Emphasis on Product (Missiles, Munitions, Guided Projectiles, Guided Rockets, and Directed Energy Weapons); Platform (Air, Land, and Naval); Technology (Laser Guidance, Infrared Guidance, Radar Guidance, Satellite Guidance, and Others); and Region/Country
The smart weapons market was valued at USD 18,472.55 million in 2023 and is expected to grow at a steady CAGR of around 6.95% during the forecast period (2024-2032), owing to the increasing security concerns and modernization programs including regional tension, terrorism, and geopolitical tension worldwide.
Smart weapons are one of the most important and key elements of military power for countries worldwide. The increasing security concerns and modernization programs including regional tension, terrorism, and geopolitical have gained momentum on smart weapons. Countries worldwide are strengthening their military capabilities to tackle unwanted situations by adding smart weapons. Therefore, developed and developing countries have increased their defense budget to address the evolving security challenges. For instance, in 2023, the U.S government spent USD 820 billion on national defense. Out of this, the Department of Defense spent USD 776 billion on military activities. Additionally, China is considered one of the major countries investing heavily in the military and defense. For instance, in 2024, China unveiled its defense budget with an increase of 7.2% from the previous year. The country’s new budget has gone to USD 236.1 billion (1.7 trillion yuan). When compared to Japan and Taiwan China’s budget is 4 and 12 times greater which shows government interest towards evolving security concerns.
Rising Demand for Hypersonic Weapons
Smart Weapons have become one of the most controversial weapons in the modern world because their utilization is on the rise, especially due to the increased demand for hypersonic weapons. Their flight characteristics are high speed in the order of Mach 5 plus, high agility associated with high maneuverability, and very maneuverable flight paths that are difficult to track by present-day counterpart defense systems.
United States: The U.S. tested its hypersonic weapon, the AGM-183A Air-launched Rapid Response Weapon (ARRW), with success in 2024. It received supersonic speeds and accurate strikes from a long distance. The Pentagon says that it plans to use the ARRW by the first quarter of the fiscal year 2025.
As hypersonic weapons use rapidly grows in importance, strategies, budgets, and relations in the international system are changing. Further, given increased investment by more countries in this technology, we can look forward to further upgrades in the kinds of threats possible with this weapon and the sorts of countermeasures possible on the other side potentially changing the dynamic of security threats in the next few years.
North America Dominated the Smart Weapons Market
North America smart weapons market is expected to dominate in the forecast period due to several factors, such as the region has substantial defense budget, a hub for technological advancements, and the growing demand for precision strike capabilities. The region includes countries such as the U.S., and Canada, which play an important role in developing smart weapons. These countries have some of the world’s biggest weapon and defense manufacturing companies. United States has the world’s highest defense budget globally approximately USD 820 billion. Companies such as Lockheed Martin, Northrop Grumman, Boeing, and Raytheon Technologies invested hefty amounts in research and development to advance their manufacturing capabilities and new product development. Moreover, there is an increasing demand for smart weapons in law enforcement to control the unexpected situation and violence within the country. Companies in the region such as LodeStar Works are introducing smart handguns for law enforcement, which is expected to positively contribute the market growth.
The smart weapons market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are BAE Systems, L3Harris Technologies, Inc., Leonardo S.p.A., Lockheed Martin Corporation, MBDA Inc., Northrop Grumman, RTX, IAI, Boeing, and NORINCO.
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1. Market Introduction
2. Research Methodology or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Smart Weapons Market Revenue (USD MN), 2022-2032F
7. Market Insights by Product
8. Market Insights by Platform
9. Market Insights by Technology
10. Market Insights by Region
11. Value Chain Analysis
12. Competitive Landscape
13. Company Profiled
14. Acronyms & Assumption
15. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart weapons market were the three major steps undertaken to create and analyze the adoption of smart weapons in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart weapons market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the smart weapons market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the smart weapons market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as product, platform, and technology. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart weapons market. Further, we conducted factor analysis using dependent and independent variables such as product, platform, and technology of the smart weapons market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the smart weapons market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart weapons market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global smart weapons market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, platform, and technology in the global smart weapons market.
The current & future market trends of the global smart weapons market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the smart weapons market?
Q2: What are the driving factors for the growth of the smart weapons market?
Q3: Which segment has the largest smart weapons market share by Product?
Q4: What are the emerging technologies and trends in the smart weapons market?
Q5: Which region will dominate the smart weapons market?
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