Press release
Global Smart Weapons Technology Market Worth $28.21 Billion by 2029, Growing at 7.2% CAGR
Smart Weapons Technology
Smart Weapons Technology Market Outlook: What Size And CAGR Are Anticipated By 2025?
In the past few years, the market size of smart weapons technology has experienced substantial expansion. The projection is that it will escalate from $20.01 billion in 2024 to $21.37 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.8%. The historical period's growth can be credited to factors like the rising demand for precision-guided weapons, heightened efforts to minimize friendly fire incidents, an upsurge in military involvement in urban warfare, an increase in the utilization of real-time data for targeting, and growing dependence on satellite-oriented navigation systems.
What Is the Expected CAGR for the Smart Weapons Technology Market Growth Through 2029?
The market for smart weapons technology is poised to experience robust expansion in the coming years, with projections indicating a rise to $28.21 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 7.2%. Factors contributing to the predicted increase during this period include growing asymmetric warfare threats, a surge in the use of autonomous defense systems, heightened demand for comprehensive battlefield solutions, increased governmental focus on border security, and an upward trend in the procurement of superior weaponry. Notable trends anticipated during the forecast timeframe comprise advancements in artificial intelligence technology, progressive developments in sensor fusion and targeting, significant investments in research and development, the creation of variable-speed weapon systems, and innovative strides in electronic countermeasure technologies.
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What Are the Primary Drivers Behind Smart Weapons Technology Market Growth?
The anticipated growth of the smart weapons technology market is attributed to the expanding defense budgets. These budgets imply the monetary resources a government sets aside for the upkeeping and advancement of its military operations and armed forces. The escalation in defense budgets is largely due to growing geopolitical strains, as countries devote more assets to reinforce their military competencies in light of regional disagreements, strategic competitions, and national security risks. The utilization of smart weapons technology boosts precision and effectiveness in military activities, benefiting defense budgets by minimizing requirements for extensive deployments as well as costs associated with collateral damage. For example, the UK's Ministry of Defense reported in November 2024 that total defense spending had witnessed an increase of roughly $1.4 billion (£1.1 billion) vis-à-vis 2022-23. Consequently, the expansion of defense budgets is stimulating the smart weapons technology market's growth.
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What Are the Key Segments Driving Smart Weapons Technology Market Growth?
The smart weapons technology market covered in this report is segmented -
1) By Product: Missiles, Munitions, Guided Projectiles, Guided Rockets, Guided Firearms, Directed Energy Weapons
2) By Technology: Laser, Infrared, Radar, Global Positioning System (GPS), Other Technologies
3) By Platform: Air, Land, Naval
Subsegments:
1) By Missiles: Air-to-Air Missiles, Air-to-Ground Missiles, Surface-to-Air Missiles, Surface-to-Surface Missiles, Anti-Tank Missiles, Anti-Ship Missiles
2) By Munitions: Smart Bombs, Precision-Guided Munitions (PGMs), Cluster Munitions, Thermobaric Munitions, Penetrator Warheads
3) By Guided Projectiles: Guided Artillery Shells, Smart Mortars, Extended Range Guided Projectiles, Terminally Guided Projectiles
4) By Guided Rockets: Laser-Guided Rockets, GPS-Guided Rockets, Infrared-Guided Rockets, Semi-Active Radar Guided Rockets
5) By Guided Firearms: Smart Rifles, Laser-Guided Small Arms, Fire-Control System Enabled Firearms, Ballistic Tracking Firearms
6) By Directed Energy Weapons: High Energy Lasers (HEL), High Power Microwave (HPM) Weapons, Particle Beam Weapons, Electromagnetic Railguns
What Are the Technological Trends Impacting the Smart Weapons Technology Market?
Top firms active in the smart weapons technology sector are prioritizing the creation of innovative solutions like autonomous systems to enhance both targeting precision and operational productivity. Autonomous systems are the technologies capable of functioning without needing human interference, relying on sensors, AI, and machine learning to reach decisions. They give weapons and vehicles the capacity to execute duties like navigation, targeting, and surveillance on their own in military applications. For example, in September 2023, the Interceptor-SR, a portable autonomous system aimed at countering drones, was introduced by the UK-based MARSS Group. The breakthrough system boasts autonomous tracking powered by AI, thermal sensors, and kinetic neutralization capacities, allowing independent identification and neutralization of Class 1 drones. The Interceptor-SR offers a variety of deployment options, both mounted and dismounted, proving highly adaptable for numerous military operations. Plus, its modular design guarantees flexibility and efficiency in dealing with aerial threats.
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Who Are the Major Competitors in the Global Smart Weapons Technology Market?
Major companies operating in the smart weapons technology market are Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, BAE Systems, L3Harris Technologies Inc., Textron Inc, Rheinmetall AG, Elbit Systems Ltd., Israel Aerospace Industries Ltd., MBDA, Diehl Stiftung & Co. KG, Saab AB, General Atomics, Aselsan A.S., Denel SOC Ltd., Thales Group, UVision Air, Rafael Advanced Defense Systems Ltd., Bharat Dynamics Limited
Which Region Dominates the Smart Weapons Technology Market Share in 2025?
North America was the largest region in the smart weapons technology market in 2024. The regions covered in the smart weapons technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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