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Precision Guided Munition Market: Robust Growth, Key Players, and Upcoming Trends
Precision Guided Munition Market
What Is The Projected Market Size Of The Global Precision Guided Munition Market And Its Growth Rate?
• The market value of Precision Guided Munition was $39.07 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 10.4%, reaching $43.12 billion in 2025.
• The growth factors in this period are attributed to military modernization, increased accuracy needs, defence budget expansion, advancements in targeting technology, global conflicts and counter-terrorism activities, and the necessitated reduction in collateral damage.
• By 2029, the market size is projected to reach $63.1 billion, growing at a compound annual growth rate (CAGR) of 10.0%.
What Is Driving The Growth In The Precision Guided Munition Market?
Rising military expenditure is significantly driving the Precision Guided Munition market's growth. The military's role in maintaining peace and stability in a country necessitates precision-guided munitions to minimize collateral damage and increase target lethality. This need has been strongly recognized by countries ramping up their defence spending. For example, the UK is set to increase its defence budget to £57.1 billion (70.74 billion) in 2024/25, reflecting a 4.5% rise in real terms compared to the £54.2 billion ($68.8 billion) allocated for 2023/24.
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Who Are the Key Players Driving Precision Guided Munition Market Growth?
• 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.
What Are The Key Trends In The Precision Guided Munition Market?
Key trends in the forecast period include:
• Smart munitions with enhanced target recognition
• Regulatory standards for precision munition deployment
• Integration of electromagnetic and cyber warfare
• Miniaturization and increased loiter time of munitions
• Development of modular munition systems for multi-role capabilities.
What Are The Segments Of The Global Precision Guided Munition Market?
• By Product: Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions
• By Technology: Infrared, Semi Active Laser, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation
• By Launch Platform: Land, Airborne, Naval
• By Mode of Operation: Semi-Autonomous, Autonomous
• By Speed: Subsonic, Supersonic, Hypersonic
Which Region Leads The Precision Guided Munition Market?
The largest region in the precision-guided munition market in 2024 was Asia-Pacific. Future growth is also expected in other regions like Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What Is Covered In The Precision Guided Munition Market Global Market Report?
- Market Size Analysis: Analyze the Precision Guided Munition Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Precision Guided Munition Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Precision Guided Munition Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Precision Guided Munition Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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