A new Transparency Market Research report states that air-to-ground and surface-to-air missiles dominated the global smart weapons market in 2012, with further growth projected to give the market a value of $66.91 billion by 2019.
The company said Thursday the market will achieve a compound annual growth rate of 10.3 percent from $34 billion in 2012 to reach the projected value by the end of the forecast period.
North America will continue to have the biggest market share, while China, Japan and India will drive growth in the Asia-Pacific region, it noted.
The Middle East will also experience continued demand for smart weapons due to political unrest, the market analyst revealed.
The report listed the following key market players:
- BAE Systems
- General Dynamics
- Lockheed Martin
- MBDA Systems
- Northrop Grumman
- Rafael Advanced Defense Systems
- Textron Defense Systems