1 Global Precision Guided Firearm Market Size (Value) and CAGR (2024-2033)
In 2024, the global Precision Guided Firearm market was valued at USD 18.47 million, with a CAGR of 5.42% from 2024 to 2033.
Precision Guided Firearms are defined as firearms equipped with advanced guidance and control systems that enhance the accuracy and effectiveness of the weapon. These systems often include features such as image stabilization, automatic target acquisition, and real-time trajectory correction. The integration of these technologies allows users to achieve a higher degree of precision, making them particularly valuable in scenarios where accuracy is critical.
Figure Global Precision Guided Firearm Market Size (M USD) and CAGR 2024-2033
2 Precision Guided Firearm Market Industry Risk Assessment
The Precision Guided Firearm market, while promising in terms of technological advancement and potential growth, is not without its risks. One of the primary concerns is the high cost associated with these systems. The advanced technology and precision engineering required to produce Precision Guided Firearms result in a significant price tag, with some models costing up to $150,000. This high cost can limit the market’s accessibility, particularly for individual consumers and smaller organizations.
Another risk factor is the lack of combat testing. Although Precision Guided Firearms offer enhanced accuracy and performance in controlled environments, their effectiveness in real-world combat scenarios remains unproven. This uncertainty can lead to skepticism among potential buyers, especially military and law enforcement agencies that require reliable and battle-tested equipment.
Furthermore, the market is subject to stringent regulations and legal constraints. The production, sale, and use of firearms are heavily regulated in many countries, and Precision Guided Firearms are no exception. Changes in gun control legislation can significantly impact the market, potentially restricting sales or imposing additional requirements on manufacturers and users.
3 PESTEL Analysis of Precision Guided Firearm Market
Economic Factors: Macroeconomic conditions such as GDP growth, inflation rates, and exchange rates influence the market’s performance. A strong economy can lead to increased government spending on defense and security, boosting the demand for Precision Guided Firearms. However, economic downturns can result in budget cuts, affecting the market’s growth prospects.
Social Factors: Societal attitudes towards firearms and the use of advanced weaponry can influence the market’s acceptance. In some regions, there may be social resistance to the proliferation of high-tech firearms, which can impact sales and market expansion. Additionally, demographic factors such as population growth, urbanization, and the prevalence of outdoor activities like hunting can also play a role in shaping market demand.
Technological Factors: Technological advancements are a driving force behind the Precision Guided Firearm market. Innovations in materials science, electronics, and software enable the development of more accurate and reliable systems. However, the market must also contend with the rapid obsolescence of technology, requiring continuous investment in R&D to stay competitive.
Environmental Factors: Environmental regulations and concerns can impact the production and use of Precision Guided Firearms. Manufacturers must ensure that their production processes comply with environmental standards, and the use of these firearms in certain environments may be restricted due to noise pollution or other environmental impacts.
Legal Factors: Legal frameworks, particularly those related to gun control and international arms trade, are critical for the Precision Guided Firearm market. Compliance with legal requirements is essential for manufacturers and sellers, and changes in legislation can have a significant impact on the market’s operations and growth.
4 Global Precision Guided Firearm Market Size and Share by Type in 2024
Bolt-action systems are a type of Precision Guided Firearm that requires the operator to manually cycle the bolt to eject the spent cartridge case and chamber a new round. These systems are known for their reliability, accuracy, and simplicity. They are often preferred for applications where precision is paramount, such as long-range shooting and hunting. The manual operation of the bolt allows for greater control over each shot, which can be crucial in scenarios where accuracy is more important than rapid fire. In 2024, the market value for Bolt-action Systems is forecasted to be $7.08 million.
Semi-automatic systems are designed to automatically cycle the bolt and chamber a new round after each shot, as long as the trigger is pulled and ammunition is available. This type of Precision Guided Firearm offers the advantage of rapid fire, making it suitable for applications where quick follow-up shots are necessary. Semi-automatic systems are widely used in military and law enforcement operations, as well as in sport shooting competitions that require rapid engagement of multiple targets. The market value for Semi-automatic Systems in 2024 is forecasted to be $11.40 million.
Table Global Precision Guided Firearm Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
Semi-automatic Systems | 11.40 | 61.69% |
Bolt-action Systems | 7.08 | 38.31% |
5 Global Precision Guided Firearm Market Size and Share by Application in 2024
The military sector is the largest consumer of Precision Guided Firearms, driven by the need for high-precision weaponry in modern warfare. In 2024, the military application is forecasted to account for the majority of the market, with a consumption value of $14.64 million. This segment is characterized by a high demand for reliability, accuracy, and the ability to engage targets at long distances. The military’s investment in advanced weaponry is a key driver of this market segment, as it seeks to enhance the combat effectiveness of its forces.
Sport shooting competitions represent a niche but growing market for Precision Guided Firearms. In 2024, this application is expected to have a consumption value of $0.14 million. The demand in this segment is driven by the increasing popularity of precision shooting sports and the desire for competitors to achieve higher levels of accuracy. Precision Guided Firearms offer a technological edge, allowing shooters to make more precise shots and improve their performance in competitions.
