Precision Guided Munition Market Size, Trends, Forecast Report by 2024-34

5 min read

The Precision Guided Munition Market is predicted to develop at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2034, when it is projected to reach USD 63,624.74 Million in 2034, based on an average growth pattern. In the estimated time frame, improvements in military operations and the use of cutting-edge warfare tactics are expected to fuel market expansion. Furthermore, the penetration of precision-guidedmunitions is expected to expand due to the enhanced implementation of security measures implemented globally in recent times.

Precision Guided Munition Market Overview

  • Precision guided ammunition is vital in maximizing the amount of damage inflicted upon the designated targets. In terms of minimizing collateral harm, this technology is quite beneficial. Either a bomb, rocket, or guided missile can be used to reach the intended target. Precision guided ammunition is in high demand due to its exceptional efficiency on a global scale. The amount of money spent on these weapons has raised serious concerns. Up to this point, precision guided weapons have been employed in several battles.
  • The epidemic has presented numerous obstacles to this industry's expansion. The defense sector was hit hard by the epidemic, much like every other sector. All the countries in the world cut back on their defense spending. Supply chain disruptions are a contributing factor to the decline in defense industry activity. Missile testing had been delayed significantly. There have been some delays even though the epidemic hasn't had a significant effect on the market for precision guided missiles. During the pandemic, several projects pertaining to the defense industry experienced delays.
  • Because they can hit the target even in challenging environments, precision guided weapons are incredibly effective. These tools can be applied to tasks involving the land, air, or even water. The security requirements of every country on the planet will rise in tandem with the growing usage of precision guided ammunition. In the upcoming years, the precision guidedmunitions precision guided munition market would likely rise as a result of developing countries' emphasis on acquiring precise war weaponry.

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Market Segments :

Precision guided munition market by product

  • Tactical Missiles
  • Guided Rockets
  • Guided Ammunition
  • Loitering Munition

Precision guided munition market by speed

  • Subsonic
  • Hypersonic
  • Supersonic

Precision guided munition market by mode of operation

  • Autonomous
  • Semi-Autonomous

Precision guided munition market by launch platform

  • Land
  • Airborne
  • Naval

Precision guided munition market by technology

  • Infrared
  • Semi-Active Lasers
  • Inertial Navigation System (INS)
  • Global Positioning System (GPS)
  • Radar Homing
  • Anti-Radiation
  • Others

Global Precision Guided Munition Market Opportunities:

There will likely be substantial growth potential in the worldwide market for precision guided munitions due to the increasing number of military and defense initiatives implemented by different countries to safeguard their borders and implement security measures. Over the course of the projection period, it is also anticipated that the growing number of missile modernization programs would present new market opportunities.

Due to the rising need for cutting-edge military weapons that can hit their target precisely and without the need for human intervention, the precision guided munitions market is anticipated to rise significantly over the course of the forecast period. Growing military spending is anticipated to fuel this market's expansion as well. It is also anticipated that the need for precision guided munitions would rise due to the growing worry over the development of air and missile defense systems and the growing requirement for long-range tactical missiles to defeat enemy objectives.

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Key players of precision guided munition market

  • Raytheon Technologies Corporation (USA)
  • Boeing Company (USA)
  • Northrop Grumman Corporation (USA)
  • BAE Systems plc (UK)
  • MBDA (European consortium)
  • General Dynamics Corporation (USA)
  • Thales Group (France)
  • Rafael Advanced Defense Systems Ltd. (Israel)
  • Saab AB (Sweden)
  • Kongsberg Gruppen ASA (Norway)
  • L3Harris Technologies, Inc. (USA)
  • Leonardo S.p.A. (Italy)
  • Textron Inc. (USA)
  • Other

Growing popularity of smart precision guided munition market

Intelligent, precision-guided weapons are crucial in any battlefield, but they are especially crucial in long-range combat zones. They are designed to adhere to strict instructions, preventing them from injuring innocent bystanders or harming any aircraft that might be in the bomb's path.

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