According to Fortune Business Insights™, the global smart weapons market size was valued at USD 18.99 billion in 2023 and is projected to grow from USD 20.20 billion in 2024 to USD 45.24 billion by 2032, exhibiting a CAGR of 10.61% during the forecast period (2024–2032). The market’s robust growth is driven by increasing global defense budgets, ongoing military modernization efforts, and the rising demand for precision strike capabilities in dynamic combat environments.
Market Overview
The global defense landscape is witnessing rapid transformation amid heightened geopolitical tensions and asymmetric warfare threats. As a result, militaries worldwide are increasingly focusing on integrating advanced smart weapons systems—which offer enhanced precision, range, and operational flexibility—into their inventories. Smart weapons, such as sensor-fused munitions, guided bombs, cruise missiles, and laser/satellite-guided weapons, allow militaries to minimize collateral damage while maximizing mission success.
North America dominated the global smart weapons market in 2023, accounting for 33.86% of the total share, owing to its high defense expenditure and the presence of top-tier defense contractors including Lockheed Martin, Northrop Grumman, and Raytheon Technologies.
Key Market Players
Source:
https://www.fortunebusinessinsights.com/smart-weapons-market-104058