Russia-Ukraine war driving smart weapons market: reportNews
August 10, 2022
DUBLIN, Ireland. The war in Ukraine is likely to drive the global market for smart weapons in the coming years, boosting it from $17.6 billion in 2022 to $22.1 billion by 2026 for a combined annual growth rate (CAGR) of 5.6%, according to a new report.
The report from Research and Markets predicts that missiles in particular will be a driver of this market, growing at 5.1% CAGR, while munitions will also see major growth at 5.5%% CAGR.
The industry growth demonstrates the shift in how wars are fought in recent years, the report claims.
"Today the global infantry community is facing a huge problem - the danger of obsolesce," the report states. "For the first time in over 50 years, the infantry and its artillery are being outgunned by electronic warfare technologies and autonomous and remote land-air-naval defense capabilities. As digitalization of military technologies moves ahead at a rapid pace, even manned reconnaissance assets are being superseded in importance by intelligent unmanned assets. The last decade witnessed a slew of decisions across militaries across the world to downsize the infantry.
"Smart weapons therefore make perfect sense amid rapid transition towards digital battlefield and ongoing efforts across countries to shift the attention from expansion of the military towards modernization and quality improvements," it continues. "The rise of digital battlefield is making it imperative for the military to embrace digital platforms and smart weapons to ensure operational readiness while achieving a new level of combat efficiency."