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.
Precision guided munitions (PGMs) have emerged as a pivotal force in modern military operations, offering unparalleled accuracy and efficiency in target identification and engagement.
These sophisticated weapons, often referred to as “smart bombs,” are equipped with advanced guidance systems such as laser guidance, global positioning system (GPS), and integrated inertial navigation. Capable of being deployed from air, ground, or naval platforms, precision guided munitions have revolutionized military strategies by significantly reducing the number of required weapons for specific targets. This not only streamlines logistical requirements but also accelerates the pace of military operations.
Efficiency stands as the driving force behind the continuous advancements in precision guided bombs. The current global landscape, marked by heightened security measures and increased concerns over terrorism, is expected to further propel the adoption and deployment of precision guided munitions.
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Market Dynamics:
Tactical Missiles Dominate:
Within the product segmentation of the global precision guided munition market, tactical missiles emerge as the dominant force, commanding a substantial revenue share of 57.3% throughout the forecast period. The versatility of tactical missiles, with their long-distance mobility and capacity to inflict significant damage on targets, positions them as indispensable assets across various launch modes, angles, and platforms.
Semi-Active Lasers Lead End-Use Categories:
In terms of end-uses, the market is segmented into inertial navigation system (INS), global positioning system (GPS), infrared, semi-active lasers, radar homing, anti-radiation, and others. The semi-active lasers segment takes the lead, capturing the largest revenue share of 27.5% over the forecast period. The rapid coordination enabled by illuminating targets for aerial attacks is a key factor driving the increased demand for semi-active lasers in guided weaponry. However, it is anticipated that the global positioning system (GPS) will gradually replace semi-active laser navigation within the projected timeframe.
In conclusion, the global precision guided munition market is poised for continued growth, driven by the quest for enhanced military capabilities in the face of evolving security challenges. The market’s trajectory underscores the pivotal role of precision-guided weapons in shaping the future of military operations.
Major listed companies:
- Lockheed Martin
- BAE Systems
- Atlas Elektronik
- Saab AB
- Thales Group
- Elbit Systems
- KONGSBERG
- Raytheon Technologies
- Boeing
- Other
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Recent Developments
- On September 2023, BAE Systems reached a contract with the Swedish Defence Materiel Administration (FMV) for 48 new ARCHER artillery systems for the Swedish Army for around $500 million. The BONUS anti-armor munition can be fired up to 35km, conventional munitions up to 40km, and the precision-guided munition Excalibur up to 50km. Sweden has also donated ARCHER to Ukraine, and the system has been eliminated from Switzerland’s new artillery acquisition.
Market segmentation:
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
- Other
- Precision Guided Munition Market, Technology Analysis
- INS (Inertial Navigation System)
- GPS (Global Positioning System)
- Infrared
- Semi-Active Lasers
- Radar Homing
- Anti-Radiation
- Others
By Regional
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
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.
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The Global Precision Guided Munition Market size research report aims to answer the
Following Key Questions:
I. What are the main products/services offered in the market and how are they evolving to meet changing consumer demands?
II. What are the key technological advances and innovations impacting the market and how will they affect the competitive landscape?
III. What are the key distribution channels and marketing strategies market players employ to effectively reach their target audience?
IV. What are the price trends in the market, and how do prices change across different product segments and geographies?
V. How will changing demographic patterns, such as age groups and income levels, affect consumer behaviour and market demand?
VI. What are the key cost factors and factors that influence the profitability of companies in theGlobal Precision Guided Munition Market?
VII. How will sustainability and environmental considerations affect consumer preferences and market growth in this sector?
VIII. What are the investment opportunities and challenges for new entrants and investors looking to enter the market?
IX. How do government policies and regulations impact market dynamics and shape industry strategies?
X. What are the current supply chain trends and challenges in the market, and how do they affect product availability and pricing?
XI. What are the levels of customer satisfaction and loyalty within the market, and how do market participants differentiate in terms of service quality?
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