How Big is the Smart Weapons Market ? :

IMARC Group’s latest report, titled “Smart Weapons Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the smart weapons market Share. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global smart weapons market size reached US$ 17.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.8% during 2023-2028.

What is Smart Weapons ? :

A smart weapon is a guided munition intended to strike a target more accurately than a conventional weapon. It is equipped with advanced technology and is specifically designed to be highly precise and efficient, minimizing collateral damage while maximizing the lethality against intended targets. It encompasses a broad range of weaponry, including guided artillery shells, missiles, bombs, torpedoes, and projectile systems. It leverages various guidance systems such as laser, satellite, and TV Cameras. Embedded with onboard computers, the weapon possesses the capability to correct its flight path and alter its direction to ensure the accurate engagement of targets. With its sophistication and accuracy, smart weapons are employed across multiple defense platforms, such as naval, airborne, and land-based systems. The advanced nature of these weapon systems is progressively shaping the face of modern warfare and defense strategies worldwide.

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Competitive Landscape with Key Players: 

  • Airbus SE
  • BAE Systems
  • General Dynamics Corporation
  • Israel Aerospace Industries
  • L3Harris Technologies Inc
  • Lockheed Martin Corporation
  • Northrop Grumman Corporation
  • Rafael Advanced Defense Systems Ltd
  • Raytheon Technologies Corporation
  • Thales Group 
  • The Boeing Company

Smart Weapons Market Demand:

The global smart weapons market is currently experiencing robust growth, propelled by escalating geopolitical tensions, coupled with increasing defense budgets and modernization programs of armed forces worldwide. Along with this, the growing need for precision strike capabilities and minimal collateral damage in modern warfare underlines the demand for smart weapons. In addition, technological advancements including artificial intelligence (AI), machine learning (ML), and unmanned systems are paving the way for next-generation smart weapons, thereby influencing the market positively.

Moreover, the rising threat of cross-border terrorism and insurgencies is leading nations to enhance their defense capabilities, which further fuels the demand for smart weapons. Apart from this, the advent of autonomous systems and the integration of advanced sensors and navigation technologies are notable trends shaping the market dynamics. Furthermore, the need for interoperability and network-centric military operations is creating a positive market outlook.

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Key Market Segmentation: 

Breakup by Type:

  • Missiles
    • Anti-Tank Missiles and Standoff Missiles
    • Air-to-Air and Air-to-Surface Missiles
    • Anti-Ship and Anti-Submarine Missiles
  • Munitions
    • Guided Bombs
    • Target Pods
  • Guided Projectiles
    • Artillery Shells
    • Mortar Rounds
  • Guided Rockets
    • Anti-Tank and Tactical Rockets
    • Air-to-Air and Air-to-Surface
    • Anti-Submarine
  • Precision Guided Firearms
    • Small Smart Weapons
    • Shoulder Fired Weapons
    • Smart Guns
       

Breakup by Technology:

  • Satellite Guidance
  • Radar Guidance
  • Infrared Guidance
  • Laser Guidance
     

Breakup by Platform:

  • Land
  • Sea/Naval
  • Air

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report: 

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape 

About Us: 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. 

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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