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. This robust growth is attributed to rising global defense expenditure, which is driving countries to modernize their military capabilities through the adoption of next-generation precision weapon systems.

With increasing geopolitical tensions and evolving battlefield requirements, there is a growing focus on integrating smart, accurate, and technologically advanced weapons into military inventories. North America dominated the market in 2023, capturing 33.86% of the global market share, largely due to high defense budgets and the presence of top-tier defense manufacturers in the region.

Example Development

February 2021 – Rafael Advanced Defense Systems Ltd., an Israeli defense technology leader, unveiled the SPICE 250ER, a new member of its air-to-surface munition family featuring an integrated turbojet engine. The product was showcased at the Aero India exhibition in Bengaluru, India, representing advancements in long-range precision strike capabilities.

Key Companies Profiled in the Smart Weapons Market

• BAE Systems (U.K.)
• Lockheed Martin Corporation (U.S.)
• Thales Group (France)
• Northrop Grumman Corporation (U.S.)
• General Dynamics Corporation (U.S.)
• Raytheon Company (U.S., a Raytheon Technologies Company)
• MBDA (France)
• Boeing (U.S.)
• Textron Inc. (U.S.)
• Rheinmetall AG (Germany)

Source: https://www.fortunebusinessinsights.com/smart-weapons-market-104058

Market Segmentation

• By Product: The market is segmented into missiles, munitions, guided projectiles, guided rockets, and directed energy weapons. These smart weapons are increasingly adopted for their high precision, range, and effectiveness in reducing collateral damage.
• By Platform: Classified into air, land, and naval segments. The land segment is expected to experience notable growth due to increasing investments by governments to enhance ground-based defense operations and border security systems.