.
 

On the other hand, the GPS segment is slated to showcase highest CAGR through 2027, primarily driven by increasing integration of GPS with satellite communication systems (SATCOM) in order to increase operational accuracy of smart weapons.
 

From the regional frame of reference, Latin America smart weapons market is poised to accumulate appreciable returns in the forthcoming years. Increasing investments towards development of weapons is favoring the market scenario in LATAM.
 

Alternatively, smart weapons market in Middle East & Africa is expected to register significant growth during the study duration. Surging border conflicts is swaying the market dynamics in the region.
 

The prominent companies operating in global smart weapons market are The Boeing Company, Thales Group, Rheinmetall AG, The Raytheon Company, Rafael Advanced Defense Systems Ltd., Northrop Grumman Corporation, MBDA, Lockheed Martin Corporation, Saab AB, Leonardo S.p.A., L3Harris Technologies, Kongsberg Gruppen, JSC Concern VKO "Almaz-Antey", Hanwha Corporation, General Dynamics Corporation, Diehl Defence GmbH & Co. KG, and BAE Systems plc among others.