In 2020, the global smart weapons market was worth $17.17 billion. It's expected to grow to $30.12 billion by 2028, with an annual growth rate of 8.02% from 2021 to 2028. The COVID-19 pandemic has had a big and unexpected impact worldwide, causing a slight drop in the demand for smart weapons in all regions. Smart weapons market, also known as precision-guided munitions, are designed to improve accuracy and minimize collateral damage by using guidance systems such as GPS, laser, infrared, or radar.
Informational Source:
https://www.fortunebusinessinsights.com/smart-weapons-market-104058
List of Key Companies Covered in Smart Weapons Market are:
- BAE Systems (The U.K)
- Boeing (The U.S.)
- General Dynamics Corporation (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- MBDA (France)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Company, a Raytheon Technologies company (The U.S.)
- Rheinmetall AG (Germany)
- Textron Inc. (The U.S.)
- Thales Group (France)
These weapons include smart bombs, guided missiles, and precision-guided artillery shells.
Technological Advancements
- Autonomous Systems and AI:
- Integration of artificial intelligence (AI) and machine learning (ML) in Smart weapons market enhances target acquisition, tracking, and engagement. AI enables weapons to analyze data from various sensors to make real-time decisions, improving accuracy and reducing the risk of human error.
- Hypersonic Weapons:
- Hypersonic weapons, capable of traveling at speeds greater than Mach 5, are a significant advancement in smart weaponry. These weapons can evade traditional missile defense systems due to their speed and maneuverability, making them a strategic asset.