Global Precision Guided Munition Market Size By Product Type(Guided Rockets, Tactical Missiles, Guided Ammunition), By Technology Type(Infrared, Semi-Active Lasers, Radar Homing, Anti-Radiation), By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Global Precision Guided Munition Market Size By Product Type(Guided Rockets, Tactical Missiles, Guided Ammunition), By Technology Type(Infrared, Semi-Active Lasers, Radar Homing, Anti-Radiation), By Geographic Scope And Forecast

Precision Guided Munition Market Size And Forecast

Precision Guided Munition Market size was valued at USD 33.11 Billion in 2022 and is projected to reach USD 68.54 Billion by 2030, growing at a CAGR of 9.52% from 2024 to 2030.

The Global Precision Guided Munition Market is a significant and growing segment of the defense industry. Precision munitions are advanced weapon systems that use technology such as GPS, laser guidance, and inertial guidance to accurately strike targets with a high degree of accuracy. They are used in a variety of military operations, including air-to-ground, ground-to-ground, and naval engagements. The Global Precision Guided Munition Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Precision Guided Munition Market Definition

The Global Precision Guided Munition Market refers to the market for advanced guided weapons systems that are designed to accurately hit specific targets with a high degree of precision. These munitions use advanced technologies such as GPS, laser guidance, and inertial navigation systems to ensure accurate delivery to a specific location or target.

Precision munitions? Think smart weapons. They're not just for the military; you'll find them used in law enforcement and homeland security too. What's the big deal? Well, they're way more accurate than old-school weapons, meaning less chance of accidental damage and a smoother operation overall. The market is full of goodiesguided bombs, missiles, artillery shells – the whole shebang! And it's not just the weapons themselves; it's all the tech that makes them work, like ground-based control systems and targeting software. Military spending is the main driver, but new tech, world events, and changes in how we defend ourselves all play a role.

Global Precision Guided Munition Market Overview

Lately, the global Precision Guided Munition Market has really taken off! This is mostly because everyone wants smarter weapons that can hit targets with super accuracy. And guess what? Experts think this growth will keep going, fueled by bigger military budgets, cool new tech, and, well, a bit of global unrest. So, what does this mean? Big chances for making things even better! For example, we need better ways to fight new dangers like UAVs, really long-range cannons, and missiles. By building better brains and eyes for these weapons – think Global Positioning System (GPS), inertial navigation, and laser guidance – we can make sure these threats are targeted with extreme precision.

Think about itas militaries lean more on unmanned systems like UAVs, UGVs, and UUVs, the demand for precision guided munitions is bound to increase. Imagine these systems, loaded with smart munitions, becoming even better at scouting, watching, and finding targets, making them super effective in a fight! Plus, with the rise of network-centric warfare, where everyone's connected and sharing info in real-time, we'll likely see even smarter targeting and coordination of these munitions. However, let’s be realthe high cost of developing and buying these things could slow things down. These advanced weapons need top-notch tech and crazy-precise engineering, which means a hefty price tag. And don't forget the expensive testing and evaluation needed for these systems.

One big hurdle is the tough regulations and export controls that govern the sale of precision munitions. Lots of countries have really tight rules about shipping weapons out, so getting all the licenses and permits you need can be a real headache, taking a long time and feeling super complicated. This can slow down getting things ordered and also shrink the potential customer base for companies making these munitions. Another issue? Precision munitions are just plain complicated. You need highly skilled people with serious training to use them right, and there aren't that many folks around with that kind of know-how. Plus, because they're so complex, these systems need lots of upkeep and support, which can be a logistical nightmare for armed forces. Last but not least, the fact that some countries are trying to disarm or cut back on military spending could also be a problem for the Precision Guided Munition Market. If countries are looking to save money on their military, they might decide to focus on other things, which could mean they don't buy as many precision munitions.

Global Precision Guided Munition Market Segmentation Analysis

The Global Precision Guided Munition Market can be segmented on Product Type, Technology Type, Geography

Precision Guided Munition Market Segmentation, Product Type

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

Based on Product Type, The market is divided into Guided Rockets, Tactical Missiles, Guided Ammunition, and Loitering Munition. One of the primary categories of precision munitions is guided bombs, which are designed to be dropped from aircraft and use advanced guidance systems to accurately hit targets from high altitudes. Another category of precision munitions is missile systems, which include air-to-air, air-to-ground, and ground-to-ground missiles. These systems use advanced guidance and targeting technologies to accurately hit targets over long distances.

