The Global Smart Weapons Market Size Was USD 17.17 Billion In 2020, And Is Expected To Grow To USD 30.12 Billion In 2028, With A CAGR Of 8.02% During 2021-2028.

Smart Weapons Market Overview:

Smart weapons are computer-guided munitions equipped with radio, infrared, laser, global positioning system and satellite guidance systems with extraordinary accuracy and precision. Also known as precision-guided weapons, smart weapons are designed to hit targets with precision and reduce collateral damage and lethality. Smart weapons are operated and assisted by the use of external operating systems located in distant geographic areas. Smart weapon systems change the course of engagement and strategy. Cruise missiles use information from navigation satellites to maintain the correct course and direction during flight. Smart guns have safeguards that can only be used when activated by authorized personnel, reducing instances of misuse, gun theft and self-harm. Security features in smart weapons include RFID (radio frequency identification device) chips, fingerprint recognition, biometric sensors, mechanical locks and magnetic kits.

Smart Weapons market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Smart Weapons market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Major Market Segments Covered in Smart Weapons Industry Research:

Market Key Players:
Boeing, Textron Defense Systems, Raytheon, Northrop Grumman, Thales Group, General Dynamic, L3 Technologies, BAE Systems, Lockheed Martin, MBDA, Rheinmetall Ag, Israel Aerospace Industries, China Aerospace Science & Industry Corp, And Others.

By Type:

• Smart Military Robot, Smart Drone, Smart Tank, Smart Missile, Smart Mine, Others,

By Application:

• Defense, Homeland Security, Other

By Region:

North America was valued at USD 5.79 billion in 2020 and is likely to dominate the global smart weapons market during the forecast period. The growth is attributed to the highest defense or military spending and increasing military modernization programs. In 2019, the U.S. Department of Defense allocated $4.3 billion to purchase 6,062 munitions. Moreover, the presence of major players such as Boeing, Lockheed Martin, Northrop Grumman, General Dynamics, etc. will favor the growth of the regional market.

Asia Pacific is expected to witness significant growth over the forecast period. This growth is due to increasing investments in the defense sector by India, China, South Korea, Japan, and others. Cross-border conflicts, political unrest, and rising terrorism in the Asia-Pacific region drive the growth of the key market over the forecast period.

Europe is expected to experience significant growth owing to key players such as Thales Group, BAE Systems, Rheinmetall AG, etc. Moreover, increased defense spending by countries such as the UK, France, and Russia to bolster their military might drive the demand for these weapons.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Drivers

Rising demand for high-precision weapons owing to rising geopolitical conflicts and cross-border issues, etc. are factors driving the growth of the global market. The high demand for such weapons is due to their cost-effectiveness, greater accuracy, versatility, greater operational range and minimal training time. Additionally, growing military resupply and modernization programs may increase demand for these weapons. For example, in March 2020, Raytheon Technologies signed a $110 million retrofit contract with the U.S. Navy to modernize radar-guided artillery weapon systems. The system is expected to help the U.S. Navy strengthen its defenses against the threat of littoral warfare from aircraft and anti-ship missiles.

Restraints

Stringent government regulations in India, New Zealand, Australia, UK, and other countries are expected to hamper the growth of the global market. These countries have imposed strict regulations on the procurement and use of weapons. In 2019, for example, New Zealand banned semi-automatic weapons across the country following mass shootings at mosques in Christchurch that left 50 dead. Also, India has some of the strictest gun laws in the world when it comes to issuing gun licenses. Hence, these factors are expected to hinder the growth of the market in the coming years.

Smart Weapons Market report scope:

Key Takeaways from this Smart Weapons Report

• Estimate Smart Weapons market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Smart Weapons market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor's performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Smart Weapons market?

The Smart Weapons Market is growing at a CAGR of 8.02% During Forecast Period.

 What are the key types of Smart Weapons market?

Smart Military Robot, Smart Drone, Smart Tank, Smart Missile, Smart Mine, Others,

What are the key applications of Smart Weapons market?

Defense, Homeland Security, Other                                          

Who are the key players in Smart Weapons market?

Boeing, Textron Defense Systems, Raytheon, Northrop Grumman, Thales Group, General Dynamic, L3 Technologies, BAE Systems, Lockheed Martin, MBDA, Rheinmetall Ag, Israel Aerospace Industries, China Aerospace Science & Industry Corp, And others.