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“Increasing procurement of precision guided munition, and ongoing military modernization programs are key factors fueling the growth of the precision guided munition market across the globe.”
The precision guided munition market is projected to grow from USD 30.0 billion in 2019 to USD 47.5 billion by 2025, at a CAGR of 8.0% from 2019 to 2025. The rising instances of asymmetric warfare and increasing demand for miniaturized weapons are some of the factors expected to fuel the growth of the precision guided munition market.
“Based on product, the tactical missile segment is projected to lead the precision guided munition market from 2019 to 2025.”
Based on product, the tactical missiles segment estimated to lead the precision guided munition market in 2019 and is expected to continue its dominance till 2025. Tactical missiles are versatile weapons and can be fired in various modes, angles, and platforms. Tactical missiles are equipped with advanced guidance technologies which enable them to hit targets with high accuracy. Military forces of different countries across the globe have increased the use of precision guided munition to enhance their military capabilities.
“Based on technology, the GPS segment is projected to grow at the highest CAGR from 2019 to 2025.”
Based on technology, the GPS segment is expected to grow at the highest CAGR during the forecast period. GPS is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors of precision guided munition focus on producing PGMs equipped with GPS technology.
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“The Asia Pacific precision guided munition market is projected to grow at the highest CAGR during the forecast period.”
Asia Pacific is estimated to account for the largest share of the precision guided munition market in 2019. The presence of major defense OEMs and increasing investments in research and development activities undertaken by the China and India armed forces are driving the growth of the market in this region. The procurement of next-generation laser guided projectiles is also fueling the growth of precision guided munition market.
Break-up of profiles of primary participants of the precision guided munition market
- By Company Type - Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
- By Designation – C Level – 35%, Director Level – 25%, and Others – 40%
- By Region – North America -20%, Europe – 5%, Asia Pacific – 30%, and the Middle East – 45%
Major companies profiled in the report are Lockheed Martin Corporation (US), BAE Systems Plc. (UK), Raytheon (US), MBDA (France), Israel Aerospace Industries (Israel), Elbit Systems Ltd. (Israel), Saab AB (Sweden), General Dynamics Corporation (US), Northrop Grumman (US), Rheinmetall AG (Germany), and Leonardo SpA (Italy), among others.
This report segments and analyzes the precision guided munition market during the forecast period. The market has been classified based on product (tactical missiles, guided rockets, guided ammunition, and loitering munition), technology (infrared, semi-active lasers, radar homing, GPS, INS, anti-radiation, and others), type (autonomous and sem-autonomous), speed (hypersonic, non-hypersonic), and region (North America, Europe, Asia Pacific, the Middle East, and Rest of the World).
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From an insight perspective, this research report has focused on various levels of analysis ? industry analysis (industry trends), market ranking analysis of top players, and company profiles. These insights together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the precision guided munition market, high-growth regions, and drivers, restraints, challenges, and opportunities influencing the growth of the market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on precision guided munition offered by top market players
- Market Sizing: The estimated size of the market in 2019 and its projection from 2019 to 2025
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new products launched in the precision guided munition market
- Market Overview: Market dynamics and subsequent analysis of the associated trends as well as drivers, restraints, opportunities, and challenges prevailing in the precision guided munition market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for precision guided munition across different regions
- Market Diversification: Exhaustive information about new products launched, untapped geographies, recent developments, and investments in the precision guided munition market
- Regional Analysis: Factors influencing the growth of the precision guided munition market in North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW)
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the precision guided munition market
- Impact of Mega Trends: Effect of the growth of the electronic/network-centric warfare, which uses drones or cyber platforms utilizing Artificial Intelligence (AI) and embedded computing platforms, on the precision guided munition market