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Smart Weapons Market Forecasts to 2028 - Global Analysis By Product (Munitions, Missiles and Other Products), Technology (Radar, Laser and Other Technologies), Platform (Land, Air and Naval), and Geography
Estimated Year Value (2022)
US $17.05 BN
Projected Year Value (2028)
US $25.60 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Smart Weapons Market is accounted for $17.05 billion in 2022 and is expected to reach $25.60 billion by 2028 growing at a CAGR of 7% during the forecast period. Smart weapons are computer-guided munitions that have GPS, radio, infrared, laser, and satellite guidance systems, which provide incredibly accurate and precise placement. Precision-guided weapons, sometimes known as smart weapons, are designed to hit the target precisely while minimising collateral damage and lethality. External operating systems that are positioned far away from the physical location of the smart weapon are used to control and support it. The nature of warfare and its tactics have evolved as a result of smart weapons systems. Cruise missiles use the data from the navigation satellite to keep their flight path and course accurate. Smart weapons are equipped with safety features that restrict their use to authorised users only, minimising the likelihood of abuse, gun theft, and self-harm.
According to the United States Department of Homeland Security and the National Consortium for the Study of Terrorism and Responses to Terrorism, there were 8,302 terrorist attacks worldwide in 2019, with 25,082 deaths and 19,924 injuries.
Increasing need for precision weapons
Global market expansion is being driven, among other things, by the rising need for extremely precise weaponry brought on by rising geopolitical conflicts and cross-border problems. Such weapons are in high demand since they are affordable, more accurate, and versatile, have a greater operational range, and require little training. Additionally, the growing number of initiatives for military forces' replenishment and modernisation is projected to increase demand for these weapons. For instance, to update the radar-guided gun weapon system, Raytheon Technologies Corporation and the U.S. Navy inked a modification deal worth USD 110 million.
Arms transportation regulations
As arms trafficking hoarding is still an issue, the laws now in existence do not sufficiently regulate the import and export of weaponry. The development of the smart weapons market is anticipated to be stifled by arms control treaties, problems with regulating the arms trade, a focus on the complexity of the interests involved in the emergence of small arms as the most promising weapons, and black and grey markets due to ineffective trade regulations. The agreement attempts to forbid the use of particular weapons that are thought to be particularly dangerous or to have fatal results. It is only permitted to acquire and maintain a certain number of illegal weapons and ammunition for training purposes as well as to develop the detection, authorization, and countermeasures systems. As a result, the accord is anticipated to control, forbid, and restrict the trade of smart weapons on the global market, which is preventing the market for these weapons from growing.
Security risks from terrorist organisations have escalated.
Attacks by terrorists have drastically increased in recent years as their power has grown. For instance, central Baghdad was struck by two devastating suicide bombings. There were 8,302 terrorist incidents worldwide, resulting in 25,082 fatalities and 19,924 injuries, according to the National Consortium for the Study of Terrorism and Responses to Terrorism and the United States Department of Homeland Security. As attacks increase, so do the amount of smart weapons that major economies buy and acquire, driving up demand for smart weapons and fostering market expansion.
Complexity of Weapon Systems
The majority of smart guns have numerous mechanical and electronic parts. This makes it more complex. They are complicated, making maintenance challenging and increasing the likelihood of component failure. As a result, it is anticipated that over the forecast period, the complexity of weapon systems will restrain the expansion of the global market for smart weapons.
The epidemic has presented the defence industry with previously unheard-of challenges. The global lockdown had a significant influence on the defence industry, leading to production halts from important companies and a delay in the delivery of jets to India. The market is projected to continue to expand steadily during the epidemic, despite the difficulties. In order to provide guided missile round packs and replacement parts for the Block 2A and two variations of the rolling airframe missile system, Raytheon Company signed a contract worth USD 353.4 million in March 2020. Large firms signing contracts will likely cause the market to grow gradually during COVID-19.
The missiles segment is expected to be the largest during the forecast period
The missiles segment is estimated to have a lucrative growth. Air-to-air and air-to-surface missiles, anti-ship and anti-submarine missiles, anti-tank missiles, and standoff missiles are all types of missiles. Target Pods and Guided Bombs are examples of weapons. Due to the rising need for advance guided missiles by various defence forces, the missiles segment is anticipated to have a significant market presence. For instance, BAE Systems and ten nations, including the US, have a deal for the provision of semi-guided missile systems.
