Precision Guided Munition Market Growth & Trends
The global precision guided munition market size is expected to reach USD 55.17 billion in 2030, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research Inc. The growing need for extremely accurate munitions for target attacking is anticipated to increase the demand for precision-guided munitions. Moreover, enhancements in precision attacking are likely to support the market. Growing political and territorial conflicts between major economies are likely to 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 to influence the market for precision-guided munitions over the forecast period.
Technological advancement in attacking components including missiles, rockets, mortars, artillery shells, bombs, and bullets to incorporate advanced positioning technologies are expected to enhance the market. Global Positioning System (GPS) and Semi-Active Lasers systems are popular positioning techniques to keep track of the targeted location for the attack. Prominent players including Lockheed Martin, Atlas Elektronik, Raytheon, Thales Group, BAE Systems, Northrop Grumman, and others are investing heavily in R&D activities to 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
- The market for tactical missiles is projected to grow significantly over the forecast period on account of their increasing usage in all types of attacking mechanisms. Surface-to-surface and air-to-air tactical missiles are gaining popularity in the warfare equipment
- In the U.S., the revenue for precision guided munitions stood at USD 5.3 billion in 2021 and is expected to grow over the forecast period owing to increasing expenditures for military upgrade and enhancement in the attacking equipment
- In 2019, semi-active laser positioning technology accounted for the largest share owing to its prominence in the target positioning. Modern missiles and rockets are installed with these positioning mechanisms for guidance to the exact location
- The GPS technology is expected to register the fastest growth rate over the forecast period due to its prominent location tracking for the war equipment
- Conflicts between the U.S. and Iran are anticipated to enhance the military capabilities of the respective economies. Thereby, is expected to support the market for precision guided munition in the estimated time