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Smart Weapons Market Size

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

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Smart Weapons Market Size

Smart Weapons Market size was valued at USD 17.4 billion in 2022 and is anticipated to grow at a CAGR of over 6% between 2023 and 2032. The consistent and substantial increase in financial allocations by governments & defense departments for the development, acquisition, and deployment of advanced smart weapon systems are fueling market growth.

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High interference from government regulatory bodies, who have the authority to set rules and regulations on weapons systems, limits the market opportunities for smart weapons. These organizations impose restrictions on weapon development, testing, production, sale, and deployment.

Smart Weapons Market Report Attributes
Report Attribute	Details
Base Year:	2022
Smart Weapons Market Size in 2022:	USD 17.4 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6 %
2032 Value Projection:	USD 30.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	313
Segments covered:	Weapon Type, Technology, End Use, and Region
Growth Drivers:	Continuous growth in global arms trade Large investments from government Ongoing advancements in technology Modernization of armed forces Improved operational efficiency and effectiveness of military forces
Pitfalls & Challenges:	High interference of government regulatory bodies Export controls and regulations is limiting the growth

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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.