The radars segment is expected to have the highest CAGR during the forecast period
The radars segment is anticipated to witness the fastest CAGR growth during the forecast period. Radars come in Active Homing and Passive Homing varieties. Radar types include imaging infrared (IIR) and infrared (IR) homing radars. Due to its operational effectiveness and extremely high degree of target-affecting precision, Laser-Guided technology is anticipated to have a significant market presence during the projection period.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing defence spending of important economies, it is anticipated that the Asia-Pacific (APAC) market will develop at the fastest rate over the hypothesised period. Due to the growing investments in smart weaponry, key nations like China, Japan, India, and Australia are considerably driving the market growth in the Asia-Pacific region. The market for smart weapons is being driven by increased military spending and territorial disputes between nearby nations like China, South Korea, and North Korea. Additionally, India saw a 9% increase in military spending. Additionally, China, India, and other Asian nations are increasingly developing naval warfare systems, which are further boosting the growth of the regional market.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the demand for smart weapons are quite strong, and North America leads the world in both military spending and technology development. Although Canada contributes to the development of some of this cutting-edge weaponry, the US still dominates the global market for smart weapons. Because to the presence of significant manufacturers like Lockheed Martin, Raytheon Technologies Corporation, and Northrop Grumman, the area owned the greatest proportion of the overall market.
Key players in the market
Some of the key players profiled in the Smart Weapons Market include Boeing, Lockheed Martin Corporation, BAE Systems, General Dynamics Corporation, MBDA, Northrop Grumman Corporation, Raytheon Company, Textron Inc., Rheinmetall AG, Thales Group, L-3 Communications Holdings, Inc., Orbital ATK, Textron Inc., Thales Group, Leonardo S.P.A, Denel Dynamics, Rafael Advanced Defence System Ltd, OTO Melara S.P.A, Alliant Techsystems Inc. and Israel Aerospace Industries.
In February 2021, Lockheed Martin Corporation signed a contract worth USD 414 million with the U.S. Navy and Air Force to supply LRASM. It is an anti-ship, precisionguided standoff missile based on the successful joint air-to-ground standoff missile.
In March 2020, Raytheon signed a contract worth USD 86 million with the U.S. Department of Defense (DoD) to provide engineering services for M982 Excalibur longrange precision artillery munitions.
• Guided Projectiles
• Precision Guided Firearms
• Guided Rockets
• Directed Energy Weapons
• Other Products
• Global Positioning System (GPS)
• Other Technologies
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 Technology Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Weapons Market, By Product
