Research Delivers Insight In To Precision Guided Munition Market Poised To Expand At 5% CAGR By 2022 - 2031

The market for precision guided munition was valued at US$ 30 Bn in 2021 and is anticipated to grow by 5% per year between 2022 and 2032. The market is expected to reach a global valuation of US$ 56.44 Bn by 2032. In the next ten years, the market will experience significant growth due to enhanced changes in military operations and the adoption of enhanced techniques in warfare.

Furthermore, security measures around the world could encourage the use of precision-guided munitions. Conflicts between major economies have made military and tactical operations more cautious. For national security, the majority of major economies purchase advanced war equipment for precise operation. Precision Guided Munition Market is anticipated to be driven by some of these factors during the forecast period.

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Asia Pacific is expected to grow at the fastest CAGR between 2022 and 2032, accounting for more than 31% of global revenue. At the same time, the presence of high-profile manufacturers in Europe and the heavy investments made by different countries in military operations are expected to expand the European market.

Key Segments Covered in the Precision Guided Munition Industry Survey

By Product
Precision Guided Tactical Missile
Precision Guided Ammunition
Precision Guided Rockets
Precision Loitering Munition

By Technology
Anti-Radiation Precision Guided Munition
Radar Homing Precision Guided Munition
Global Positioning System-based Precision Guided Munition
Inertial Navigation System-based Precision Guided Munition
Precision Guided Semi-Active Lasers
Infrared Precision Guided Munition

Competitive Landscape

Global markets are dominated by several giants, resulting in intense competition. In order to develop precision-guided weapons, several large corporations and defense agencies invest heavily in research and development. As a result of these activities, market players have been able to expand their customer base and business. Market players are expected to profit from lucrative growth opportunities as the global market for precision guided munitions develops.

A contract was signed between BAE Systems and the U.S. Navy to refurbish the guided-missile destroyer USS Bulkeley (DDG 84).

The contract for the 2100 F-Model missiles was awarded to Lockheed Martin and Raytheon's joint venture company, Javelin, in January 2019.

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Key Takeaways from the Market Study

The global precision guided munition market is expected to reach a market size worth US$ 34.65 Bn at the end of 2022.

Asia-Pacific to contribute 30% of global precision guided munition market revenue

U.S. market is expected to grow at a significant rate, accounting for 2 out of 5 precision guided munition sales

The tactical missile segment is expected to generate 70% of global revenue during the forecast period.

Over 69% of global revenue in 2021 came from Global Positioning System (GPS).

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Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume ('000 Units) and value (US$ Mn).

Estimates at global and regional levels for?precision guided munitions are available in terms of "US$ Mn" for value and in "'000 Units" for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar?opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global?precision guided munitions.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of?precision guided munitions across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of?precision guided munitions during the forecast period. Price point comparison by region with global average price is also considered in the study.

Source - https://www.factmr.com/report/precision-guided-munition-market

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