Smart Weapons Market Size, Share, Growth Report 2030

Smart Weapons Market Size And Industry Analysis

The global smart weapons market accounted for USD 14,253.4 Million in 2020 and is expected to reach USD 22,641.4 Million by 2028, growing at a CAGR of 6.2% from 2021 to 2028.

Smart weapons can be simply described as weapons that are guided by navigation systems to ensure their reach towards their target, with a high precision rate. They are equipped with technologies such as Machine Learning (ML) and Artificial Intelligence (AI). These technologies help them guide through light, sound, or electromagnetic waves, to reach their target with exceptional fidelity. Their navigation systems rely on Lasers, Radars, Satellites, and Infrared waves, among others. They include large and small weapons such as Missiles, Rockets, Firearms, and others. 

The need to minimize financial damages will augment the growth of the smart weapons market, during the forecast period. Furthermore, the rising focus on ensuring public safety will bolster the growth of Precision Guided Firearms, in the smart weapons market.

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COVID-19 Impact Analysis

Before the COVID-19 pandemic, companies in the smart weapons market were expanding at a steady pace. However, during the pandemic, the players in the market took a sharp hit. This can be accredited to the worldwide lockdown, business shutdowns, and widespread infection rate of the virus.

Due to the lockdown, manufacturing facilities across various countries were shut down which affected the manufacturing and thereby, sales of smart weapons. The efforts of the companies to widen their reach and sales had come to a halt as they saw a sudden disruption in their supply chain as well as demand.

Furthermore, due to the widespread infection rate of the virus, the morbidity and mortality rates had risen. Due to this, governments of several countries were focusing their budgets on healthcare expenditure. This reduced their military and defense expenditure, causing a decline in the market for Smart Weapons.

Smart Weapons Market: Growth Factors

Technological advancements, growth of the defense industry, enhanced military expenditure, and the rising necessity for remotely-operated weapons are some of the major factors that drive the Smart Weapons market.

To put a halt to terrorist undertakings, all over the world, countries are making huge investments in their military sectors. This leads to the growth and development of their defense segments. Due to this, there has been a rise in their research and development activities. This promotes the modification of existing technologies by innovations and the invention of novel solutions, based on technological advancements.  This, in turn, drives the market for Smart Weapons.

Furthermore, military units require weapons that can be operated remotely, for several reasons. This further advances the market for Smart Weapons. Additionally, countries rely on smart weapons to bolster their military units as political instability and border unrest can lead to severe repercussions and strong military units help withstand such issues.

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Product Segment Analysis Preview

The Missiles segment held a share of over 36% in 2020, becoming the most dominant segment, globally and it is expected to maintain its dominance, during the forecast period. This dominance can be credited to their diversity.

Due to advanced military sectors, Missiles against Tanks, Ships, and Submarines have been developed. Additionally, Missiles that can be launched from the air, having a target in the air as well as on land, have been established too. This wide diversity of Missiles promotes’ their use in a multitude of defense operations.

Subsequently, the Precision Guided Firearms segment holds a significant share in the Smart Weapons Market. This can be accredited to their increasing demand. Firearms that can be unlocked by biometric signatures, and weapons that are easy to carry and have an enhanced operational efficiency are some of the features of Precision Guided Firearms that enhance their demand in the Smart Weapons market.

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Technology Segment Analysis Preview

The Laser segment is anticipated to reach a significant CAGR between 2021 and 2028. This is attributable to the immense demand and usage of Laser Guided Weapons, for a multitude of purposes, in the Smart Weapons industry. 

This immense demand can be attributed to their features that include high fidelity and exceptional efficiency. Due to technological advancements, Laser Guided Weapons are being modified to operate with increased and exceptional efficiency while maintaining their precision. Owing to this, the Laser segment dominates the market for Smart Weapons.

Subsequently, the Satellite segment held a notable share of the Smart Weapons market in 2020. This is attributable to the widespread use of Satellite Guided Smart Weapons. As these weapons have a guidance system that is reliable on Satellites, they can operate effectively even under harsh environmental conditions. This drives the market for smart weapons in the Satellite segment.

Smart Weapons Market: Regional Analysis Preview

The North American region accounted for a share of over 34.2% in 2020. This is attributable to various factors such as technological advancements, rising investments in the defense and military segments, increasing need to curb terrorist undertakings, and enhanced research and development ventures, in the region.

The North American region is undergoing economic growth and development. Due to this, the region is undergoing massive technological advancements. These advancements promote discoveries and innovations in the production of smart weapons. This enhances the market for Smart Weapons in the region. Additionally, the region is investing a tremendous amount towards its defense and military segments. This widens the scope of their research and development ventures. This leads to the development of novel and better technologies for Smart Weapons.

Furthermore, the need to curb terrorist undertakings in the region has been on the rise, over the past few years. This further enhances the market for smart weapons, in the region.

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The Asia Pacific region is expected to reach a CAGR of over 9.1% between 2021 and 2028. This is attributable to various factors such as rapid modernization, the presence of a large number of developing economies, enhanced defense expenditure, and the rising need to bolster the military division, in the region. 

The Asia Pacific region has been undergoing a rapid modernization phase. This promotes the growth of Smart Weapons in the region. This can be attributed to the dynamic shift from traditional and conventional weapons to modern and technology-reliant Smart Weapons. Additionally, the presence of a large number of developing economies in the region fosters economic development. This has enhanced the budget and expenditure for the defense segment. This, in turn, drives the market for Smart Weapons in the region.

Furthermore, the region has been taking several measures to bolster its military division, in order to curb terrorist activities. This further drives the market for Smart Weapons, in the region.

Smart Weapons Market: Key Players & Competitive Landscape

Some of the key players in the Smart Weapons market are Raytheon Technologies, Northrop Grumman Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Israel Aerospace Industries, BAE Systems, The Boeing Co., MBDA Inc., Textron Inc., and L3Harris Technologies among others.

The global smart weapons market is segmented as follows:

By Product

• Missiles
  • Anti-Tank and Standoff Missiles
  • Air-to-Air and Air-to-Surface Missiles
  • Anti-Ship and Anti-Submarine Missiles
• Munitions
  • Guided Bombs
  • Target Pods
• Guided Projectiles
  • Artillery Shells
  • Mortar Rounds
• Guided Rockets
  • Anti-Tank and Tactical Rockets
  • Air-to-Air and Air-to-Surface Rockets
  • Anti-Submarine Rockets
• Precision Guided Firearms
  • Small Smart Weapons
  • Shoulder Fired Weapons
  • Smart Guns

By Platform

• Air
• Land
• Naval

By Technology

• Laser
• Radar
  • Active Homing
  • Passive Homing
• GPS
• Infrared
  • IIR (Imaging Infrared) Homing
  • IR (Infrared) Homing
• Wire Guided
• Satellite
• Optical
• Micro Computing

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of The Middle East & Africa