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Smart Weapons Market Trends

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

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Smart Weapons Market Trends

The smart weapons market is experiencing several prominent trends. There is a growing emphasis on technological advancements with continuous innovation in guidance systems, AI, and sensors. The development of autonomous smart weapons including drones & unmanned systems is on the rise. Network-centric warfare integration is becoming more prevalent, enhancing military coordination and effectiveness.

Additionally, there is a focus on non-lethal smart weapons, which reduce collateral damage. Cybersecurity concerns are also mounting, given the increased connectivity of these systems. Stricter export control regulations are being imposed, and environmental considerations are shaping the development of more eco-friendly smart weapon technologies. Rapid prototyping and 3D printing are expediting development, while international collaboration is increasing. Lastly, emerging economies are investing in smart weapons, expanding smart weapons market.

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.