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 2024-2031

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.

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.

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.

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.

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.