The global smart weapons market was valued at approximately $18.99 billion in 2023 and is expected to increase to around $20.20 billion in 2024. By 2032, it could reach about $45.24 billion, growing at a compound annual growth rate (CAGR) of 10.61% from 2024 to 2032. In 2023, North America led the market, holding a significant share of 33.86%. Smart weapons, often referred to as "precision-guided munitions" (PGMs), have become integral to modern military strategy, emphasizing accuracy, reduced collateral damage, and enhanced effectiveness in both offensive and defensive scenarios.

Informational Source:

https://www.fortunebusinessinsights.com/smart-weapons-market-104058

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)

The term “smart weapon” encompasses various technologies designed to improve targeting precision, guidance, and operational flexibility. In recent years, developments in artificial intelligence (AI), machine learning (ML), sensor technologies, and data integration have further enhanced the capabilities of these weapons, enabling more sophisticated warfare techniques.

1. Types of Smart Weapons

Smart weapons generally fall into several categories, based on their guidance systems and intended applications:

• Laser-Guided Weapons: These use a laser system that "paints" the target, with the weapon homing in on the reflected laser beam. Examples include Paveway laser-guided bombs.