MarkNtel Advisors – Leading Market Research Company found Global Precision Guided Munition Market is expected to reach 9.56% CAGR Growth By 2028.
This report provides a comprehensive analysis of the Global Precision Guided Munition Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.
Comprehensive Analysis of the Precision Guided Munition Market
Base Year: 2022
Forecast Years: 2023-2028
Historical Years: 2018-2021
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Scope of the Precision Guided Munition Market Report:
The Global Precision Guided Munition Market is projected to grow at a CAGR of around 9.56% during the forecast period 2023-28. The market growth imputes rising military modernization, increasing threats, and counter-terrorism operations across the globe. The growing surgical strikes against terrorist hideouts and strongholds drove the demand for Precision Guided Munition.These weapons have been proven to be critical in minimizing the risk to friendly forces while maximizing the impact on enemy targets. Along with this, the armed forces of countries such as the US, China, Russia, India, France, etc., have become reliant on Precision Guided munition (PGMs) to execute military operations, being used in ground, air, and naval operations.
Which prominent factor is expected to drive the Precision Guided Munition Market during 2023-28?
Global Precision Guided Munition Market Growth Driver:
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 forthcoming years.
Furthermore, the modernization of the Defense Armed Forces involves the acquisition of platforms, technologies, and weapon systems to upgrade defense capabilities. This ensures that the Armed Forces are prepared to address a wide range of security challenges across the spectrum. The government attaches the highest priority to ensuring that the Armed Forces are sufficiently equipped to meet any operational requirement, which is achieved through the induction of new equipment and technological upgradation of capabilities. So, this factor is estimated to escalate the market size during 2023-2028.
What are the different Segment Available in the Precision Guided Munition Market?
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 Product Type
- Tactical Missiles- Market Size & Forecast 2018-2028, (USD Million)
- Surface-to-surface
- Surface-to-air
- Air-to-air
- Air-to-surface
- Guided Rockets- Market Size & Forecast 2018-2028, (USD Million)
- Surface-to-surface
- Surface-to-air
- Air-to-surface
- Guided Ammunition- Market Size & Forecast 2018-2028, (USD Million)
- Motor
- Bomb
- Bullets
- Torpedoes- Market Size & Forecast 2018-2028, (USD Million)
- Surface-to-subsea
- Subsea-to-subsea
- Air-to-subsea
- Loitering Munitions- Market Size & Forecast 2018-2028, (USD Million)
By Technology
- Infrared- Market Size & Forecast 2018-2028, (USD Million)
- Laser- Market Size & Forecast 2018-2028, (USD Million)
- Inertial Navigation System (INS)- Market Size & Forecast 2018-2028, (USD Million)
- Global Positioning System (GPS)- Market Size & Forecast 2018-2028, (USD Million)
- Others (Radar Homing, Anti-Radiation, etc.)- 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 Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific.
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Leading Precision Guided Munition companies operating in the 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 S.p.A
- Denel Dynamics
- Rafael Advanced Defense Systems Ltd.
- Saab AB
- Roketsan
- Bharat Dynamics Limited
- Others.
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