Home > Aerospace & Defense > Defense and Safety > Weapons and Ammunition > Smart Weapons Market

Smart Weapons Market Analysis

  • Report ID: GMI3048
  • Published Date: Sep 2023
  • Report Format: PDF

Smart Weapons Market Analysis

The laser technology segment surpassed USD 4.5 billion in 2022 and is poised to witness 7% CAGR through 2032. Laser-guided systems offer unparalleled precision and accuracy, reducing the risk of collateral damage & civilian casualties in military operations. This precision makes them highly effective against a wide range of targets including moving objects. Laser-based smart weapons are typically faster than traditional munitions as they travel at the speed of light. This rapid response time is crucial in countering threats such as drones and incoming missiles. The growth of laser technology in the smart weapons business is driven by its precision, speed, cost-efficiency, and logistical advantages, making it a compelling choice for modern military applications.

Global Smart Weapons Market Share, by End-use, 2022

The land segment captured around 50% of the smart weapons market share in 2022 and is expected to generate a market revenue of USD 15 billion by 2032.  The increasing importance of asymmetric warfare and counter-insurgency operations has driven the demand for land-based smart weapon systems. These weapons provide militaries with the ability to precisely target insurgents and terrorist threats while avoiding harm to non-combatants. The demand for land-based smart weapons is growing as countries prioritize the enhancement of their land-based defense capabilities to address contemporary security challenges.

 U.S. Smart Weapons Market Size, 2021 – 2032, (USD Billion)

North America region held 30% revenue share of the smart weapons market in 2022. Particularly the U.S., has one of the world's largest defense budgets, with a strong emphasis on technological superiority. This commitment to military modernization fuels the development and procurement of advanced smart weapon systems. North America is home to several major defense contractors and technology companies, fostering innovation & research in smart weapon technologies. This results in the region being at the forefront of advancements in the defense sector.

The U.S. actively promotes the export of its smart weapon systems, leading to a significant share of the global arms trade. The combination of substantial defense budgets, evolving security challenges, technological innovation, and export opportunities has propelled the market growth.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of smart weapons was reached USD 17.4 billion in 2022 and will register over 6% CAGR from 2023 to 2032, due to the increasing financial allocations by governments & defense departments for the development, acquisition, and deployment of advanced systems worldwide.

The laser technology segment is expected to register over 7% CAGR from 2023 to 2032, on account of its unparalleled precision and accuracy in reducing the risks of collateral damage & civilian casualties in military operations.

North America recorded over 30% share of the smart weapons market in 2022 and is set to register appreciable growth from 2023 to 2032, owing to the presence of large-scale defense budgets and the strong emphasis on technological superiority in the region.

BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo S.p.A., Lockheed Martin Corporation, and MBDA are some of the major smart weapon companies worldwide.

Smart Weapons Market Scope

Buy Now

Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 313
  • Countries covered: 22
  • Pages: 250
 Download Free Sample