Smart Weapons Market Size was valued at USD 17.15 billion in 2022. The Smart Weapons market is projected to grow from USD 18.0075 Billion in 2023 to USD 24.131 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2030). The rise in demand for precision strike weapons and the unsteady state of international security are the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart weapons are computer-guided munitions with GPS, radio, infrared, laser, and satellite guidance systems, providing incredibly accurate and precise positioning. Precision-guided or smart weapons are designed to hit the target precisely while minimizing collateral damage and lethality. External operating systems positioned far away from the physical area are used to operate and support smart weapons. The use of intelligent weapons has altered the tactics and course of the war. Cruise missiles use the data from the navigation satellite to keep their flight path and course accurate. Smart guns are equipped with safety features that allow them only to be activated by authorized users, minimizing the likelihood of misuse, gun theft, and self-harm.
Smart weapons have safety features like RFID (Radiofrequency Identification Device) chips, fingerprint scanners, biometric sensors, mechanical locks, and magnetic kits. The rise in demand for precision strike weapons and the unsteady state of international security are driving factors in the market for smart weapons. However, the arms transfer regulations imposed on imports and export are a significant barrier to the market for smart weapons.
On the other hand, an increase in the defense budget and spending on upgrading weapon technology are factors that open up new opportunities for growth for major players. For instance, the U.S. S. The Navy and Northrop Grumman Corporation have a contract for the AGM-88G Advanced Anti-Radiation Guided Missile Extended Range (AARGM-ER)'s low-rate initial production (LRIP). An increase in the demand for cutting-edge precision strike weapons.
In the last ten years, modern warfare tactics have changed quickly. Developing sophisticated, long-range, high-impact missile systems is a priority for both developed and developing nations. For instance, in December 2021, the Defence Research and Development Organization (DRDO) successfully tested the new generation nuclear-capable ballistic missile "Agni Prime" from APJ Abdul Kalam Island, off the coast of Odisha in Balasore. In addition, in October 2021, the U. S. China, and Russia have already deployed hypersonic missile systems that have undergone successful testing. Such advancements in missile technology increase the demand for precision strike weapons. Additionally, worldwide conflicts have highlighted the critical need for operational strikes and precision attacks. Thus, driving the Smart Weapons market revenue.
Smart Weapons Product Insights
Based on product, the smart weapon market segmentation includes missiles, munitions, guided rockets, guided projectiles, guided firearms, and others. The missiles segment dominated the market due to the defense forces' growing demand for sophisticated guided missiles. For instance, in September 2019, BAE Systems and the U.S. government agreed to a contract worth USD 2,680 million. S. and nine other nations to supply a semi-guided missile weapons system until 2025. The munitions segment is predicted to grow the fastest during the forecast period. The increase in cross-border conflicts, political unrest, and terrorist activities worldwide is blamed for the growth in demand for next-generation precision-guided munitions, which has enhanced the Smart Weapons market CAGR ly in recent years.
Smart Weapons Technology Insights
The smart weapon market segmentation based on technology includes infrared, laser, radar, and a positioning system (GPS). The laser segment held the majority share in 2022 concerning the Smart Weapons market revenue. The growth is due to the latest technology, such as lasers, that improves accuracy and operational efficiency. The satellite guidance segment will showcase significant growth during the forecast period. The growth is due to the growing demand for GPS-guided smart weapons, which can operate efficiently even during bad weather conditions.
Smart Weapons Platform Insights
Based on the platform, the smart weapon market data includes land, maritime, and airborne. The land category generated the most income. The increasing defense spending, the rapid expansion of military forces, and the growing procurement of smart weapons will boost segmental growth. For instance, in July 2017, CGI signed a contract with the U.S. Army to support the Army's Aviation and Missile Command (AMCOM) programs. The value of the contract was worth USD 92.5 million. The air segment will showcase significant growth owing to the rising demand for precision weapons from air forces. For instance, in 2020, Smart Anti-Airfield Weapon (SAAW) developed by DRDO launched from the Indian Air Force's Sukhoi Su-30MKI and SEPECAT Jaguar aircraft implants for Smart weapons, positively impacting the market growth.
Figure 1 : Smart Weapons Market by Platform, 2022 & 2030 (USD billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Weapons Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Smart Weapons market will dominate this market. The highest military or defense spending and expanding military modernization programs are credited with the growth. 2019 will be the U.S. 6,062 munitions were purchased with funds allotted by the Department of Defense totaling $4,03 billion. Additionally, the existence of important players like the Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, General Dynamics Corporation, and others will promote the expansion of the regional market.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 : SMART WEAPONS SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Smart Weapons market accounts for the second-largest market share as a result of rising defense industry investments from countries like India, China, South Korea, Japan, and others. Cross-border conflicts, political unrest, and rising terrorism in the Asia Pacific drive the key market growth during the projection period. Further, the German Smart Weapons market held the largest market share, and the UK Smart Weapons market was the fastest-growing market in the European region.
The Asia Pacific Smart Weapons Market is expected to grow at the fastest CAGR from 2023 to 2030 significant growth as a result of key players like Thales Group, BAE Systems, Rheinmetall AG, and others. Additionally, the growing defense budgets for bolstering military capabilities from nations like the U. The main drivers of demand for these weapons are probably K, France, and Russia. Moreover, the India Smart Weapons market held the largest market share, and the China Smart Weapons market was the fastest-growing market in the Asia Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Smart Weapons market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Smart Weapons industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Smart Weapons industry to benefit clients and increase the market sector. The Smart Weapons industry has recently offered some of the most significant medical advantages. Major players in the Smart Weapons market, including Lockheed Martin Corporation, Raytheon Technologies Corporation, BAE Systems, PLC, The Boeing Company, L-3 Communications Holdings Inc., MBDA Inc., General Dynamics Corporation, Orbital ATK, Thales Group, Textron Inc., Rheinmetall Ag and others, are attempting to increase market demand by investing in research and development operations.
BAE Systems (UK) British multinational defense, security, and aerospace company BAE Systems plc. It is among the biggest defense contractors in the world, with operations in the United Kingdom, the United States, and several other nations. Among the many goods and services that BAE Systems designs develop, and produces are military aircraft, missiles, ships, submarines, and armored vehicles. In 1999, British Aerospace and Marconi Electronic Systems merged to form the business. It employs about 85,000 people worldwide and has its headquarters in Farnborough, Hampshire, in the UK. In addition to being a significant supplier to the US military, BAE Systems has a long history of providing defense equipment to the UK armed forces. The FTSE 100 Index includes BAE Systems, traded on the London Stock Exchange. The company works in cyber security, intelligence, surveillance, defense, and aerospace markets.
L3Harris Technologies Inc. (US) The American technology company Harris Corporation served as a defense contractor, provider of information technology services, and manufacturer of wireless equipment, tactical radios, electronic systems, night vision devices, and both terrestrial and spaceborne antennas for use in the public, private, and commercial sectors. Their areas of expertise included electronic warfare, microwave weapons, and surveillance systems. To create L3Harris Technologies in 2019, it merged with L3 Technologies.
Key Companies in the Smart Weapons market include
For instance, July 2021 To further the development of their smart gun, which uses a fingerprint sensor to unlock the trigger, startup Biofire Technologies declared that they had raised USD 17 million in seed money. Only authorized users can fire the company's developed smart weapons.
For instance, February 2022 The development of India's missiles and guided bombs has been announced as a future endeavor. As part of the "Make in India" initiative, a test campaign will be launched to evaluate the performance of smart air-launched weapons created by the Indian industry, such as air-to-air missiles, anti-radar missiles, and glide bombs.
Smart Weapons Product Outlook
Smart Weapons Technology Outlook
Smart Weapons Platform Outlook
Smart Weapons Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 17.15 billion |
| Market Size 2023 | USD 18.0075 billion |
| Market Size 2030 | USD 18.0075 billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology, Platform and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Lockheed Martin Corporation, Raytheon Technologies Corporation, BAE Systems, PLC, The Boeing Company, L-3 Communications Holdings Inc., MBDA Inc., General Dynamics Corporation, Orbital ATK, Thales Group, Textron Inc., Rheinmetall Ag |
| Key Market Opportunities | An increase in terrorist groups' threats to national security. |
| Key Market Dynamics | An increase in the demand for cutting-edge precision strike weapons. |
Smart Weapons Market Highlights:
Frequently Asked Questions (FAQ) :
Smart Weapons Market I Registering A CAGR Of 5%.2020-2030
Lockheed Martin Corporation (US),Raytheon Technologies Corporation (US),BAE Systems, PLC (UK),The Boeing Company (US),L-3 Communications Holdings, Inc. (US),MBDA, Inc. (France),General Dynamics Corporation (US),Orbital ATK (US),Thales Group (France),Textron Inc. (US),Rheinmetall Ag (Germany)
North America Accounted for the Largest Market Share
Increasing Demand for Remote Weapon Stations and the growing terrorist threats across the globe, the rising number of cross-border threats and armed conflicts would fuel the demand for remote weapon stations.
According to Latest Update directed energy weapons ,guided rocket, guided projectile are types of smart weapons in defense Market
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