Precision Guided Munition Market Growth & Trends

The global precision guided munition market size is expected t-reach USD 46.7 billion in 2027, expanding at a CAGR of 5.6% from 2020 t-2027, according t-a new report by Grand View Research Inc. Growing need for extremely accurate munitions for target attacking is anticipated t-increase the demand for precision guided munitions. Moreover, enhancements in precision attacking are likely t-support the market growth.

Growing political and territorial conflicts between major economies are likely t-encourage the enhancements of their respective military and army operations. Precision attacking techniques are used in the army, air force, and naval forces, thus are likely t-drive the market for precision guided munitions over the forecast period.

Technological advancements in attacking components including missiles, rockets, mortars, artillery shells, bombs, and bullets t-incorporate advanced positioning technologies are expected t-enhance the market growth. Global Positioning System (GPS) and semi-active lasers systems are popular positioning techniques t-keep track of the targeted location for the attack.

Prominent players are investing heavily in R&D activities t-develop advanced technology war equipment. Moreover, ammunition manufacturers are focusing on the installation of a guiding mechanism in the components.

Precision Guided Munition Market Report Highlights

  • By product, tactical missiles are projected t-witness significant growth over the forecast period on account of their increasing usage in all types of attacking mechanism. Surface t-surface and air t-air tactical missiles are gaining popularity in the warfare equipment
  • In U.S., the market size was valued at USD 4.80 billion in 2019 and is expected t-witness considerable growth over the forecast period owing t-increasing expenditures on military upgrade and enhancement in the attack equipment
  • Based on technology, the Global Positioning System (GPS) led the market in 2019 and is expected t-witness the highest growth over the forecast period on account of its prominent location tracking for the war equipment
  • In 2019, semi-active laser positioning technology accounted for the second largest share owing t-its prominence in the target positioning. Modern missiles and rockets are installed with these positioning mechanisms for guidance t-the exact location
  • Conflicts between U.S. and Iran are anticipated t-enhance the military capabilities of the respective economies. This is expected t-drive the market for precision guided munition in the foreseeable future.