5.2.1 Target Pods
5.2.2 Guided Bombs
5.3.1 Anti-Tank Missiles & Standoff Missiles
5.3.2 Anti-to-Air & Air-to-Surface Missiles
5.3.2 Anti-Ship & Anti-Submarine Missiles
5.4 Guided Projectiles
5.4.1 Artillery Shells
5.4.2 Mortar Rounds
5.5 Precision Guided Firearms
5.5.1 Small Smart Weapons
5.5.2 Smart Guns
5.5.3 Shoulder Fired Weapons
5.6 Guided Rockets
5.6.1 Anti-Tank & Tactical Rockets
5.6.2 Air-To-Air & Air-to-Surface
5.7 Directed Energy Weapons
5.8 Other Products
6 Global Smart Weapons Market, By Technology
6.2.1 Active Homing
6.2.2 Passive Homing
6.4.1 IIR Homing
6.4.2 IR Homing
6.5 Global Positioning System (GPS)
6.6 Other Technologies
6.6.4 Micro Computing
7 Global Smart Weapons Market, By Platform
8 Global Smart Weapons Market, By Geography
8.2 North America
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.5 Other Key Strategies
10 Company Profiling
10.2 Lockheed Martin Corporation
10.3 BAE Systems
10.4 General Dynamics Corporation
10.6 Northrop Grumman Corporation
10.7 Raytheon Company
10.8 Textron Inc.
10.9 Rheinmetall AG
10.10 Thales Group
10.11 L-3 Communications Holdings, Inc.
10.12 Orbital ATK
10.13 Textron Inc.
10.14 Thales Group
10.15 Leonardo S.P.A
10.16 Denel Dynamics
10.17 Rafael Advanced Defence System Ltd
10.18 OTO Melara S.P.A
10.19 Alliant Techsystems Inc.
10.20 Israel Aerospace Industries
List of Tables
1 Global Smart Weapons Market Outlook, By Region (2020-2028) ($MN)
2 Global Smart Weapons Market Outlook, By Product (2020-2028) ($MN)
3 Global Smart Weapons Market Outlook, By Munitions (2020-2028) ($MN)
4 Global Smart Weapons Market Outlook, By Target Pods (2020-2028) ($MN)
5 Global Smart Weapons Market Outlook, By Guided Bombs (2020-2028) ($MN)
6 Global Smart Weapons Market Outlook, By Missiles (2020-2028) ($MN)
7 Global Smart Weapons Market Outlook, By Anti-Tank Missiles & Standoff Missiles (2020-2028) ($MN)
8 Global Smart Weapons Market Outlook, By Anti-to-Air & Air-to-Surface Missiles (2020-2028) ($MN)
9 Global Smart Weapons Market Outlook, By Anti-Ship & Anti-Submarine Missiles (2020-2028) ($MN)
10 Global Smart Weapons Market Outlook, By Guided Projectiles (2020-2028) ($MN)
11 Global Smart Weapons Market Outlook, By Artillery Shells (2020-2028) ($MN)
12 Global Smart Weapons Market Outlook, By Mortar Rounds (2020-2028) ($MN)
13 Global Smart Weapons Market Outlook, By Precision Guided Firearms (2020-2028) ($MN)
14 Global Smart Weapons Market Outlook, By Small Smart Weapons (2020-2028) ($MN)
15 Global Smart Weapons Market Outlook, By Smart Guns (2020-2028) ($MN)
16 Global Smart Weapons Market Outlook, By Shoulder Fired Weapons (2020-2028) ($MN)
17 Global Smart Weapons Market Outlook, By Guided Rockets (2020-2028) ($MN)
18 Global Smart Weapons Market Outlook, By Anti-Tank & Tactical Rockets (2020-2028) ($MN)
19 Global Smart Weapons Market Outlook, By Air-To-Air & Air-to-Surface (2020-2028) ($MN)
20 Global Smart Weapons Market Outlook, By Anti-Submarine (2020-2028) ($MN)
21 Global Smart Weapons Market Outlook, By Directed Energy Weapons (2020-2028) ($MN)
22 Global Smart Weapons Market Outlook, By Other Products (2020-2028) ($MN)
23 Global Smart Weapons Market Outlook, By Technology (2020-2028) ($MN)
24 Global Smart Weapons Market Outlook, By Radar (2020-2028) ($MN)
25 Global Smart Weapons Market Outlook, By Active Homing (2020-2028) ($MN)
26 Global Smart Weapons Market Outlook, By Passive Homing (2020-2028) ($MN)
27 Global Smart Weapons Market Outlook, By Laser (2020-2028) ($MN)
28 Global Smart Weapons Market Outlook, By Infrared (2020-2028) ($MN)
29 Global Smart Weapons Market Outlook, By IIR Homing (2020-2028) ($MN)
30 Global Smart Weapons Market Outlook, By IR Homing (2020-2028) ($MN)
31 Global Smart Weapons Market Outlook, By Global Positioning System (GPS) (2020-2028) ($MN)
32 Global Smart Weapons Market Outlook, By Other Technologies (2020-2028) ($MN)
33 Global Smart Weapons Market Outlook, By Satellite (2020-2028) ($MN)
34 Global Smart Weapons Market Outlook, By Optical (2020-2028) ($MN)
35 Global Smart Weapons Market Outlook, By Wire-Guided (2020-2028) ($MN)
36 Global Smart Weapons Market Outlook, By Micro Computing (2020-2028) ($MN)
37 Global Smart Weapons Market Outlook, By Platform (2020-2028) ($MN)
38 Global Smart Weapons Market Outlook, By Land (2020-2028) ($MN)
39 Global Smart Weapons Market Outlook, By Air (2020-2028) ($MN)
40 Global Smart Weapons Market Outlook, By Naval (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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