Precision Guided Munition Market Size & Growth Report to 2030

The global precision-guided munition market size was accounted at around USD 33 billion in 2021 and is anticipated to register a significant CAGR of over 5% by 2027. The continuous expansion of the defense budget by various economies around the world and the increasing adoption of advanced combat techniques are some of the major factors to drive the market growth. In May 2021, the President’s defense budget request for FY2022 is $715 billion, up by US$10 billion from FY2021’s $705 billion. Furthermore, the technological advancement and the development of new generation air and missile systems are further expected to fuel the market over the forecast period.

Market Segment Insights:

The tactical missiles segment dominated the global precision-guided munition market in 2021

The global precision-guided munition market is bifurcated into speed, product, technology, mode of operation, launch platform, and geography. On the basis of product, the market is further segmented into tactical missiles, guided rockets, guided ammunition, torpedoes, and loitering munitions. The tactical missiles segment dominated the global market in 2021 and holds the largest market share of over two-third of the market. The embedded guidance technology and the capability to carry various types of warheads are some of the major factors to drive the segment growth. Furthermore, they can be launched from both air and surface platforms to target the desired location.

By technology, the global positioning system segment dominated the precision-guided munition market

On the basis of technology, the market is segmented into infrared, laser, INS, GPS, radar homing, and anti-radiation. The global positioning system (GPS) segment dominated the global precision-guided munition market in 2021 and is expected to hold the largest revenue share of over two-third of the market by the end of the analysis period. The capability to detect target exact location with real-time target movements is a major factor to drive the segment growth. On the other hand, the infrared segment is expected to experience a significant CAGR over the forecast period due to its low cost and capability to detect the precise location.

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The precision-guided munition comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The precision-guided munition market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Global Precision Guided Munition Market Segmentation:

Precision Guided Munition Market Segmentation by Speed:

• Subsonic
• Supersonic
• Hypersonic

Precision Guided Munition Market Segmentation by Product:

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

Precision Guided Munition Market Segmentation by Technology:

• Infrared
• Laser
• Inertial Navigation System (INS)
• Global Positioning System (GPS)
• Radar Homing
• Anti-radiation

Precision Guided Munition Market Segmentation by Mode of Operation:

• Autonomous
• Semi-autonomous

Precision Guided Munition Market Segmentation by Launch Platform:

• Land
• Airborne
• Naval

Precision Guided Munition Market Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Precision Guided Munition Market: Geographic Coverage

Geographically, the precision-guided munition market report comprises dedicated sections centering on the regional market revenue and trends. The precision-guided munition market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The precision guided munition market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Precision guided munition market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 to 2027.

Precision Guided Munition Market: Competitive Assessment

Some of the major market players operating in the global precision-guided munition market are Lockheed Martin, Thales Group, Atlas Elektronik, Israel Aerospace Industries, and BAE Systems. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

List of Key Companies:

• Lockheed Martin
• Thales Group
• Atlas Elektronik
• Israel Aerospace Industries
• BAE Systems
• Northrop Grumman
• General Atomics
• General Dynamics
• Raytheon Technologies
• Elbit Systems

Key Questions Answered by Precision Guided Munition Market Report

• Global precision guided munition market forecasts from 2021-2027
• Regional precision guided munition market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the regions as mentioned above
• Precision guided munition submarket forecasts from 2021-2027 covering the market by speed, by product, by technology, by mode of operation, by launch platform, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about precision guided munition market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level precision guided munition markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the precision guided munition market