Precision Guided Munition Market 2024 - By Size, Analysis, Industry Trends, Growth And Forecast To 2033

The precision guided munition market size has grown rapidly in recent years. It will grow from $36.04 billion in 2023 to $39.86 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to military modernization and the need for accuracy, expansion of defense budgets, advancements in targeting and guidance technology, growth in global conflicts and counterterrorism efforts, demand for reduced collateral damage..

The precision guided munition market size is expected to see rapid growth in the next few years. It will grow to $58.97 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to integration of artificial intelligence for precision, growth in asymmetric warfare and counter-insurgency, customized munitions for specific mission needs, expansion in unmanned aerial vehicle (uav) warfare, increased use in maritime and naval operations.. Major trends in the forecast period include smart munitions with enhanced target recognition, regulatory standards for precision munition deployment, electromagnetic and cyber warfare integration, miniaturization and increased loiter time of munitions, modular munition systems for multi-role capabilities..

Market Overview -
A precision-guided munition is a guided weapon that detects electromagnetic energy reflected from a target to destroy a point target and minimize collateral damage. These are guided using a global positioning system (GPS), a laser guidance beam, or an integrated inertial navigation system.

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Increase In Military Expenditure Drives The Precision-Guided Munition Market
The increase in military expenditure is significantly driving the growth of the precision-guided munition market. The military refers to the armed forces of any country that help maintain peace and stability in the country. Military expenditure is more focused on military modernization programs and the increase in the need for precision-guided munition to minimize collateral damage and increase lethality against the target, thereby promoting the adoption of precision-guided munition. For instance, according to the Stockholm International Peace Research Institute (SIPRI), in 2020, global military expenditure rose to $2 trillion, an increase of 2.6% from 2019. Therefore, increasing military expenditure is expected to propel the growth of the precision-guided munition market.

Competitive Landscape -
Major companies operating in the precision guided munition market include Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company, BAE Systems plc, General Dynamics Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Elbit Systems Ltd., Saab AB, Israel Aerospace Industries Ltd., Rheinmetall AG, Bharat Dynamics Limited, Denel Dynamics a division of Denel SOC Ltd., LIG Nex 1 Co. Ltd., Rafael Advanced Defense Systems Ltd., Kongsberg Gruppen ASA, Roketsan A.S., China Aerospace Science and Industry Corporation, China North Industries Group Corporation Limited, Hanwha Defense Co. Ltd., Taurus Systems GmbH, Diehl Defence GmbH & Co. KG, Nexter Systems S.A., Raytheon Technologies Corporation, Aerojet Rocketdyne Holdings Inc., Precision Guided Solutions LLC, Textron Inc.

Technological Innovation Propels The Precision-Guided Munition Market
Major companies operating in the precision-guided munition sector are focused on developing new technological solutions, such as guided high-explosive ammunition, to meet end-customer demands and strengthen their market position. Guided high-explosive ammunition is munition equipped with precision guidance systems that enable it to target and strike specific objectives, minimizing collateral damage while delivering a high-explosive payload accurately and selectively. For instance, in October 2023, Northrop Grumman Corporation, a US-based aerospace and defense company, was given a contract by the US Navy to develop its recently developed 57mm guided high explosive ammunition. The company will test and mature the munition in preparation for qualification, with an eye toward using it with the Mk110 Naval Gun Mount.

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Key Segments -
The precision guided munition market covered in this report is segmented -
1) By Product: Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions
2) By Technology: Infrared, Semi Active Laser, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation
3) By Launch Platform: Land, Airborne, Naval
4) By Mode of Operation: Semi-Autonomous, Autonomous
5) By Speed: Subsonic, Supersonic, Hypersonic

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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