Global Smart Weapons Market Overview
Smart weapons are kind of weapons that depends on external assistance systems. They are mainly equipped with laser, satellite guidance system, and positioning software. Smart weapons are manufactured in such a way that it can hit the specific target exactly and also decrease collateral damage. Smart weapons use reduces the risk of loss of civilian life and property damages. Smart weapons comprises guided bombs, smart guns, target pods, small smart weapons, mortar rounds, etc.The smart weapons market accounted for US$ 19.3 billion in 2024 and is estimated to be US$ 34.9 billion by 2034 and is anticipated to register a CAGR of 6.1%.
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Global Smart Weapons Market Drivers & Restraints
- Increasing use of Precision Strike
Growing demand of smart weapons to carry out precision strike is a main factor driving the smart weapons market growth. Further, increasing demand for precision and guided munitions and missiles to locate and destroy target is also growing demand for smart weapons. Precision weapons includes the aspects of range, accuracy, striking, power, and probability, combination making powerful warfare. The weapons explains the term of low-cost damages that results in the exclusive price defense systems.
- Growing investment in research and development activities
Growing investment in research and development activities for developments in smart weapons is factor expected to drive growth of the smart weapons market over the forecast period. Rising budgetary allocation by various governments for advanced and smart weapons is also expected to boost demand for smart weapons and drives growth of the target market over the forecast period.
- High Price of Smart Weapons
Most significant factor affecting the overall adoption of smart weapons is the price. The smart weapons are costly which restrains its widespread adoption. However, the prices of smart weapons are projected to remain rational every year owing to growing production volume. Additionally, with technological developments and more research & development, the impact of this factor is likely to grow.
Global Smart Weapons Market Segmentations & Regional Insights
The smart weapons market is segmented based on product type, technology, platform, and region.
On the basis of product type, the smart weapons market is segmented into guided rockets, munitions, precision guided firearms, guided projectiles, and missiles. On the basis of technology, the target market is segmented into infrared, laser, GPS, radar, and others (optical, satellite, micro computing, wire-guided). Based on platform, the target market is segmented into land, air, and naval.
Regional Insights:
The smart weapons market accounted for US$ 19.3 billion in 2024 and is estimated to be US$ 34.9 billion by 2034 and is anticipated to register a CAGR of 6.1%.On region the smart weapons market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market estimates for largest share in the market and projected to maintain its dominance in the coming years. Huge number of prominent players and high military budget, particularly in countries such as US, are some of the key factors projected to boost growth of the target market in the region. Additionally, growing use of smart weapons for tactical operations against terrorist activities is another factor propelling growth of smart weapons market in the region. Europe is expected to register lucrative growth in terms of revenue in the near future, followed by Asia Pacific
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2023 |
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Forecast period |
2024– 2034 |
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Market representation |
Revenue in USD Million & CAGR from 2024 – 2034 |
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Market Segmentation |
By Product Type - Guided Rockets, Munitions, Precision Guided Firearms, Guided Projectiles, and Missiles By Technology – Infrared, Laser, GPS, Radar, and Others (Optical, Satellite, Micro computing, Wire-guided) By Platform - Land, Air, and Naval |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the smart weapons market report based on Products, technology, platform, and region.
Smart Weapons Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Smart Weapons Market Competitive Landscape & Key Players
The key players operating the smart weapons market includes General Dynamics Corporation, Lockheed Martin Corporation, The Boeing Company, BAE Systems plc, Israel Aerospace Industries Ltd., MBDA Incorporated, Textron Inc., L-3 Communications Limited, Raytheon Company, and Northrop Grumman Corporation. For instance, on March 2020, Boeing is providing the U.S. Army a fully integrated, agile, purpose-built system for the Future Attack Reconnaissance Aircraft (FARA) prototype competition. Boeing FARA is intended to meet the Army’s current mission needs while evolving as technologies and missions change.
Global Smart Weapons Market Company Profile
- General Dynamics Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Lockheed Martin Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- MBDA Incorporated
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Boeing Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BAE Systems plc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Israel Aerospace Industries Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Textron Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- L-3 Communications Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Raytheon Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Northrop Grumman Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Smart Weapons Market Highlights
FAQs
The Smart Weapons Market is segmented into type, technology, platform, and region.
Growing demand of smart weapons to carry out precision strike is a main factor driving the smart weapons market growth.
North America market estimates for largest share in the market and projected to maintain its dominance in the coming years.
The key players operating the smart weapons market includes General Dynamics Corporation, Lockheed Martin Corporation, The Boeing Company, BAE Systems plc, Israel Aerospace Industries Ltd., MBDA Incorporated, Textron Inc., L-3 Communications Limited, Raytheon Company, and Northrop Grumman Corporation.