The global precision-guided munition market size is expected to grow from $28.48 billion in 2021 to $31.47 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The global precision guided munition market size is expected to grow to $41.23 billion in 2026 at a CAGR of 7.0%.
What is the Global Precision Guided Munition Market?
The precision-guided munition market consists of the sales of precision-guided munition by entities (organizations, partnerships, and sole proprietors) that are used to destroy a point target and minimize collateral damage. The precision-guided munition is a guided weapon that detects electromagnetic energy reflected from a target. These are guided using a global positioning system (GPS), a laser guidance beam, or an integrated inertial navigation system.
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What drives the Global Precision Guided Munition Market?
Increasing military expenditure is significantly driving the growth of the precision-guided munition market. The military refers to the armed forces of any country that helps maintain peace and stability in the country. The military expenditure is more focused on military modernization programs and the increase in the need for precision-guided munition to minimize collateral damage and increase lethality against the target, thereby promoting the adoption of precision-guided munition. For instance, according to Stockholm International Peace Research Institute (SIPRI), in 2020, the global military expenditure rose to $2 trillion, an increase of 2.6% from 2019. Therefore, the increasing military expenditure is expected to propel the growth of the precision-guided munition market.
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Global Precision Guided Munition Market Segments
The global precision guided munition market is segmented:
By Product: Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions
By Technology: Infrared, Semi Active Laser, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation
By Launch Platform: Land, Airborne, Naval
By Mode of Operation: Semi-Autonomous, Autonomous
By Speed: Subsonic, Supersonic, Hypersonic
By Geography: The regions covered in the precision guided munition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Precision Guided Munition Global Market Report 2022provides market size and growth forecasts for the global precision guided munition market, global precision guided munition market share, precision guided munition market segments and geographies, precision guided munition market competitive landscape including leading competitors’ revenues, profiles and market shares. The precision guided munition market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Precision Guided Munition Industry Playersinclude Northrop Grumman, Lockheed Martin Corporation, Boeing, BAE Systems, General Dynamics Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A, Elbit Systems Ltd, Saab AB, Israel Aerospace Industries, Rheinmetall AG, Bharat Dynamics Limited, Denel Dynamics, and LIG Nex 1. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
