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Naval Smart Weapons Market - Growth, Trends, and Forecasts (2020 - 2025)

  • ID: 5025181
  • Report
  • May 2020
  • Region: Global
  • 90 pages
  • Mordor Intelligence
UP TO OFF
until Jun 30th 2020
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FEATURED COMPANIES

  • BAE Systems plc
  • L3Harris Technologies Inc
  • Leonardo S.p.A.
  • MBDA
  • Rheinmetall AG
  • Textron Inc.
  • MORE
The Naval Smart Weapons Market is projected to grow with a CAGR of more than 4% during the forecast period.
  • The growing demand for sea-based warfare with an increasing fleet of naval vessels by the countries around the world is propelling the procurement of sea-based smart weapons.
  • The market is primarily driven by the growing demand for precision strikes, to hit the target with high accuracy.
  • However, smart weapons require high capital employment and with the rapid pace of innovations in different parts of the world, the technologies are also becoming obsolete on a very rapid pace. This market is also administered with tight government norms regarding the sharing of technology with other countries.
Key Market Trends

The Laser Guidance Segment Currently have the Highest Share in the Market

Based on the technology, the type laser guidance segment currently has the highest share and is expected to dominate the market during the forecast period. The laser guidance system are used to hit the aim with more accuracy with missiles, rockets and other weapons. The rising demand to decrease the number of friendly fatalities and damage to the assets, even from a distance between 8-12 km is propelling the use of laser guidance technology in various missile programs. For instance, in December 2019, BAE Systems has been awarded a USD 2.68 billion contract to deliver additional Advanced Precision Kill Weapon System (APKWS) laser-guided rockets to the US Navy. With the advancement in technology, these laser-guided weapons are able to find their way in bad weather conditions also. Other than missiles, this laser guidance is currently being integrated with ammunitions to preciously kill the intended targets with high accuracy. For instance, in early 2020, US Navy successful completed the test of Excalibur S precision-guided munition, developed by Raytheon to engage mobile land and maritime targets. The munition uses GPS technology and incorporates a semi-active laser seeker to precisely hit the target. This is munition is compatible to be launched through various land and sea platforms. Such developments are expected further propel the demand for laser guidance weapons in the coming years.

North America held the Highest Market Share in the Naval Smart Weapons Market in 2019

In terms of geography, North America currently has a market share in the market. The United States accounts for the largest share in the North America region owing to the factors such as high spending by the government on the modernization of military equipment and the research and development by the major players to enhance the military power. The increasing procurement of naval vessels like frigates, destroyers, and aircraft carriers, among others. For instance, in May 2019, Boeing has been awarded a USD 139.8 million modification contract to manufacture and supply the US Navy with 12,000 additional precision laser guidance sets for Joint Direct Attack Munition. The contract was scheduled to be completed by April 2020. Also, in March 2020, Lockheed Martin successfully completed a Critical Design Review (CDR) for the High Energy Laser with Integrated Optical-dazzler and Surveillance (HELIOS) system onboard Arleigh Burke destroyer. Also, the presence of several smart weapons manufactures and increasing government investments are accelerating the development of new and enhanced weapons.

Competitive Landscape

The Naval Smart Weapon market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the Naval Smart Weapon market are BAE Systems, Lockheed Martin, Raytheon, General Dynamics and Others. Several companies have formed long-term partnerships with the armed forces to upgrade and enhance battlefield capabilities. Also, companies are investing heavily in research and development for the innovation of new and advanced products and technologies that may help to develop a tactical advantage over the rivals. For instance, the United States Navy awarded Lockheed Martin a contract worth USD 175 million in mid-2019 for updating components of the Long-Range Anti-Ship Missile system. The system involves a long-range, precision-guided anti-ship missile, which includes multimodal sensor suite, weapon data link and enhanced digital anti-jam GPS to detect and destroy specific targets among numerous ships at sea. The contract is expected to come to an end by the end of 2022. The modernisation of navigation kits and aids to upgrade the existing missiles is anticipated to support the growth of companies.

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FEATURED COMPANIES

  • BAE Systems plc
  • L3Harris Technologies Inc
  • Leonardo S.p.A.
  • MBDA
  • Rheinmetall AG
  • Textron Inc.
  • MORE
1 INTRODUCTION
1.1 Study Assumptions
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 Weapon Type
5.1.1 Missile
5.1.2 Ammunition and Other Products
5.2 Technology
5.2.1 Laser Guidance
5.2.2 Radar Guidance
5.2.3 Satellite Guidance
5.2.4 Infrared 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 Rest of the World

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 The Boeing Company
6.2.2 Lockheed Martin Corporation
6.2.3 Raytheon Technologies Corporation
6.2.4 BAE Systems plc
6.2.5 Rheinmetall AG
6.2.6 Thales Group
6.2.7 L3Harris Technologies Inc
6.2.8 Northrop Grumman Corporation
6.2.9 Textron Inc.
6.2.10 General Dynamics Corporation
6.2.11 MBDA
6.2.12 Leonardo S.p.A.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • The Boeing Company
  • Lockheed Martin Corporation
  • Raytheon Technologies Corporation
  • BAE Systems plc
  • Rheinmetall AG
  • Thales Group
  • L3Harris Technologies Inc
  • Northrop Grumman Corporation
  • Textron Inc.
  • General Dynamics Corporation
  • MBDA
  • Leonardo S.p.A.
Note: Product cover images may vary from those shown
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