Precision Guided Munition Market, Technology Type

  • Infrared
  • Semi-Active Lasers
  • Radar Homing
  • Anti-Radiation
  • Inertial Navigation System (INS)
  • Global Positioning System (GPS)

The global Precision Guided Munition Market can be segmented based on technology into several categories. One of the primary technologies used in precision munitions is GPS/INS (Global Positioning System/Inertial Navigation System). This technology allows precision munitions to accurately locate and track targets, even in difficult environments such as urban areas or in adverse weather conditions.

Another key piece of tech in precision munitions is laser guidance. Think of it like thisa laser pointer guides the munition right to the target, giving it incredible accuracy. It's especially useful when the target is on the move or hard to pinpoint. Then there's GPS-based guidance, which relies on satellite signals to figure out its location and find its way. Ultimately, picking the right technology depends on what the mission needs and what the target area is like. Often, you'll even see munitions using a mix of different technologies to make them even more accurate and reliable! Again, the choice really depends on the specific mission requirements and the target environment.

Precision Guided Munition Market, By Geography

• North America• Europe• Asia-Pacific• Middle east and Africa• Latin America

Okay, so when we talk about the global market for Precision Guided Munitions, we can break it down by regionNorth America, Europe, Asia-Pacific, the Middle East & Africa, and even South America. Right now, North America's likely to grab a big chunk of the market. Why? Well, that's where you find a lot of the big players – the manufacturers and suppliers of these precision munitions. Plus, the United States spends a ton on defense! And with more investments going into advanced weapons and the US military using more and more of these smart munitions, you can bet the market in North America will keep growing. But hold on, because Asia-Pacific is where things are really heating up. They're expected to be the fastest-growing market, thanks to countries like China, India, and South Korea boosting their defense budgets. All those geopolitical tensions in the area don't hurt either! These countries are adopting precision munitions to beef up their military and face new threats, which should really fuel market growth there. You can learn more here.

Key Players

The major players in the market are; Raytheon Technologies, Lockheed Martin Corporation, Northrop Grumman Corporation, BAE Systems, General Dynamics Corporation, Textron Inc., MBDA, Rheinmetall AG, Kongsberg Gruppen, & Israel Aerospace Industries among others. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

These companies offer a wide range of precision munitions, including guided bombs, missiles, artillery shells, and rockets. They also provide related services, such as maintenance and repair, training, and logistics support. These companies are continuously investing in research and development to enhance their product offerings and gain a competitive edge in the market.

Key Developments

  • In June 2021, Lockheed Martin won a $3.7 billion contract to supply the U.S. Army and Marine Corps with precision-guided missiles and rocket systems.
  • In September 2021, Raytheon Technologies completed the development of its new Deep Strike missile, which is designed to penetrate fortified enemy defenses.
  • In August 2020, Northrop Grumman won a $167 million contract to provide the U.S. Army with its advanced Precision Guidance Kit, which is used to convert unguided rockets into precision-guided weapons.
  • In January 2020, BAE Systems won a $242 million contract to supply the U.S. Army with its next-generation precision guidance kits for artillery shells.
  • In October 2019, Textron Systems completed the successful testing of its new Fury precision-guided missile system, which is designed for use by unmanned aerial vehicles (UAVs).
  • In November 2019, MBDA announced the successful test firing of its new Sea Venom/ANL anti-ship missile, which is designed to be launched from helicopters.

Report Scope

STUDY PERIODDETAILS
STUDY PERIOD

2020-2030

BASE YEAR

2023

FORECAST PERIOD

2024-2030

HISTORICAL PERIOD

2020-2022

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Raytheon Technologies, Lockheed Martin Corporation, Northrop Grumman Corporation, BAE Systems, General Dynamics Corporation, Textron Inc., MBDA, Rheinmetall AG, Kongsberg Gruppen, & Israel Aerospace Industries among others.

SEGMENTS COVERED

By Product Type, By Technology Type, By Geography

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