As per our research report, the Global Naval Smart Weapons Market size is estimated to be growing at a CAGR of 4.89% from 2023 to 2030.
The pandemic hurt the naval smart weapons market. Nationwide lockdown led to the closure of major industries such as chemical, industrial, weapons, and ship manufacturing industries, which declined the demand for naval smart weapons during the pandemic. Furthermore, travel restrictions limited the transfer of materials required to build smart naval weapons. These materials or components include advanced radar and laser sensors, propulsion systems, advanced AI technology software, environment-friendly coatings and materials for protecting the weapons from outside temperature, and others. Moreover, this led to supply chain disruptions and halted the production of naval smart weapons.
Furthermore, the deployment of advanced AI and other smart technologies was expensive, which led to a decline in the demand for naval smart weapons during the pandemic. Additionally, the labour shortage created a scarcity of professional tech experts for maintaining and operating the weapons.
In addition, the shift of the government’s expenditure towards the healthcare sector for combating the virus during the pandemic led to a decline in the development of naval smart weapons during the pandemic.
However, post-pandemic increased the usage of smart and automation technologies such as AI. Big data, machine learning, NLP, computer vision, and others in the production and manufacturing of naval smart weapons. Moreover, the governments of developed nations provided support in the form of investment and collaboration with naval weapons companies for the development of smart marine technology, increasing the demand for naval smart weapons after the pandemic.
The restraints to this market include the expensive cost of deploying smart naval weapons and the lack of technical training and education for operating these weapons.
Based on market segmentation by type of weapon, missiles hold the highest share in the market. Missiles comprise anti-ship missiles, anti-submarine missiles, surface-to-air missiles, and others that are equipped with advanced navigation systems for attacking the target enemy ships or vessels. Moreover, these weapons offer remote monitoring of the enemy terrain and provide information to the navy forces for planning and launching further attacks. Furthermore, the ammunition segment is the fastest-growing segment during the forecast period. It includes smart guns, artillery shells, rockets, and precision munitions designed for targeting enemies across maritime boundaries. Furthermore, artillery shells and smart naval guns are increasingly used by navy forces to protect the marine boundaries by firing directly at targeted ships or illegally trespassing on the boundaries.
Based on market segmentation by range, short range holds the highest share in the market. Short-range naval weapons are meant to target enemies at short distances via surface radars to protect the maritime boundaries. Furthermore, long-range naval smart weapons are the fastest-growing segment during the forecast period. These are designed to target enemies situated at longer distances. They are equipped with advanced sensors and guidance systems that allow navy forces to detect any unauthorized access of enemy ships beforehand and prevent potential collateral damage. Long-range unmanned aerial drones are widely used to target distant marine enemies.
Based on market segmentation by technology, propulsion systems hold the highest share of the market. These systems are used to launch rockets, missiles, and other weapons by the navy forces. It is designed for fast-moving targets and is meant to provide thrust and force to launch various naval weapons. Furthermore, electric propulsion is witnessing an increase in demand by the navy due to its energy efficiency, reduced fuel consumption, and better manoeuvrability properties. Furthermore, AI systems are the fastest-growing segment during the forecast period. Weapon systems equipped with AI technology enhance the accuracy and effectiveness of targeting marine enemies. These systems help in identifying the target through advanced sensors and provide image-based insights to the naval forces, that help in detecting obstacles and potential enemy attacks. Aerial drones and advanced navigation systems such as those based on lasers are increasingly used by the navy forces.
Based on market segmentation by region, North America holds the highest share of the market. Well-established marine technology and naval capabilities have contributed to the demand for naval smart weapons in the market. Further, Asia-Pacific is the fastest-growing region during the forecast period. The prevalence of maritime disputes over island and border claiming among South-East Asian countries has contributed to the development of the naval smart weapons market in the region.
Companies playing a leading role in the Global Naval Smart Weapons Market profiled in this report are – Boeing Company, BAE Systems, General Dynamics Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation, Hyundai WIA, and Bharat Dynamics Ltd
Missiles
Ammunition
Drones
Warfare and Control Systems
Mines
Others
Short-Range
Medium-Range
Long-Range
Guidance Systems
AI Systems
Propulsion Systems
Seekers
Others
North America
Europe
Asia Pacific
Middle East & Africa
South America
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