The global precision guided munition market size was US$ 34.67 billion in 2021. The global precision guided munition market size is forecast to reach US$ 48.55 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2022 to 2030.
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A precision-guided munition (PGM, smart weapon, smart munition, or smart bomb) is a guided munition with the goal of hitting a specific target precisely, decreasing collateral damage, and increasing lethality against the target. Precision in weapon development has always been considered important. Precision guided munition is a weapon capable of being aimed & directed at a single target. Such weapons use an external guidance system or their own guidance system. An aircraft, submarine, ship, land vehicle, or even a soldier on the ground can launch precision guided munition.
Factors Influencing Market Growth
A growing need for superior security measures, escalating defense spending in emerging economies, and increased requirements for surveillance activities are boosting the global market growth.
Growing territorial and political conflicts between leading economies often influence the development of their respective armies and militaries; thus, adopting precision attacking methods in the army, air force, and naval forces fosters the development of the global precision guided munition market.
The technological advancements in attacking weapons like rockets, artillery shells, bombs, missiles, mortars, and bullets, and manufacturers’ increasing focus on supplying guiding mechanisms in the components, are driving market growth worldwide
Regulatory restrictions regarding the transfer of arms & high manufacturing costs may slow down the overall market.
Impact Analysis of COVID-19
COVID-19 has not shown a significant impact on the precision guided munition market. The COVID-19 pandemic presented various challenges for the defense industry. Insufficient financial resources lead to cutbacks in defense spending and postponement of scheduled contracts, which restricts industrial development. Due to delayed testing of missile defense technology, research and development activities related to precision guided munitions delayed. Additionally, the slowdown of the supply chain of precision guided munitions also affects a number of companies and slows down the manufacturing process. Thus, these factors considerably hampered market growth in the wake of COVID-19.
Regional Insights
North America held the largest share of the precision guided munition market in 2021. Several key market players are responsible for the progressive growth of the regional market. Additionally, these key vendors invest continuously in R&D activities for the development of new and advanced technologies, which penetrate the missile defense system. In addition, military developments across the region are expected to enhance artillery and missiles, thereby driving the regional market growth.
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Leading Competitors
The leading prominent companies profiled in the global precision guided munition market are:
Bae Systems
Elbit Systems
General Atomics
General Dynamics Corporation
Israel Aerospace Industries
Kongsberg
Leonardo S.p.A
Lockheed Martin Corporation
Northrop Grumman
Raytheon Technologies
Rheinmetall AG
Saab AB
Thales
The Boeing Company
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Precision Guided Munition industry experienced notable growth in its workforce. Starting in January, employment within the Precision Guided Munition sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Precision Guided Munition output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Precision Guided Munition output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Precision Guided Munition market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Precision Guided Munition market.
Scope of the Report
The global precision guided munition market segmentation focuses on Speed, Product, Technology, Launch Platform, and Region.
Segmentation based on Speed
Subsonic
Supersonic
Hypersonic
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Segmentation based on Product
Tactical Missiles
Guided Rockets
Guided Ammunition
Torpedoes
Loitering Munitions
Segmentation based on Technology
Infrared
Laser
Inertial Navigation System (INS)
Global Positioning System (GPS)
Radar Homing
Anti-radiation
Segmentation based on Launch Platform
Land
Airborne
Naval
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Precision Guided Munition Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Precision Guided Munition Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Precision Guided Munition Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Precision Guided Munition Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Precision Guided Munition market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Precision Guided Munition market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Precision Guided Munition business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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