The global smart weapons market was valued at around $19 billion in 2023. It’s expected to grow steadily, reaching about $20.2 billion in 2024 and projected to expand to $45.24 billion by 2032, with an annual growth rate of about 10.6% from 2024 to 2032. North America led this market in 2023, holding a 33.86% share, largely due to high investment in advanced defense technology.
Informational Source:
https://www.fortunebusinessinsights.com/smart-weapons-market-104058
Major 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)
This growth is driven by an increasing demand for precision-guided munitions and innovative advancements across military applications, particularly for targeting accuracy and operational effectiveness in complex combat scenarios.
Key Market Drivers
- Rising Global Security Threats: The need for smart weapons is increasingly urgent given the rising global security risks from both state and non-state actors. Nations are ramping up investments in precision-strike capabilities to counter emerging threats from terrorism and geopolitical tensions.
- Technological Advancements: Technological breakthroughs in guidance systems, such as laser, infrared, GPS, and radar, are central to the development of modern smart weapons. These technologies enhance the precision of missiles, rockets, and guided munitions, allowing for highly effective, low-collateral-damage operations. In particular, laser-guided munitions are projected to dominate the smart weapons market due to their enhanced targeting capabilities in complex combat environments.