The new report by Expert Market Research titled, ‘Global Precision Guided Munition Market Analysis, Growth, Share, Size, Report and Forecast 2023-2028’, gives in-depth analysis of the global precision guided munition market, assessing the market based on its segments like speed, products, technology, type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 29 Billion
• Forecast CAGR (2023-2028): 8.2%
• Forecast Market Size (2026): USD 46.5 Billion
The defence industry is benefiting from increased procurement activities of precession guided munitions around the world. Industry players are heavily investing in R&D in order to progress technologically and have innovative solutions. Defense aircraft, avionics, land vehicles, and naval vessels are all benefiting from technological advancements.
The defence industry would be driven by increased regional government involvement in order to boost their capacities in order to maintain a global political role. The tactical missiles segment accounted for more than half of the precision guided munition market in 2019 and is expected to rise at an annual pace of about 8% through 2026. Increased acquisition activities and R&D expenditures for the manufacture of these missiles can be due to their high market penetration and significant growth rate.
Precision Guided Munition Industry Definition and Major Segments
A shell equipped with a terminal guidance device for missiles, bombings, or artillery is known as precision guided munitions. It includes electrical equipment to direct before the final stage’s impact. The terminal guidance device is designed to detect emitted or reflected EMR within its field of view (electromagnetic radiation). Since explosive weapons’ harm impacts decrease with distance due to inverse cube regulations, even minor precision changes enable a target to be attacked with fewer or smaller explosives.
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Based on speed, the market can be divided into:
• Hypersonic
• Non-Hypersonic
The products can be divided into:
• Tactical Missiles
• Guided Rockets
• Guided Ammunition
• Loitering Munition
The market can be broadly categorised based on technology into:
• Infrared
• Semi-Active Lasers
• Inertial Navigation System (INS)
• Global Positioning System (GPS)
• Radar Homing
• Anti-Radiation
• Others
Based on type, the market is categorised into:
• Autonomous
• Semi-Autonomous
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Precision Guided Munition Market Trends
Some of the primary factors driving the growth of the precision-guided munitions industry are the increasing need for extremely accurate strike ammunition, rising asymmetric warfare, international disputes, and growing military modernization programmes. Many countries are increasing their R&D spending and launching programmes to develop next-generation precision weapons that are lightweight, compact, and reliable.
The market for precision guided munitions is being fueled by the the use of satellite networks, navigation aids, and drones to kill high-value, long-range targets, as well as the demand for miniaturised weapons. Autonomous precision guided warheads are equipped with electro-optical and high-resolution cameras to help locate and direct the vehicle to its intended destination.
Growing demand for multi-target precision strike, multi-mission weapons is expected to drive market growth over the forecast period. However, the range of these weapons is limited, and their guidance systems are extremely complex, posing a threat to the global market’s development. Throughout the forecast era, Asia Pacific is expected to rise at the fastest pace. The growing demand for precision guided munitions from defence forces in countries such as China, India, Japan, and South Korea has fueled growth in this area. These countries are heavily investing in the production of high-precision munitions.
Key Market Player
The major players in the market are BAE Systems Plc, Lockheed Martin Corporation (NYSE: LMT), Raytheon Company, Leonardo S.p.A, Elbit Systems Ltd, Saab AB, The Boeing Company, Hanwha Corp., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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