Precision Guided Munition Market is Forecasted to Reach US$ 49.11 Billion in 2028, Says Stratview Research

The global precision guided munition market is projected to witness a growth rate of 5.85% annually from 2022 to 2028, with an anticipated size of US$ 49.11 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global precision guided munition market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 49.11 billion
Growth (CAGR): 5.85% during 2022-2028
Forecast Period: 2022-2028
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 6
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Precision Guided Munition Market:

The global precision guided munition market is segmented based on product type, technology type, mode of operation type, launch platform type, speed type, and region.

Based on product type - The precision-guided munition market has been split into guided ammunition, tactical missiles, torpedoes, guided rockets, and loitering munitions. Tactical missiles find use in shorter range and are capable of carrying a range of warheads that can be employed for various purposes. Tactical missiles are versatile and can be fired in various angles, modes, and from various platforms. The tactical missiles are armed with precision guidance technologies that assist them to hit the target with accuracy.

Based on technology type - The GPS segment hold the largest share of the market in 2021, followed by the laser segment. The laser guidance for war weapons is likely to be replaced by GPS technology in the coming years due to its ability to detect the exact location of moving targets. The infrared segment is expected to grow at the fastest rate during the forecast period owing to the lower cost and precise location detection capabilities.

Based on speed type - The precision guided munition industry has been segmented into subsonic, supersonic, and hypersonic. Hypersonic munitions are armed with a propulsion system enabling it to achieve a speed of Mach 5 or higher. Currently, hypersonic weapons are in the development stage and are projected to be commercialized in the coming years.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/2908/precision-guided-munition-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America held the highest demand share in 2021 and will continue to lead the market in the foreseeable future. This growth outlook is majorly attributed to the following-

• The U.S. generated highest revenue in the region.
• The sharp increase in the U.S. defence budget is expected to increase demand for precision-guided Munitions in the country.
• Major companies such as Lockheed Martin, Northrop Grumman Corporation, Raytheon Technologies, Boeing, and General Dynamics Corporation are based out of the US.
• These manufacturers are currently focused on investing in R&D of advanced precision technology employed in the missile defence system.
• Further, with significant military modernization efforts taking place in countries across the Asia Pacific region, the demand for precision-guided munitions is expected to grow in the near future.

Precision Guided Munition Market Drivers:

Some of the key drivers listed in the report are given below.
• Rising defense budgets across the world
• Need for advanced precision guided munition to safeguard the country's border against modern combat.
• Rising instances of conflicts and terrorism.

Top Companies in the Precision Guided Munition Market:

Stratview Research has identified the following companies as the top market players.
• Lockheed Martin
• Atlas Elektronik
• Raytheon
• Thales Group
• BAE Systems
• Northrop Grumman
• General Dynamics
• Elbit Systems
• Boeing Company
• Aselsan A.S.
• Israel Aerospace Industries
• Rheinmetall
• Leonardo S.P.A
• Kongsberg
• SAAB AB
• Rafael Advance Defense Systems Ltd.
• Bharat Dynamics Ltd.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Precision Guided Munition Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Guided Munition Market: https://www.stratviewresearch.com/3774/guided-munition-market.html
• Ammunition Handling System Market: https://www.stratviewresearch.com/868/ammunition-handling-system-market.html

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This release was published on openPR.