Hunting is another significant application for Precision Guided Firearms, with a forecasted consumption value of $3.20 million in 2024. Hunters value the enhanced accuracy provided by these systems, which can increase the success rate of hunts and reduce the need for follow-up shots. The market for hunting applications is influenced by factors such as the popularity of hunting activities, the availability of game, and the regulatory environment in different regions.
Table Global Precision Guided Firearm Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
Military | 14.64 | 79.25% |
Sport Shooting Competitions | 0.14 | 0.76% |
Hunting | 3.20 | 17.33% |
Others | 0.49 | 2.65% |
6 Global Precision Guided Firearm Market Consumption (Units) by Region in 2024
The United States is a leading market for Precision Guided Firearms, with a forecasted consumption of 758 units in 2024. The U.S. market is driven by a strong domestic demand for advanced firearms, both for military and civilian use. The country’s robust defense industry and a culture that supports firearm ownership contribute to the high consumption levels. Additionally, the U.S. is a hub for technological innovation in the firearms sector, which further supports the growth of the Precision Guided Firearm market.
India is an emerging market with significant potential for growth in the Precision Guided Firearm sector. In 2024, India is expected to consume 373 units. The Indian market is driven by the country’s growing defense budget and the need to modernize its armed forces. Additionally, the increasing focus on border security and internal law enforcement capabilities is driving the demand for high-precision weaponry. As India continues to invest in its defense infrastructure, the market for Precision Guided Firearms is expected to expand.
Israel is a key player in the global Precision Guided Firearm market, with a forecasted consumption of 1669 units in 2024. Israel has a well-established defense industry and a strong focus on security and defense capabilities. The country’s experience in asymmetric warfare and its need for advanced weaponry to maintain a strategic advantage contribute to the high consumption of Precision Guided Firearms. Israeli companies are also at the forefront of technological innovation in this field, developing advanced guidance systems and precision weaponry.
Figure Global Precision Guided Firearm Market Consumption (Units) by Region in 2024
7 Major Players in Global Precision Guided Firearm Market
7.1 TrackingPoint
Company Profile:
TrackingPoint, established in 2011, is a pioneering company in the development of precision-guided firearms. With its headquarters and primary manufacturing facilities in the United States, TrackingPoint has been at the forefront of integrating advanced technology into small arms. The company’s innovative approach to firearm technology has positioned it as a leader in the precision-guided firearm market.
Business Overview:
TrackingPoint’s business is centered around the development and sale of precision-guided firearms that leverage advanced targeting and guidance systems. Their technology aims to enhance the shooting experience by providing unprecedented accuracy and control, making it possible for shooters to achieve results previously considered beyond human capability. The company’s products are primarily sold in the United States, where there is a significant market for high-precision firearms among both military and civilian users.
Product Profiles:
300HO (HogOut): Designed for eliminating feral hogs and predators, the 300HO uses TrackingPoint’s RapidLokTM Target Elimination Fire Control system to automatically acquire and eliminate targets at long distances. It streams video to ShotGlasstm wearable glasses, allowing shooters to engage targets without exposing themselves.
M1400 338LM Bolt-action Rifle: This squad-level precision-guided firearm is designed to engage stationary and moving targets out to 1400 yards. It provides unprecedented battle stand-off capabilities and is part of TrackingPoint’s series of products aimed at enhancing the combat effectiveness of military squads.
Recent Financial Performance:
In the most recent year, TrackingPoint reported sales of 388 units, with a revenue of $4.83 million.
7.2 Smart Shooter
Company Profile:
Smart Shooter, also established in 2011, is an Israeli company that specializes in developing innovative technologies for military and law enforcement professionals. The company’s products are designed to provide real and affordable solutions for modern symmetric and asymmetric conflicts, enhancing the lethality and operational effectiveness of soldiers and law enforcement officers.
Business Overview:
Smart Shooter’s business focuses on the development of fire control systems that integrate electro-optics, image processing, and real-time embedded software. Their products are designed to ensure precision hits with minimal training, providing a decisive tactical edge in various operational scenarios. The company’s sales region includes Israel, the United States, and India, reflecting its global market reach and strategic partnerships.
Product Profiles:
SMASH 2000: A combat-proven fire control system designed to ensure each round finds its target in both day and night conditions. It features proprietary target acquisition and tracking algorithms integrated with sophisticated image-processing software, providing an easy-to-use and cost-effective solution.
SMASH 2000 Plus: Building on the SMASH 2000 system, this advanced version includes an additional Counter-UAS Mode, providing accurate hard kill capability to counter the emerging drone threat. It retains the features of the original system while offering enhanced capabilities for modern battlefield challenges.
Recent Financial Performance:
Smart Shooter has shown significant growth in recent years. In the most recent year, the company sold 1817 units, generating a revenue of $10.43 million.