Smart Weapons Market

Smart Weapons Market

Growth Factors of Smart Weapons Market

The smart weapons market size was valued at USD 18.99 billion in 2023, and the market is now projected to grow from USD 20.20 billion in 2024 to USD 45.24 billion by 2032, exhibiting a CAGR of 10.61 % during the forecast period of 2024-2032.

COVID-19 pandemic affected the smart weapon market in such a way as it disrupted the supply chains which in turn resulted in delayed production due to the shortages and, consequently, high costs. Pandemic restrictions limited access to production and research facilities and laboratories. At the same time, it initiated further development of means of their application, utilizing higher technologies and solutions implementable through remote means in defense systems. The need to boost the defense capacities and the relevance of the modernization processes implied that demands for smart weapons went up in the aftermath of the pandemic. In general, the pandemic slowed down development in the absolute market but allowed for new advancements and the identification of particular strategies in the defense technology space.

Some of the significant factors that will influence smart weapons market are deteriorating geopolitical condition and growth in defense expenditures across countries. Governments and nations are spending a lot of money towards development of hi-tech weapons all in the hope of attaining an edge on the other power nations. This is also coupled with the demand of modern warfare requiring more accurate and precise weapons hence the need to develop smart weapons. All of the above-mentioned factors are driving the smart weapons market share.

As for the other features that help to propel the market, advancements in the direction of the guidance systems are being made in many aspects such as integrating artificial intelligence and sensors. Such developments enhance the precision and expand functionality leading to ever-growing dependency on the smart weapons in complicated fighting circumstances. Therefore, it is seen that defense contractors and governments are inclined toward acquiring and building up these complex systems that define the future of warfare.

Comprehensive Analysis Smart Weapons Market

Smart Weapon market can be divided by Product, Platform, and Technology. By product, the market has missiles, munitions, and guided projectiles, guided rockets and directed energy weapons as different tactical requirements and combat situations are addressed by these equipments. By platform, smart weapons are developed for aircraft, ground and naval platforms so as to meet the need of each domain. Through technology, the market includes laser guidance, infrared guidance, radar guidance satellite guidance among others that boost the accuracy and efficiency in different terrains and environments. Such segmentation is helpful because it enables the development and deployment of smart weapons, depending on various defense needs.

North America is by far the global leader in the smart weapons market share propelled by large defense spending and a highly technological society in America. Environmental analysis for the region exhibits strong political culture and an emphasis on military modernization, funding for top-notch technologies including guided missile system, directed energy weapons, and much more propounds the leadership. Moreover, the increased focus on the research and development, strategic defense collaborations coupled with high demand for advanced smart weapon solutions in North America makes this region occupied the largest share in global smart weapon market.

Key players in this sector include BAE Systems (The U.K.), Boeing (The U.S.), General Dynamics Corporation (The U.S.), Lockheed Martin Corporation (The U.S.), MBDA (France), Northrop Grumman Corporation (The U.S.), Raytheon Company, a Raytheon Technologies company (The U.S.), Rheinmetall AG (Germany), Textron Inc. (The U.S.)

Lockheed Martin unveiled the PrSM or the Precision Strike Missile in 2023 as the world’s latest long-range missile system on offer. The PrSM is targeting to launch accurate strikes beyond the past ranges with higher speed, longer range and better accuracy. As a weapon system, this innovation is a marked improvement on battlefield equipment because it is more versatile and efficient in attack and in defense, thus a vital addition to the modern military arsenals.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 10.61% from 2024 to 2032

Unit Value (USD Billion)

Segmentation

By Product

- Missiles

- Munitions

- Guided Projectiles

- Guided Rockets

- Directed Energy Weapons

By Platform

- Air

- Land

- Naval

By Technology

- Laser Guidance

- Infrared Guidance

- Radar Guidance

- Satellite Guidance

- Others

By Geography

- North America (By Product; Platform; Technology, and Country)

• U.S. (By Product)
• Canada (By Product)

- Europe (By Engine, Application, Product, and Country)

• The U.K. (By Product)
• Germany (By Product)
• France (By Product)
• Russia (By Product)
• Rest of Europe (By Product)

- Asia-Pacific (By Engine, Application, Product, and Country)

• China (By Product)
• India (By Product)
• Japan (By Product)
• South Korea (By Product)
• Rest of Asia-Pacific (By Product)

- Rest of the World (By Engine, Application, Product, and Sub-Region)

• The Middle East & Africa (By Product)
• Latin America (By Product)


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