Precision Guided Munition Market Size, Share & Forecast Analysis to 2028

 


Precision Guided Ammunition Market Size & Insights

The Global Precision Guided Munition Market is projected to grow at a CAGR of around 9.56% during the forecast period 2023-28.       

The Precision Guided Munition Market is significantly growing due to several growth factors, including the rapidly growing gaming industry, the rising demand for electronic devices, including TVs, smartphones, monitors, wearables, etc., the infrastructural development & expansion of production facilities, and the integration of artificial intelligence in Precision Guided Munition. 

What are the Key DROs in the  Precision Guided Ammunition Market ?

Advancing Military Modernization Ignites Precision Guided Munition Demand –  During the historical years, military modernization drove the adoption of Precision Guided Munition by addressing the need for accuracy, flexibility, reduced collateral damage, and enhanced strategic capabilities. As armed forces worldwide seek to upgrade their arsenals and adapt to evolving security challenges, the requirement for Precision Guided Munition remains a vital factor in elevating the market size during the historical years. In addition, rising flexibilities in the mission profiles involve the development of multi-role platforms and weapons.

These weapons could be integrated across different types of platforms such as aircraft, naval vessels, and ground vehicles, allowing armed forces to adapt to various mission profiles without needing specialized Munition for each scenario, which is further expected to escalate the market share in the coming years.

What are the Key Segments in the Precision Guided Ammunition Market?

The Precision Guided Munition is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

-By Speed

  • Subsonic- Market Size & Forecast 2018-2028, (USD Million)
  • Supersonic- Market Size & Forecast 2018-2028, (USD Million)
  • Hypersonic- Market Size & Forecast 2018-2028, (USD Million)

-By Mode of Operation

  • Autonomous- Market Size & Forecast 2018-2028, (USD Million)
  • Semi-Autonomous- Market Size & Forecast 2018-2028, (USD Million)

-By Launch Platform

  • Land-Market Size & Forecast 2018-2028, (USD Million)
  • Airborne- Market Size & Forecast 2018-2028, (USD Million)
  • Naval- Market Size & Forecast 2018-2028, (USD Million)

-By  Product Type

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

Tactical missiles are at the forefront of Precision Munition, offering unparalleled accuracy and target engagement capabilities.

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-By  Technology

  • Infrared
  • Laser
  • Inertial Navigation System (INS)
  • Global Positioning System (GPS)
  • Others (Radar Homing, Anti-Radiation, etc.)

Based on Technology, the Global Positioning System (GPS) acquired a major market share in the Global Precision Munition Market during the historical period, owing to the massive expansion of precision ammunition inventories and the introduction of relatively inexpensive and highly accurate guidance systems across the globe.

How does geographical analysis highlight in the Europe Tire market?

-By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia Pacific

North America region is expected to witness significant growth in the Global Precision Guided Munition Market in the upcoming years.

Who are the Key Players in Precision Guided Ammunition Market?

  • BAE System
  • General Atomics
  • Elbit System
  • General Dynamics Mission Systems, Inc.
  • Northrop Grumman
  • Lockheed Martin Corporation
  • Raytheon Technology Corporation
  • Israel Aerospace Industries
  • Thales
  • MBDA
  • Leonardo SpA
  • Denel Dynamics
  • Rafael Advanced Defense Systems Ltd.
  • Saab AB
  • Roketsan
  • Bharat Dynamics Limited
  • Others

Global Precision Guided Ammunition Industry Recent Development:

In year  2023, the US Army Combat Capabilities Development Command Armaments Center (DEVCOM AC)  has awarded BAE Systems with around USD72.5 Million, a three-year contract for continued research & development efforts in the advancement of Precision Guided Munition (PGM) to support the Army's long-range precision fire modernization efforts.

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