Smart Weapons Market Set to Soar Past USD 36.79 Billion by 2030
The global Smart Weapons market size is expected to reach USD 36.79 billion by 2030 and exhibit a CAGR of 8.2% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing defense budgets, growing geopolitical tensions, demand for precision and accuracy in military operations, advancements in technology such as artificial intelligence and sensors, need for reducing collateral damage, modernization of armed forces, and the desire to enhance situational awareness and effectiveness in warfare is fueling the market’s growth.
Westford, USA, Jan. 15, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Smart Weapons market, integration of AI and machine learning for improved targeting and decision-making, development of swarming and autonomous weapon systems, emphasis on non-lethal smart weapons for crowd control and urban warfare, increased focus on cybersecurity and protection against hacking, the rise of directed energy weapons, and efforts to reduce the size and weight of smart weapons for enhanced mobility and deployment flexibility are the trends that aid in the market’s growth.
Browse in-depth TOC on “Smart Weapons Market”
- Pages – 157
- Tables – 65
- Figures – 75
A smart weapon is a weapon that uses a guidance system to accurately hit its target. Smart weapons are typically equipped with seekers that lock onto targets and then guide the weapon to its destination. Smart weapons are more accurate than traditional weapons, such as unguided bombs and missiles, and they can cause less collateral damage.
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Prominent Players in Smart Weapons Market
- Raytheon Technologies
- Lockheed Martin
- Northrop Grumman
- BAE Systems
- Elbit Systems
- Thales Group
- Rafael Advanced Defense Systems
- Israel Aerospace Industries
- LIG Nex1
- Hanwha Systems
- Hyundai Rotem
- China Aerospace Science and Industry Corporation (CASIC)
- China Aerospace Science and Technology Corporation (CASC)
- Precision Castparts Corporation
- General Dynamics
- Textron Systems
- L3Harris Technologies
Precision-Guided Munitions (PGMs) Demand to Grow Substantially in the Forecast Period
Precision-guided munitions (PGMs) dominate the global online market as they dominate the smart weapons market. They are favored for their accuracy and reduced collateral damage. PGMs are widely used in modern warfare for targeting specific enemy assets, such as enemy vehicles, infrastructure, and military installations. The demand for PGMs remains high due to their effectiveness in minimizing civilian casualties and infrastructure destruction.
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Anti-Aircraft Weapons is the Leading Application Segment
In terms of application, the anti-aircraft smart weapons, including surface-to-air missiles and anti-aircraft artillery, are essential for modern militaries to defend against aerial threats. The continued development of advanced aircraft and drones makes anti-aircraft systems crucial to national defense.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The U.S. has a strong focus on developing and procuring cutting-edge smart weapon systems for its military. Additionally, it exports smart weapons to allied nations, contributing to its market leadership.
A recent report thoroughly analyzes the major players operating within the Smart Weapons market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Smart Weapons.
Key Developments in the Smart Weapons Market
- Raytheon Technologies Corporation successfully completed a series of flight tests for its StormBreaker smart weapon. Stormbreaker, also known as the Small Diameter Bomb II (SDB II), is a precision-guided munition with increased accuracy and target recognition capabilities.
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Key Questions Answered in Smart Weapons Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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