The global smart weapons market size was USD 18.99 billion in 2023 and is projected to grow USD 20.20 billion in 2024 to USD 45.24 by 2032 at a CAGR of 10.61% during 2024-2032. North America dominated the smart weapons market with a market share of 33.86% in 2023. This is attributable to the increasing adoption of network enabled weapons and the growing demand for precision weapons across the globe.
Although the global pandemic has led to an unprecedented loss, the defense sector is slowly picking up the pace by adhering to the stringent regulations of social distancing imposed by the government agencies and the resumption of sensitive operational drills. The increasing focus on upgrading the military by countries globally is likely to favor the growth of the market in the near future.
Informational Source:
https://www.fortunebusinessinsights.com/smart-weapons-market-104058
Market Segmentation:
Based on product, the global market for smart weapons is divided into Missiles, Munitions, Guided Projectile, Guided Rocket, and Directed Energy Weapons. On the basis of platform, the market is segregated into Air, Land, and Naval. Based on technology, the market is categorized into Laser Guidance, Infrared Guidance, Radar Guidance, Satellite Guidance, and Others. Lastly, on the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
List of the Companies Profiled in the Global Market:
What does the Report Include?
The global market for smart weapons report includes in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Demand for Precision Weapons to Promote Growth
The increasing number of cross border issues and the rising geopolitical conflicts has propelled the countries globally to modernize their defense systems. According to the United Nations, there were several skirmishes involving countries such as Iran-US hostility, escalation in Arab World due to Syrian War, India-China border conflict, and Saudi Arabia-Yemen conflicts, among others. Therefore, the growing external threats have propelled the demand for smart precision weapons across the globe. Moreover, the increasing adoption of network enabled weapons that possess the ability to track and engage a target at an astonishingly brisk pace is expected to contribute to the global smart weapons market growth during the forecast period.
Further Report Findings:
COMPETITIVE LANDSCAPE
Contract Signing by Eminent Companies to Intensify Industry Competition
The market is fragmented by the presence of major companies that are striving to maintain their presence by signing lucrative contracts with government agencies and other companies in a bid to expand their advanced smart weapons portfolio. Moreover, other key players are adopting strategies such as the introduction of new products, facility expansion, and collaboration that will bode well for the market growth in the forthcoming years.
Industry Development: