Smart Weapons Market Size - By Weapon Type (Missiles, Munitions, Guided Rockets, Guided Projectiles, Directed Energy Weapons), By Technology (Infrared, Laser, Global Positioning System (GPS), Radar), By End Use (Land, Airborne, Naval) & Forecast, 2023 - 2

Smart Weapons Market Size - By Weapon Type (Missiles, Munitions, Guided Rockets, Guided Projectiles, Directed Energy Weapons), By Technology (Infrared, Laser, Global Positioning System (GPS), Radar), By End Use (Land, Airborne, Naval) & Forecast, 2023 - 2032

Global Smart Weapons Market will witness over 6% CAGR between 2023 and 2032, fueled by increasing military usage and rapid technological advancements. As modern warfare evolves, there is a growing emphasis on precision, accuracy, and reduced collateral damage. Smart weapons, incorporating advanced guidance systems and targeting technologies, meet these requirements, enhancing military capabilities.

Against this backdrop, in November 2023, Raytheon, a business under RTX, announced the successful integration of its StormBreaker smart weapon onto the F/A-18E/F Super Hornet for the U.S. Navy. The F/A-18 became the first approved U.S. Navy aircraft equipped with StormBreaker. Leveraging insights from F-15E fielding, Raytheon streamlined the testing process, saving valuable time and resources. Paul Ferraro, President of Air Power at Raytheon, highlighted StormBreaker's exceptional capabilities, showcasing the integration of digital technologies to provide advanced air dominance weaponry, ensuring the ongoing effectiveness of fourth-generation aircraft. The escalating global security concerns drive the smart weapons market demand as a vital player in the defense industry, adapting to the changing landscape with cutting-edge innovations.

The overall Smart Weapons Market is classified based on technology, end-use, and region.

Infrared segment will undergo significant development from 2023 to 2032. With advancements in infrared sensors and targeting systems, smart weapons exhibit enhanced precision and effectiveness. Military applications increasingly rely on infrared technology to improve target identification and engagement, making it a pivotal factor fueling the smart weapons market growth globally and reinforcing their role in modern warfare strategies.

Airborne segment will register a noteworthy CAGR from 2023 to 2032. With the evolution of aerial warfare and the need for precise targeting, smart weapons have become integral to airborne military operations. Advanced guidance systems and targeting technologies enhance the effectiveness of these weapons, meeting the strategic requirements of modern air forces. The rising demand for airborne smart weapons underscores their critical role in the smart weapons market share.

Europe smart weapons market will showcase an appreciable CAGR from 2023 to 2032. As European nations modernize their defense capabilities, there is a growing emphasis on precision-guided weaponry for enhanced military effectiveness. The geopolitical landscape and security concerns drive the adoption of smart weapons, making Europe a key market for these advanced technologies that offer improved accuracy, reduced collateral damage, and increased operational efficiency in military operations.

In addition, rising innovations in smart weapons in the region also support market growth. For instance, In November 2023, Fabrique Nationale Herstal (FN Herstal), a prominent European arms manufacturer, introduced an innovative less-lethal AI smart-gun designed to reduce the risk of fatal incidents in crowd control and public safety operations. The Smart ProtectoR-303T, as per FN, utilizes advanced artificial intelligence and imaging sensor technology to intelligently prevent projectiles from being discharged toward a person's head.