Global Precision Guided Munition Market Size to Exceed USD 63.9 Billion by 2032 | CAGR of 5.6%
Category: Aerospace & DefenseGlobal Precision Guided Munition Market Size to Exceed USD 63.9 Billion by 2032
According to a research report published by Spherical Insights & Consulting, The Global Precision Guided Munition Market Size is to Grow from USD 36.8 Billion in 2022 to USD 63.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.04% during the projected period.
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Browse key industry insights spread across 210 pages with 110 market data tables and figures & charts from the report on the "Global Precision Guided Munition Market Size, Share, and COVID-19 Impact Analysis, By Product (Tactical Missiles, Guided Rockets, Guided Ammunition, Loitering Munition, Others), By Technology (INS, GPS, Infrared, Semi-Active Lasers, Radar Homing, Anti-Radiation, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/precision-guided-munition-market
A precision guided munition (PGM) is an incendiary missile, rocket, or bomb that is guided by a "seeker" control system that uses a laser guidance beam, a global positioning system (GPS), and/or an integrated inertial navigation system to accurately identify military targets. Precision guided weapons, commonly known as "smart bombs," can be launched from the air, the ground, or a vessel and can change their flight path based on current information. They have greatly increased force interchange ratios by reducing the number of weapons necessary to eliminate certain targets. As a result, they have lowered logistical requirements while increasing the speed with which military operations can be carried out. The fundamental driving force behind the advancement of precision guided bombs is efficiency. Furthermore, the recent enhanced deployment of security measures around the world is expected to promote the distribution of precision guided munition over the projection period. Furthermore, rising national security concerns as a result of increased terrorist activities are likely to fuel demand for precision guided munition throughout the forecast period.
The tactical missiles segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product, the global precision guided munition market is segmented into the tactical missiles, guided rockets, guided ammunition, loitering munition, and others. Among these, the tactical missiles segment is dominating the market with the largest revenue share of 57.3% over the forecast period. This is due to their incredibly long-distance mobility and ability to severely injure targets. They are incredibly versatile, with the ability to launch from a variety of modes, angles, and platforms.
The semi-active lasers segment accounted for the largest revenue share of more than 27.5% over the forecast period.
On the basis of end-uses, the global precision guided munition market is segmented into INS (inertial navigation system), GPS (global positioning system), infrared, semi-active lasers, radar homing, anti-radiation, and others. Among these, the semi-active lasers segment is dominating the market with the largest revenue share of 27.5% over the forecast period. The ability to quickly coordinate by illuminating the target for aerial attack is a significant reason driving its rising demand in the field of guided weapons. Within the estimated timeframe, the Global Positioning System (GPS) will replace semi-active laser navigation for combat weaponry.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 38.7% market share over the forecast period. In recent years, North America, particularly the United States, has been a market leader in precision guided munition. The US military's considerable R&D efforts have resulted in the development of long-range missiles and rockets with enough precision to kill targets autonomously. A large defense budget, military modernization projects, and ongoing conflicts all contribute to the region's significant market share. Asia Pacific, on the other hand, is predicted to develop the fastest during the projection period, owing to increased defense spending, geopolitical conflicts, and military technological advancements in nations like as China, India, and Japan. During the forecast period, the Europe market is expected to rise at a significant CAGR. France, the United Kingdom, and Germany are among the European countries with a strong presence in the precision guided munition business.
Major vendors in the Global Precision Guided Munition Market include Lockheed Martin, BAE Systems, Atlas Elektronik, Saab AB, Thales Group, Elbit Systems, KONGSBERG, Raytheon Technologies, Boeing, General Dynamics Corporation, Northrop Grumman Corporation, Israel Aerospace Industries Ltd., L3 Technologies Inc., Hanwha Group, and among others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- On April 2023, Elbit Systems Ltd. announced that it has been awarded a $150 million contract to supply an international customer with PULSTM (Precise and Universal Launching Systems) rocket launchers and a bundle of precision-guided long-range rockets. The deal will be completed over a three-year timeframe. The PULS from Elbit Systems is a complete and cost-efficient solution that can launch unguided rockets, precision guided munitions, and missiles with effective ranges of up to 300 kilometers.
- On March 2023, BAE Systems, in collaboration with the US Army, successfully fired a Sub-Caliber Artillery Long-Range Projectile with Enhanced Lethality from a 155 mm XM907E2 58 caliber cannon and impacted a fixed target beyond ranges previously demonstrated by other precision guided projectiles fired from the same type of cannon.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Precision Guided Munition Market based on the below-mentioned segments:
Precision Guided Munition Market, Product Analysis
- Tactical Missiles
- Guided Rockets
- Guided Ammunition
- Loitering Munition
- Others
Precision Guided Munition Market, Technology Analysis
- INS (Inertial Navigation System)
- GPS (Global Positioning System)
- Infrared
- Semi-Active Lasers
- Radar Homing
- Anti-Radiation
- Others
Precision Guided Munition Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
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