Precision-Guided Munition (PGM) Market is Predicted to Reach USD 48.7 million by 2030 | Lockheed Martin Corporation, BAE Systems Plc., Raytheon, Northrop Grumman

Precision Guided Munition Market: by Speed (Subsonic, Supersonic, and Hypersonic), Product, Technology, Mode of Operation (Semi-autonomous and Autonomous), Launch Platform (Land, Airborne and Naval), and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The Precision-Guided Munition (PGM) Market was valued at USD 35.8 million in 2023 and is estimated to grow from USD 35.8 million to USD 48.7 million by 2030 at a CAGR of 4.5%.

Ground-based operations are expected to boost the revenue growth rate in the global precision-guided munition market during the forecast period. This can be attributed to the growing demand for accuracy and precision in land-based operations, including infantry combat, tank warfare, and artillery. Precision-guided munitions are increasingly being utilized in such operations, resulting in an increased demand for them. The use of GPS-guided and laser-guided munitions has also risen in ground-based operations due to their high precision and accuracy. As a result, the land-based platform segment is expected to experience a substantial growth rate.

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Precision-Guided Munition (PGM) Market Key Players

Lockheed Martin Corporation
BAE Systems Plc.
Raytheon
MBDA
Israel Aerospace Industries
Elbit Systems Ltd.
Saab AB
General Dynamics Corporation
Northrop Grumman
Rheinmetall AG
Leonardo SpA

In 2021, Boeing was awarded a contract by the US Department of Defense for JADM munition for the US Navy.

In 2020, The Air Force Life Cycle Management Center (AFLCMC) awarded a USD 239.1 million modification contract for 6 lots of StromBreaker to Raytheon Technologies' RTX Missiles and Defense unit.

The accuracy of precision-guided munitions, also known as smart weapons, significantly increases their effectiveness against hostile targets while reducing the risk of causing collateral damage. As a result, there is a growing demand for precision-guided munitions worldwide, particularly in the defense industry. This trend is likely to continue as militaries around the world seek to enhance their capabilities and reduce the risk of unintended casualties in combat operations. Additionally, advancements in technology have made these weapons more versatile and capable of delivering a range of payloads, further increasing their appeal to militaries and defense contractors.

In response to the increasing number of terrorist attacks, governments have realized the importance of improving their defense capabilities. To enhance their military systems and combat terrorist threats, defense forces in developed countries have been continuously modernizing their equipment. Precision-guided munitions, which offer high levels of accuracy and efficiency, are being increasingly utilized in modern warfare. They have proven to be an effective tool in reducing casualties and collateral damage during military operations such as airstrikes, naval battles, and land battles.

As a result, the precision-guided munitions market has seen a boost in revenue growth. Precision-guided weapons offer cutting-edge capabilities and improved accuracy, making them an ideal choice for military operations. Their accuracy and precision make them essential in thwarting terrorist activities. In addition, precision-guided munitions can also be used in government initiatives aimed at developing thermal and solar energy in various countries.

Although the use of precision-guided weapons has been criticized due to the presence of severe ingredients in cheaper versions of the product, the benefits outweigh the risks. The reduction of potential accidental injury to civilians and civilian infrastructure in military operations is essential in modern warfare. The market is expected to see continuous growth due to the high demand for precision-guided munitions in the defense industry, driven by the need to combat terrorism and modernize military systems.

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Precision-Guided Munition (PGM) Market Table of Contents:

Precision-Guided Munition (PGM) Market is segmented into speed, product, technology, mode of operation, launch operation and region.

On the basis of Speed

Subsonic
Supersonic
Hypersonic

On the basis of Product

Tactical Missiles
Guided Rockets
Guided Ammunition
Torpedoes
Loitering Munitions

On the basis of Technology

Infrared
Laser
Inertial Navigation System (INS)
Global Positioning System (GPS)
Radar Homing
Anti-radiation

On the basis of Mode of Operation

Autonomous
Semi-autonomous

On the basis of Launch Platform

Land
Airborne
Naval

On the basis of Region

Asia Pacific
North America
Europe
South America
Middle East & Africa

Geographies:

The market revenue growth of the global precision-guided munition market is expected to be the fastest in North America during the forecast period. This is due to the region's increasing adoption of advanced defense technologies and its rising defense expenditure and demand for high-precision weapons. Moreover, the presence of major market players in this region such as Raytheon Company, Lockheed Martin Corporation, and Boeing is expected to boost the market revenue growth.

During the forecast period, the Europe market is anticipated to occupy a considerable share of the global precision-guided munition market revenue. This can be attributed to the surge in defense expenditure, technological advancements in the defense industry, and the escalation of military conflicts in the region.

The Asia Pacific market is expected to register a considerably fast revenue growth rate in the precision-guided munition market during the forecast period.

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