Press release
Guided Munitions Market Outlook to 2023 - Top Leading Players are L-3 Technologies Inc, FN Herstal S.A, Kongsberg Group, BAE Systems Plc, Boeing and Others
Market Oveview:Guided munitions are these smart weapons that can be aimed and directed at single or multiple targets, relying either on external guidance or its guidance systems. These guided munitions can be launched from aircraft, ships, submarines, and land vehicles. At present, an increasing number of military programs are focusing on precision ammunition, especially on PG (precision guided). As a result, the global guided munitions market is continuously growing.
The growing regional conflicts across the globe are fuelling the terrorist activities and hence the uptake of smart weapons. The increased focus on developing autonomous weapons to counter terror activities are offering new growth opportunities for the market players. Moreover, the factors such as significant investments that have been made on the development of technological advancements with ongoing R&D are escalating the market on the global platform.
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Acknowledging the colossal traction the market is garnering currently, Market Research Future (MRFR) in its recently published a study report asserts that the global guided munitions market is estimated to ascend enormously by 2023 registering approximately 5 % CAGR throughout the forecast period (2018 to 2023).
Additional factors such as the rising demand for guided missiles for tactical operations, the rising demand for technologically advanced autonomous weapons, and the high demand for anti-tank missile systems by the military forces, worldwide are substantiating the market growth.
On the other hand, factors such as the extremely complicated weapon guidance systems and restricted range of maneuverability are expected to restrict the market growth. Nevertheless, factors such as the increasing number of governmental initiatives to increase the indigenous developments, designing, manufacture, and supply of highly advanced guided weapon systems and the increasing manufacturing of arming devices for air-launched cruise missile (ALCM) will support the market growth.
Guided Munitions – Market Segmentation
The report has been segmented into four key dynamics for the convenience;
By Product: Missiles, Rockets, Projectiles, Arms, and Loitering Weapons among others.
By Technology: Laser, Infrared, Radar, and GPS among others.
By Platform: Airborne, Land-based, and Naval.
By Regions: Europe, North America, PAC and Rest of the World.
Competitive Analysis:
The highly competitive guided munitions market appears to be fragmented owing to the presence of numerous large and small-scale players. Strategic initiatives such as innovation, M&A, and brand reinforcement remain the key trends for the leading players. The market will witness intensified competition with the increase in R&D activities.
Key Players:
Key players leading the global guided munitions market include Raytheon Company (U.S.), Lockheed Martin Corporation (U.S.), Boeing (U.S.), Israel Aerospace Industries (Israel), BAE Systems Plc. (U.K), MBDA (France), Kongsberg Group (Norway), Rafael Advanced Defense Systems Ltd (Israel), L-3 Technologies Inc. (U.S.), FN Herstal S.A (Belgium), and Northrop Grumman Corporation (U.S.) among others.
Regional Analysis:
North America dominates the global guided munitions market owing to the rising counter terrorist activities and various military equipment modernization programs to control them. The market in the US heading with the presence of well-developed defense and aerospace sectors contribute to the growth of the regional market largely.
Additionally, the presence of major players and the introduction of favorable government policies in this region foster the market growth. Simultaneously, factors such as the increasing military expenditures and the growing demand for advanced weapons are driving the demand in the regional market.
Europe accounts for the second largest market for guided munitions is expected to witness huge innovations during the forecast period. Increased procurement of smart weapons by developed countries, such as Germany, the U.K, and France fosters the growth of the regional market.
The guided munitions market in the Asia Pacific region, on the other hand, is emerging as a promising market, growing rapidly. The increasing terrorism incidences and border threats in the region are driving the market growth predominantly. Moreover, the availability of cost-competitive labor force and raw materials required for the production of guided munitions are attracting foreign companies, encouraging them to shift their production bases to the emerging economies like India and China which, turn, is pushing up the market growth in the region on the furthered heights.
APAC is vibrating with the rapid economic growth in the countries such as China and India. India has emerged as a hub for technologies among others which is drawing the steady flow of foreign investors.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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