Smart Weapons Market Size was worth USD 17.15 billion in 2022. The Smart Weapons market is expected to grow from USD 18.0075 Billion in 2023 to USD 24.131 billion by 2030, at a compound annual growth rate (CAGR) of 5.00% through the forecast period (2023 - 2030). The increasing demand for precision strike weapons and the volatile nature of international security are the driving factors that support market growth.
The worldwide smart weapons market is expected to achieve a remarkable CAGR during the forecast period.The market is fueled by the reasons like enhanced defense spending by the nations and rising procurement of advanced technology and equipment by top authorities of various nations to secure the nation border.The evolving warfare technologies are fueling the demand for precision strike weapons. Also, the continuous development in weapon technology and greater use of sophisticated technologies by the defense industry are anticipated to drive the growth of the global smart weapons market during the forecast period.
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Increased Defense Expenditure by Leading Authorities Drives the Market Growth
The defense industry is the most precious resource for any nation because the army implements foreign and domestic policies to safeguard its people. The government has to provide national security, such as the security of citizens, the institutions of the country, and the economic condition of the nation. The defense industry requires a huge budget to supply adequate ammunition, weapons, and other necessary equipment to the army officers. Top authorities of various nations are prioritizing the adoption of new technologies to advance the existing weapon technology. There have been terrorist attacks that tend to cause lives and the economy. Hence, to improve the security of their nations, the concerned authorities are raising their expenditure on the budget. Global military expenditure is rising steadily, hitting a record high of $2.1 trillion in 2021. It was up by 0.7 percent from the last year. The United States, India, China, the United Kingdom, and Russia were the top five highest spenders on their defense sector. Smart weapons fall under new technologies and need enormous amounts of money. The increasing defense expenditure of the top governments is anticipated to drive the growth in the global smart weapons market during the forecast period.
Growing Adoption of Advanced Technologies Supports the High Market Demand
The techniques of warfare are also changing very quickly and are developing into their high-tech forms. Developing as well as developed nations emphasize the research work and make huge investments to develop sophisticated Missile systems with higher impact and more range compared to the traditional missiles. As there is an immense number of continuing technological advancements, the market demand for precision attack and operational attack is anticipated to increase at a high growth rate. There is a huge demand for weapons that can reduce the collateral damage and are efficient enough to respond, thus giving their benefit in the war zone. The heightened demand for advanced weapons is likely to drive the sales of smart weapons globallye.
Market Segmentation
Market Players
BAE Systems Plc., L3Harris Technologies Inc., Thales Group, The Boeing Company, Northrop Grumman Corporation, Raytheon Technologies Corporation, Leonardo S.p.A., Lockheed Martin Corporation, General Dynamics Corporation, MBDA, are the major market players operating in the global smart weapons market.
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Attribute |
Details |
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Base Year |
2021 |
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Historic Data |
2017 – 2020 |
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Estimated Year |
2022 |
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Forecast Period |
2023 – 2027 |
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Quantitative Units |
Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments covered |
· Weapon Type · Platform · Technology |
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Regional scope |
North America; Asia Pacific; Europe & CIS; South America; Middle East & Africa |
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Country scope |
United States; Canada; Mexico; China, India, Japan, Thailand, Indonesia, Australia, South Korea; Germany, France, United Kingdom, Spain, Italy, Netherlands, Russia, Poland; Brazil, Argentina; Saudi Arabia, Iran, Israel, UAE, Turkey |
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Key companies profiled |
BAE Systems Plc., L3Harris Technologies Inc., Thales Group, The Boeing Company, Northrop Grumman Corporation, Raytheon Technologies Corporation, Leonardo S.p.A., Lockheed Martin Corporation, General Dynamics Corporation, MBDA |
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Customization scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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