A newÂ Transparency Market ResearchÂ 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 ThursdayÂ the market will achieveÂ a compound annual growth rate of 10.3 percentÂ from $34 billion in 2012 to reach the projected value by the end of the forecast period.
North America will continue to have the biggestÂ market share, while China, Japan and India will drive growth in theÂ Asia-Pacific region, itÂ noted.
The Middle East will also experience continued demand for smart weapons due to political unrest, the market analystÂ 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