Precision Guided Munition Industry Overview
The global precision guided munition market size is expected to reach USD 55.17 billion in 2030, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research Inc. The growing need for extremely accurate munitions for target attacking is anticipated to increase the demand for precision-guided munitions. Moreover, enhancements in precision attacking are likely to support the market.
Growing political and territorial conflicts between major economies are likely to encourage the enhancements of their respective military and army operations. Precision attacking techniques are used in the army, air force, and naval forces, thus are likely to influence the market for precision-guided munitions over the forecast period.
Precision Guided Munition Market Segmentation
Grand View Research has segmented the global precision guided munition market on the basis of product, technology, and region:
Based on the Product Insights, the market is segmented into Tactical Missile, Guided Rockets, Guided Ammunition, and Loitering Munition
- The tactical missiles segment led the market and accounted for more than 70.5% share of the global revenue. This trend is attributed to tactical missiles’ long-range travel and ability to damage the targets significantly.
- Guided rockets are anticipated to witness moderate growth in the estimated time owing to their low cost and lightweight properties. However, limited or short-range travel by the rockets is anticipated to pose a challenge for the segment growth.
- Developments in the guided systems in rockets are expected to increase its penetration in the market during the projected time. The loitering munition product category is anticipated to accelerate at a significant rate owing to its unique feature of loitering around the target and hitting at a precise location.
Based on the Technology Insights, the market is segmented into Infrared, Semi-Active Lasers, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation, and Others
- The Global Positioning System (GPS) segment accounted for the maximum share of more than 70.5% of the global revenue in 2021.
- The semi-active laser guidance technology segment followed the GPS segment in 2021 due to the high demand.
- The infrared-enabled guided munition is expected to grow at a significant rate owing to its low cost and precise location detection.
- Radar homing guidance systems are majorly used for missile guidance that allows missiles to locate the targets autonomously. These systems are attached with radar transceivers and necessary electronics that simplify their locating operations. This guidance system is popular in tactical ballistic missiles.
Precision Guided Munition Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is highly competitive due to the strong presence of a few global companies. Prominent players, in collaboration with major defense organizations across the globe, are investing heavily in R&D activities to develop precision-guided equipment. In February 2019, BAE Systems inked a contract with the U.S. Navy worth USD 114.5 million to enhance the guided-missile destroyer, USS Bulkeley (DDG 84) in its Norfolk shipyard. In January 2019, a 2100 F-Model missiles contract was awarded to Javelin, a joint venture company of Lockheed Martin and Raytheon.
Some prominent players in the global Precision Guided Munition market include:
- Lockheed Martin
- Atlas Elektronik
- Raytheon
- Thales Group
- BAE Systems
- Northrop Grumman
- General Dynamics
- Elbit Systems
Order a free sample PDF of the Precision Guided Munition Market Intelligence Study, published by Grand View Research.
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