The global smart weapons market growth is expected to showcase exponential growth by reaching USD 30.12 billion by 2028. This information is published by Fortune Business Insights in its latest report, titled, “Smart Weapons Market, 2021-2028.” The report further mentions that the market stood at USD 17.17 billion in 2020 and is projected to exhibit a CAGR of 8.02% between 2021 and 2028. Factors such the increasing defense budget that is propelling countries to upgrade their military and the increasing focus on introducing advanced smart weapons are expected to boost the market’s growth in the forthcoming years.
DRIVING FACTORS
Increasing Defense Budget Worldwide to Augment Growth
According to the Stockholm International Peace Research Institute (SIPRI), the United States allotted an overall defense budget worth USD 732 billion in 2020 with an aim to upgrade its military might. Likewise, other countries have increased their defense budgets as the growing focus to include advanced weapon systems in the repository to avert external threats is likely to boost the product’s adoption across the globe. Moreover, the increasing demand for next generation advanced weapons is expected to boost the global smart weapons market growth in the forthcoming years.
Browse Summary
https://www.fortunebusinessinsights.com/smart-weapons-market-104058
List of the Companies Profiled in the Global Market:
- BAE Systems (The U.K)
- Lockheed Martin Corporation (The U.S.)
- Thales Group (France)
- Northrop Grumman Corporation (The U.S.)
- General Dynamics Corporation (The U.S.)
- Raytheon Company, a Raytheon Technologies company (The U.S.)
- MBDA (France)
