Press release
Precision Guided Munition Market by Product, Emerging Trends, Key Strategies, New Technologies, Growth Strategies and Forecast by 2029
Based on previous market performance, the Precision Guided Munition market is expected to reach USD 45.25 billion in size by 2029. With a 5.1% CAGR.Precision Guided Munition Market Overview:
Precision-guided munitions are expected to become more popular as the demand for extremely accurate weapons for target hitting grows. Due to continual increases in military budgets around the world and the necessity for new precision guided munition to counter modern conflict around the country's border, the precision guided munition market is predicted to rise. Additionally, an increase in the number of conflicts and high defense spending are two important drivers driving the global market.
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Precision guided munition can be fired from planes, submarines, ships, land vehicles, and even single soldiers on the ground. Hellfire missiles, JAGMs, Paveway laser guided bombs, long-range anti-ship missiles, and other precise weapons are all launched from the air. Army tactical missile system (ATACMS), guided multiple rocket launch system (GMLRS), and precision strike missiles are examples of ground-launched precision munitions (PrSM). Defense forces all across the world are implementing and upgrading such systems.
Based on our expert's analysis the players that are leading the market includes: Lockheed Martin Corporation, BAE Systems Plc, Raytheon, MBDA, Israel Aerospace Industries, Elbit Systems Ltd, Saab AB, General Dynamics Corporation, Northrop Grumman and Rheinmetall AG. and Others.
The whole market is segmented as follows:
Precision Guided Munition Market By Type, 2020-2029, (USD Million) (Thousand Units)
Air-To-Air
Water Source
Geothermal
Precision Guided Munition Market By Application, 2020-2029, (USD Million) (Thousand Units)
Residential
Industrial
Commercial
Industry Developments:
The US Department of Defense granted Boeing a contract for JADM munition for the US Navy in 2021.
The Air Force Life Cycle Management Center (AFLCMC) awarded Raytheon Technologies' RTX Missiles and Defense unit a USD 239.1 million modification contract for 6 batches of StromBreaker in 2020.
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Precision Guided Munition Market' s top organizations are operating in a dynamic set-up, wherein they are required to incorporate unprecedented advances to reap benefits from the latest and upcoming information technologies and industry trends.
Regional Analysis:
This report is segmented into several key Regions, with production, consumption, revenue and market share and growth rate of Precision Guided Munition Market. These regions, from 2022 To 2029, covering North America, Europe, China, Japan, Southeast Asia, India, North America (USA, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India and Southeast Asia) and ROW.
Our Market Intelligence reports give our clients the information they need to maintain a competitive edge in the marketplace. Competitor Analysis and Profiling studies delve further into a company's competitive strengths and shortcomings. Market assessments conducted by SIS reveal market opportunities, size, and viability.
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