Precision Guided Munition Market CAGR Value, Top Manufacturers, Regional Analysis And Forecast To 2030

 Precision Guided Munition Industry Overview

The global precision guided munition market size was estimated at USD 33.67 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. Enhancements in military operations and the adoption of advanced war techniques are anticipated to support the market growth in the projected time. Moreover, security measures across the globe are likely to increase the penetration of precision-guided munition. Political and territorial conflicts between major economies have increased the precautionary measures for tactical and military operations. Defense systems in the major economies are focusing on the procurement of advanced war equipment with precise operations. Thus, are likely to have a positive impact on the market over the forecast period.

In the U.S., the market stood at USD 5.33 billion in 2021 and is anticipated to accelerate at a significant growth rate during the estimated period. Ongoing conflicts between the U.S. and Iran are anticipated to increase defense spending in the coming period, this is likely to influence the market for guided war equipment over the forecast period. Leading militaries across the globe are focusing on the procurement of advanced warfare equipment to maintain their dominance. Thus, the demand for precision-guided missiles, rockets, and mortars is expected to rise. In addition, the adoption of advanced positioning systems in nuclear warheads is expected to support the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Precision Guided Munition market

 

Enhancements in the defense systems to tackle war-like situations and the need for the protection of territory have influenced major countries to deploy advanced defense and attacking systems. Increasing security measures for guarding activities are likely to drive the market for guided war munition over the forecast period. Advancements in positioning system technology including semi-active lasers, radar homing, Inertial Navigation System (INS), and Global Positioning System (GPS) have influenced the market growth. Furthermore, the compatibility of the positioning systems with nuclear warheads in missiles is likely to accelerate its penetration in the munition.

 


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Precision Guided Munition Market Segmentation

Grand View Research has segmented the global precision guided munition market on the basis of product, technology, and region:

Precision Guided Munition Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Tactical Missile
  • Guided Rockets
  • Guided Ammunition
  • Loitering Munition

Precision Guided Munition Technology Outlook (Revenue, USD Million, 2017 - 2030)

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

Precision Guided Munition Regional Outlook (Revenue, USD Million, 2017 - 2030)

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


Market Share Insights

  • February 2019: BAE Systems inked a contract with the U.S. Navy worth USD 114.5 million to enhance the guided-missile destroyer, USS Bulkeley (DDG 84) in its Norfolk shipyard.

  • January 2019: a 2100 F-Model missiles contract was awarded to Javelin, a joint venture company of Lockheed Martin and Raytheon.


Key Companies profiled:

Some prominent players in the global precision guided munition market include:

  • Lockheed Martin
  • Atlas Elektronik
  • Raytheon
  • Thales Group
  • BAE Systems
  • Northrop Grumman
  • General Dynamics
  • Elbit Systems

 

Order a free sample PDF of the Precision Guided Munition Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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