Smart Weapons Market Forecasts to 2028 – Global Analysis By Product (Munitions, Missiles and Other Products), Technology (Radar, Laser and Other Technologies), Platform (Land, Air and Naval), and Geography

Smart Weapons Market Forecasts to 2028 – Global Analysis By Product (Munitions, Missiles and Other Products), Technology (Radar, Laser and Other Technologies), Platform (Land, Air and Naval), and Geography

According to Stratistics MRC, the Global Smart Weapons Market is accounted for $17.05 billion in 2022 and is expected to reach $25.60 billion by 2028 growing at a CAGR of 7% during the forecast period. Smart weapons are computer-guided munitions that have GPS, radio, infrared, laser, and satellite guidance systems, which provide incredibly accurate and precise placement. Precision-guided weapons, sometimes known as smart weapons, are designed to hit the target precisely while minimising collateral damage and lethality. External operating systems that are positioned far away from the physical location of the smart weapon are used to control and support it. The nature of warfare and its tactics have evolved as a result of smart weapons systems. Cruise missiles use the data from the navigation satellite to keep their flight path and course accurate. Smart weapons are equipped with safety features that restrict their use to authorised users only, minimising the likelihood of abuse, gun theft, and self-harm.

According to the United States Department of Homeland Security and the National Consortium for the Study of Terrorism and Responses to Terrorism, there were 8,302 terrorist attacks worldwide in 2019, with 25,082 deaths and 19,924 injuries.

Market Dynamics:

Driver:

Increasing need for precision weapons

Global market expansion is being driven, among other things, by the rising need for extremely precise weaponry brought on by rising geopolitical conflicts and cross-border problems. Such weapons are in high demand since they are affordable, more accurate, and versatile, have a greater operational range, and require little training. Additionally, the growing number of initiatives for military forces' replenishment and modernisation is projected to increase demand for these weapons. For instance, to update the radar-guided gun weapon system, Raytheon Technologies Corporation and the U.S. Navy inked a modification deal worth USD 110 million.

Restraint:

Arms transportation regulations

As arms trafficking hoarding is still an issue, the laws now in existence do not sufficiently regulate the import and export of weaponry. The development of the smart weapons market is anticipated to be stifled by arms control treaties, problems with regulating the arms trade, a focus on the complexity of the interests involved in the emergence of small arms as the most promising weapons, and black and grey markets due to ineffective trade regulations. The agreement attempts to forbid the use of particular weapons that are thought to be particularly dangerous or to have fatal results. It is only permitted to acquire and maintain a certain number of illegal weapons and ammunition for training purposes as well as to develop the detection, authorization, and countermeasures systems. As a result, the accord is anticipated to control, forbid, and restrict the trade of smart weapons on the global market, which is preventing the market for these weapons from growing.

Opportunity:

Security risks from terrorist organisations have escalated.

Attacks by terrorists have drastically increased in recent years as their power has grown. For instance, central Baghdad was struck by two devastating suicide bombings. There were 8,302 terrorist incidents worldwide, resulting in 25,082 fatalities and 19,924 injuries, according to the National Consortium for the Study of Terrorism and Responses to Terrorism and the United States Department of Homeland Security. As attacks increase, so do the amount of smart weapons that major economies buy and acquire, driving up demand for smart weapons and fostering market expansion.

Threat:

Complexity of Weapon Systems

The majority of smart guns have numerous mechanical and electronic parts. This makes it more complex. They are complicated, making maintenance challenging and increasing the likelihood of component failure. As a result, it is anticipated that over the forecast period, the complexity of weapon systems will restrain the expansion of the global market for smart weapons.

Covid-19 Impact

The epidemic has presented the defence industry with previously unheard-of challenges. The global lockdown had a significant influence on the defence industry, leading to production halts from important companies and a delay in the delivery of jets to India. The market is projected to continue to expand steadily during the epidemic, despite the difficulties. In order to provide guided missile round packs and replacement parts for the Block 2A and two variations of the rolling airframe missile system, Raytheon Company signed a contract worth USD 353.4 million in March 2020. Large firms signing contracts will likely cause the market to grow gradually during COVID-19.

The missiles segment is expected to be the largest during the forecast period

The missiles segment is estimated to have a lucrative growth. Air-to-air and air-to-surface missiles, anti-ship and anti-submarine missiles, anti-tank missiles, and standoff missiles are all types of missiles. Target Pods and Guided Bombs are examples of weapons. Due to the rising need for advance guided missiles by various defence forces, the missiles segment is anticipated to have a significant market presence. For instance, BAE Systems and ten nations, including the US, have a deal for the provision of semi-guided missile systems.

The radars segment is expected to have the highest CAGR during the forecast period

The radars segment is anticipated to witness the fastest CAGR growth during the forecast period. Radars come in Active Homing and Passive Homing varieties. Radar types include imaging infrared (IIR) and infrared (IR) homing radars. Due to its operational effectiveness and extremely high degree of target-affecting precision, Laser-Guided technology is anticipated to have a significant market presence during the projection period.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing defence spending of important economies, it is anticipated that the Asia-Pacific (APAC) market will develop at the fastest rate over the hypothesised period. Due to the growing investments in smart weaponry, key nations like China, Japan, India, and Australia are considerably driving the market growth in the Asia-Pacific region. The market for smart weapons is being driven by increased military spending and territorial disputes between nearby nations like China, South Korea, and North Korea. Additionally, India saw a 9% increase in military spending. Additionally, China, India, and other Asian nations are increasingly developing naval warfare systems, which are further boosting the growth of the regional market.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the demand for smart weapons are quite strong, and North America leads the world in both military spending and technology development. Although Canada contributes to the development of some of this cutting-edge weaponry, the US still dominates the global market for smart weapons. Because to the presence of significant manufacturers like Lockheed Martin, Raytheon Technologies Corporation, and Northrop Grumman, the area owned the greatest proportion of the overall market.

Key players in the market

Some of the key players profiled in the Smart Weapons Market include Boeing, Lockheed Martin Corporation, BAE Systems, General Dynamics Corporation, MBDA, Northrop Grumman Corporation, Raytheon Company, Textron Inc., Rheinmetall AG, Thales Group, L-3 Communications Holdings, Inc., Orbital ATK, Textron Inc., Thales Group, Leonardo S.P.A, Denel Dynamics, Rafael Advanced Defence System Ltd, OTO Melara S.P.A, Alliant Techsystems Inc. and Israel Aerospace Industries.

Key Developments:

In February 2021, Lockheed Martin Corporation signed a contract worth USD 414 million with the U.S. Navy and Air Force to supply LRASM. It is an anti-ship, precisionguided standoff missile based on the successful joint air-to-ground standoff missile.

In March 2020, Raytheon signed a contract worth USD 86 million with the U.S. Department of Defense (DoD) to provide engineering services for M982 Excalibur longrange precision artillery munitions.

Products Covered:
• Munitions
• Missiles
• Guided Projectiles
• Precision Guided Firearms
• Guided Rockets
• Directed Energy Weapons
• Other Products

Technologies Covered:
• Radar
• Laser
• Infrared
• Global Positioning System (GPS)
• Other Technologies

Platforms Covered:
• Land
• Air
• Naval

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements