USD 19.58 Billion
Smart Weapons Market Size, Share, Growth Analysis, By Platform(Air, Land, and Naval), By Product(Missiles, Munitions, Guided Projectile, Guided Rocket), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20A2169 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
65
|Figures:
75
Smart Weapons Market Insights
Smart Weapons Market size was valued at USD 21.19 Billion in 2023 and is poised to grow from USD 22.93 Billion in 2024 to USD 43.06 Billion by 2032, growing at a CAGR of 8.20% during the forecast period (2025-2032).
The primary purpose of the global smart weapons market is to provide militaries with advanced and sophisticated weapon systems that offer superior precision and operational capabilities. Smart weapons offer significant advantages over conventional weapons by reducing the risk of civilian casualties, increasing target accuracy, and enhancing overall mission success rates. Several factors drive the growth of the global smart weapons market. The increasing focus on precision strikes and minimizing collateral damage has led to a rising demand for smart weapons.
Despite the significant growth prospects, the global smart weapons market faces certain restraining factors. One of the primary challenges is the high cost associated with the development, production, and maintenance of smart weapons. The smart weapons market also faces specific challenges. One of the major challenges is the constant need for research and development to stay ahead of evolving threats and countermeasures. Technology obsolescence is a concern as adversaries may develop countermeasures to undermine smart weapon capabilities. The global smart weapons market presents significant opportunities for growth. The ongoing advancements in artificial intelligence (AI), machine learning, and sensor technologies provide opportunities for further innovation and development of smart weapons.
The global smart weapons market serves the purpose of providing militaries with advanced weapon systems that offer precision, accuracy, and enhanced operational capabilities. While the market is driven by factors such as the need for precision strikes and modernization of defense systems, it faces challenges related to cost, regulations, and technology obsolescence. opportunities arising from technological advancements and defense modernization programs present promising prospects for the growth of the smart weapons market in the future.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Air
Fastest Growth
Air
Growth Rate
8.20% CAGR
Global Smart weapons Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Smart Weapons Market Segmental Analysis
Global Smart weapons Market is segmented on the basis of platform, product, and region. Based on platform, the market is segmented into air, land, and naval. By product, the market is segmented into missiles, munitions, guided projectile, guided rocket, directed energy weapons. In terms of region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Smart Weapons Market Analysis by Platform
The land segment is expected to experience the highest growth rate during the forecast period in the global smart weapons market. This growth can be attributed to factors such as increased defense spending, rapid expansion of military forces, and the rising procurement of smart weapons.
The air segment is anticipated to demonstrate significant growth due to the growing demand for precision weapons by air forces. For instance, in 2020, the Smart Anti-Airfield Weapon (SAAW) developed by DRDO was successfully launched from the Indian Air Force's Sukhoi Su-30MKI and SEPECAT Jaguar aircraft, highlighting the increasing adoption of advanced air-based smart weapons. The naval segment is expected to exhibit moderate growth, driven by the increasing procurement of directed energy weapons by naval forces. This indicates the adoption of cutting-edge technologies in naval warfare to enhance capabilities and effectively address maritime threats.
Global Smart Weapons Market Analysis by product
The missiles segment is projected to maintain its dominance in the global smart weapons market, primarily driven by the growing demand for advanced guided missiles by defense forces. A notable example is the contract signed by BAE Systems in September 2019, valued at USD 2,680 million, to supply a semi-guided missile weapons system to the United States and nine other countries until 2025.
The munition segment is expected to exhibit the highest growth rate during the forecast period. This growth can be attributed to the increasing demand for next-generation precision-guided munitions, which is fueled by the rise in terrorist activities, political unrest, and cross-border conflicts across the globe.
Global Smart weapons Market Size By Type 2021(%)
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Smart Weapons Market Regional Insights
North America emerged as the dominant region in the global smart weapons market, with a value of USD 5.79 billion in 2020, and is expected to maintain its lead during the forecast period. This growth can be attributed to the region's highest defense and military spending, as well as increasing military modernization programs. The U.S. Department of Defense allocated the procurement of 6,062 munitions, indicating a significant investment in smart weapons. Furthermore, the presence of key players like Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, and General Dynamics Corporation in the region contributes to the market's growth.
Asia-Pacific is projected to exhibit remarkable growth in the smart weapons market during the forecast period. This growth is driven by increasing investments in the defense sector from countries such as India, China, South Korea, and Japan, among others. The region is witnessing cross-border conflicts, political unrest, and a rise in terrorism, which further fuels the demand for advanced smart weapons. The focus on enhancing defense capabilities and addressing security challenges contributes to the positive market outlook in the Asia-Pacific region.
Global Smart weapons Market Size By Geography, 2021-2030
- Largest
- Fastest
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Smart Weapons Market Dynamics
Global Smart Weapons Market Drivers
Increasing Security Concerns and Modernization Programs
- The rising security concerns globally, including terrorism, regional conflicts, and geopolitical tensions, acted as a driver for the demand for smart weapons. Many countries focused on strengthening their defense capabilities through military modernization programs, which included the acquisition of advanced smart weapon systems. For instance, in 2022, countries like the United States, China, and India continued to invest heavily in upgrading their military arsenals with smart weapons to address evolving security challenges.
Technological Advancements
- Continued advancements in technology played a crucial role in driving the global smart weapons market. For example, the integration of artificial intelligence (AI), machine learning, and advanced sensor technologies into smart weapons improved their accuracy, target recognition capabilities, and overall performance. Additionally, the development of miniaturized components and enhanced communication systems enabled the deployment of smart weapons in various platforms, including unmanned aerial vehicles (UAVs) and autonomous systems.
Global Smart Weapons Market Restraints
Cost and Affordability
- The high cost associated with the development, production, and maintenance of smart weapons remained a significant restraint for the market. The complex technologies, advanced components, and rigorous testing requirements often led to higher price tags for smart weapons. As a result, some countries, especially those with budget constraints, faced challenges in affording and procuring these advanced weapon systems.
Export Controls and Regulatory Challenges
- Stringent export controls and regulatory policies imposed by various countries limited the international trade of smart weapons. Restrictions on the transfer of sensitive technologies and concerns related to non-proliferation posed challenges for the export and import of smart weapons. Compliance with international regulations and obtaining export licenses became critical for manufacturers, impacting the market's growth potential.
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Smart Weapons Market Competitive Landscape
The global smart weapons market is highly competitive, with several key players vying for market share and striving to maintain their competitive edge. These companies focus on product development, strategic partnerships, mergers and acquisitions, and extensive research and development (R&D) efforts to enhance their offerings and cater to evolving customer requirements. The global smart weapons market is characterized by intense competition among major players, who focus on product development, R&D investments, strategic partnerships, and M&A activities. emerging players and innovators contribute to the market's competitiveness by introducing disruptive technologies and specialized solutions. The landscape is dynamic and driven by a constant pursuit of technological advancements, market expansion, and meeting evolving customer demands.
Top Player’s Company Profiles in Global Smart Weapons Market
- The Boeing Company (US)
- Raytheon Technologies Corporation (US)
- BAE Systems plc (UK)
- General Dynamics Corporation (US)
- Thales Group (France)
- Saab AB (Sweden)
- MBDA (UK)
- Leonardo S.p.A. (Italy)
- Israel Aerospace Industries Ltd. (Israel)
- Rheinmetall AG (Germany)
- L3 Harris Technologies, Inc. (US)
- Textron Inc. (US)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Rafael Advanced Defense Systems Ltd. (Israel)
- Elbit Systems Ltd. (Israel)
- Kongsberg Gruppen ASA (Norway)
- Orbital ATK (US)
- Huntington Ingalls Industries, Inc. (US)
Global Smart Weapons Market Recent Developments
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In April 2023, the US-based company Biofire unveiled an innovative firearm technology – the Biofire Smart Gun. This revolutionary firearm offers a cutting-edge biometric identification system that redefines safety and security in firearms. This firearm boasts both fingerprint and facial recognition systems integrated seamlessly into its design and allows only authorized users with pre-registered fingerprints to access and operate the weapon.
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In March 2023, a leading player in the smart weapon market - Raytheon Technologies Corporation secured a contract worth US$ 320 Mn and achieved a significant milestone in the defense sector. According to the contract the company is delivering around 1500 StormBreaker smart weapons, representing a major advancement in air-to-surface weapon area.
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In June 2023, MBDA, a well-known market leader in missile technology, opened its cutting-edge missile engineering center in the United Arab Emirates. This strategic move reflects MBDA's commitment to fortifying its long-standing partnership with the UAE, and focus on advancing missile systems.
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This is a very first facility of its kind to operate beyond the outside of Europe. The dedicated team of engineers from both Tawazun Technology Innovation and MBDA together would be working on the development of next-generation smart weapons.
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In August 2023, FAB Department of Aerospace Science and Technology, Brazil and UAE state owned defense conglomerate EDGE Group signed an agreement to explore the opportunities in the smart weapon area including other such as unmanned and autonomous platform development. This agreement would further support the defense capability development in Latin America and the UAE.
Smart Weapons Key Market Trends
- Focus on Directed Energy Weapons: The utilization of directed energy weapons gained prominence as a key trend in the smart weapons market. Directed energy weapons, including laser and microwave-based systems, offered advantages such as speed-of-light engagement, precision targeting, and cost-effectiveness. In 2022, various defense forces conducted successful tests and trials of directed energy weapons, indicating the growing interest in this technology.
- Integration of Network-Centric Warfare: The trend of network-centric warfare, which involves the seamless integration of various platforms and systems for real-time information sharing and decision-making, had a significant impact on the smart weapons market. Interoperability and integration of smart weapons with command-and-control systems, battlefield management systems, and networked communication networks became crucial for enhancing overall operational effectiveness. This trend aimed to enable better coordination, situational awareness, and synchronized operations among different military units.
Smart Weapons Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global smart weapons market is expected to experience significant growth during the forecast period from 2023 to 2030. The market refers to the industry involved in the development, production, and sale of technologically advanced weapons systems that incorporate cutting-edge features and capabilities. These weapons are designed to provide enhanced accuracy, precision, and effectiveness in military operations. They often utilize advanced technologies such as artificial intelligence, sensors, and connectivity to improve target recognition, reduce collateral damage, and increase operational efficiency.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 19.58 Billion |
| Market size value in 2031 | USD 39.80 Billion |
| Growth Rate | 8.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Weapons Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Weapons Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Weapons Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Weapons Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Weapons Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Weapons Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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