Smart Weapons Market Size (2024 - 2029)

Smart Weapons Market Analysis

The Smart Weapons Market size is estimated at USD 19.28 billion in 2024, and is expected to reach USD 25.51 billion by 2029, growing at a CAGR of 5.76% during the forecast period (2024-2029).

• The smart weapons market witnessed unprecedented challenges due to the COVID-19 pandemic. The rapid spread of the pandemic had a significant impact on the market. Implementation of lockdowns by various countries worldwide led to affecting the supply chain and disruption in the movement of essential raw materials and logistics challenges. Moreover, the challenges related to the movement of essential raw materials, mass layoffs by various defense companies, as well as a reduction in terms of orders for smart weapons by various defense personnel worldwide led to a decline in the production of smart weapon systems.
• On the other hand, the defense systems manufacturers and service providers had to reduce expansion and R&D investments to withstand the decline in revenue and operating performance of the defense industry. The marker showcased a strong recovery post-COVID due to an increase in demand by various defense personnel worldwide in terms of acquiring smart weapons. Moreover, the growing investments in research and development of smart weapons having advanced capabilities by various defense manufacturers are expected to propel the growth of the market during the forecast period.
• In addition, a change in warfare and demand for high-precision arms and ammunition are the two major factors that are driving the smart weapons market. Current conflicts which are taking place all over the world have spotlighted the critical need for precision attacks and operational strikes. A crucial need for avoiding collateral damage has also been stressed in the need for the procurement of advanced smart weapons for countries across the world.
• Moreover, the increasing military spending of emerging countries is helping in terms of the development of new and advanced smart weapons and is expected to lead to the growth of the smart weapons market during the forecast period.

Smart Weapons Industry Segmentation

Smart weapons are computer-guided munitions equipped with radio, infrared, laser, global positioning system, and satellite guidance systems, which give extraordinary accuracy and precision. Smart weapons are also termed precision-guided weapons that are intended to hit the target precisely and reduce collateral damage and lethality. Smart weapons are operated and assisted using external operating systems located far away in the geographical area.

The smart weapons market is segmented based on product, technology, platform, end user, and geography. By product, the market is segmented into missiles, ammunition, and others. By technology, the market is segmented into satellite guidance, radar guidance, infrared guidance, and laser guidance. By platform, the market is segmented into land, sea, and air. By end user, the market is segmented into law enforcement and military. The report also covers the market sizes and forecasts for the smart weapons market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).