Increase In Military Expenditure Drives The Precision-Guided Munition Market: A Key Driver Powering Precision Guided Munition Market Growth In 2025

The Precision Guided Munition Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Precision Guided Munition Market Size and Its Estimated Growth Rate?
In recent years, the market size for precision guided munitions has experienced significant growth. It is anticipated to increase from $39.07 billion in 2024 to $43.12 billion in 2025, representing a compound annual growth rate (CAGR) of 10.4%. Factors that contributed to its growth in the historical period include military modernization and the demand for precise accuracy, increased defense budgets, advancements in targeting and guidance technology, a rise in global conflicts, counterterrorism initiatives, and the necessity to minimize collateral damage.

The market for precision guided munitions is projected to experience robust growth over the coming years, expanding to a size of $63.1 billion by 2029, with a compound annual growth rate (CAGR) of 10.0%. Several factors will contribute to this growth during the forecast period, including the adoption of artificial intelligence in precision, the rise in asymmetric warfare and counter-insurgency, customizing munitions to meet specific mission requirements, growth in unmanned aerial vehicle (UAV) warfare, and increased usage in maritime and naval operations. Key trends to watch in the forecast period are smart munitions with advanced target recognition, regulations around precision munition deployment, integration of electromagnetic and cyber warfare, reduction in size and increased loiter time of munitions, and modular munition systems for multi-role capabilities.

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How Are Emerging Segments Shaping the Precision Guided Munition Market Landscape?
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

Subsegments:
1) By Tactical Missiles: Air-to-Ground Missiles, Surface-to-Air Missiles, Anti-Ship Missiles, Anti-Tank Missiles
2) By Guided Rockets: Surface-Launched Rockets, Air-Launched Rockets
3) By Guided Ammunition: Precision-Guided Artillery Shells, Guided Mortar Rounds, Smart Bombs
4) By Torpedoes: Lightweight Torpedoes, Heavyweight Torpedoes
5) By Loitering Munitions: Fixed-Wing Loitering Munitions, Rotary-Wing Loitering Munitions

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Which Growth Factors Are Influencing Precision Guided Munition Market Expansion?
The surge in spending on the military is a significant factor propelling the expansion of the precision-guided munition market. The term military encompasses the armed forces that work towards preserving harmony and steadiness within a nation. More emphasis is laid on modernizing the military and growing demand for precision-guided munition to reduce unintended damage and heighten lethality towards the intended target, thereby encouraging the use of precision-guided munition. For instance, The House of Commons Library, a UK-based repository of facts and resources for the lower house of British Parliament, reported that £54.2 billion ($68.8 billion) was set aside for defense expenditure in the 2023/24 budget year. This budget is expected to see an upward correction to £57.1 billion (70.74 billion) in 2024/25, marking a real term increase of 4.5%. As such, the upward trend in military expenditure is seen as a driving force for the growth of the precision-guided munition market.

Who Are the Dominant Players Across Different Precision Guided Munition Market Segments?
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.

What Are the Latest Developing Trends in the Precision Guided Munition Market?
Leading firms involved in the precision-guided munition industry are working on introducing advanced technological offerings such as guided high-explosive ammunition, as a response to customer requirements and to fortify their stance in the market. This type of ammunition is equipped with precision guidance systems, allowing it to target and hit specific objectives with minimized collateral damage and capable of delivering a high-explosive payload with precision and selectivity. To illustrate, Northrop Grumman Corporation, a defense and aerospace company based in the US, was awarded a contract by the US Navy in October 2023 to enhance its newly created 57mm guided high explosive ammunition. The company is now set to test and refine the ammunition for qualification purposes, aiming at incorporating it with the Mk110 Naval Gun Mount.

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Which Geographic Regions Are Expected to Dominate the Precision Guided Munition Market in the Coming Years?
Asia-Pacific was the largest region in the precision-guided munition market in 2024. The regions covered in the precision guided munition market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Precision Guided Munition Market?
2. What is the CAGR expected in the Precision Guided Munition Market?
3. What Are the Key Innovations Transforming the Precision Guided Munition Industry?
4. Which Region Is Leading the Precision Guided Munition Market?

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