According to a new report by UnivDatos Market Insights, the Global Smart Weapons Market is expected to reach USD 33,765.80 million in 2032, growing at a CAGR of 6.95%. The market is experiencing significant growth driven by increasing geopolitical tension worldwide, increasing defense budget, and technological advancements.
Market Dynamics
The smart weapons market continues to grow due to several factors. Firstly, the increase in the global defense budget has led to greater investment in new technology, machinery, and weaponry. This has propelled the demand for the smart weapons market. For instance, in 2024, China unveiled its defense budget with an increase of 7.2% from the previous year.
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Moreover, the ongoing geopolitical tension in various parts of the world has led to an increased demand for types of missiles such as cruise and ballistic. Major countries involved in the war in recent years include Russia & Ukraine, Iran, Israel, Lebanon, and other Middle East countries. When writing this document on September 3, 2024, yesterday Iran launched more than 180 ballistic missiles at Israel. This is considered one of the large-scale attacks that has further increased fears of an all-out regional war.
Furthermore, technological advancement has played a crucial role and contributed to the growth of the smart weapons market. Major economies such as the U.S., Russia, China, Japan, Israel, and India are trying to develop weapons with the latest technology which will help them tackle evolving war or unprecedented situations. For this, countries such as the U.S, and China have increased their defense budget in the last few years. For example, China’s development of anti-ship ballistic missiles like the DF-21D and DF-26, which have a range of 1500, and 4,000 kilometres respectively show the advancements in land-based smart weapons.
Sector Specific Growth
Precision-Guided Munitions: Of all the sectors of smart weapons, precision-guided munitions continue to dominate the market. This is the reason why the demand for these weapons has grown to reduce the number of causalities and enhance mission accomplishment. In February 2024, the procurement agency of the Forces of the United States of America contracted the company Raytheon Technologies for USD 1.2 billion for the manufacture of new types of missile systems with increased target accuracy. Therefore, this will increase the demand for smart weapons in the coming years.
Air and Missile Defense Systems: The Air and Missile Defense sector has experienced significant growth most notably for the new threats. The framework of the presented multiple-tier approach to the protection of the Israeli territory and population was commented on in the context of the Iron Dome, David’s Sling, and Arrow. These systems such as the Arrow 3, can intercept missiles outside the Earth’s atmosphere. Moreover, the Iron Dome is one of the air-defense systems manufactured by Rafael Advanced Defense Systems and Israel Aerospace Industries, which has been capable of intercepting rockets since it went into operation. The Iron Dome has intercepted thousands of rockets and missiles from Lebanon and other neighboring countries.
Electronic Warfare Systems: Advanced weapons with electronic warfare features are being developed. In January 2024, Lockheed Martin introduced updates to a variety of electronic warfare pods responsible for disrupting the radar and communication of enemy formations.
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Conclusion:
The overall smart weapons market is expected to exhibit significant growth in the years to come, owing to factors such as a rise in defense budgets, developments of new technologies, and changes in security threats. As nations keep strengthening the defense industry and trying to keep up with state-of-the-art weaponry, smart weapon targeting is becoming more and more in demand.
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