Guided Munition Market is Forecasted to Reach US$28.9 Billion in 2028, Says Stratview Research

The global guided munition market is projected to witness a growth rate of 5.9% annually from 2023 to 2028, with an anticipated size of US$28.9 billion by 2028, according to an analysis by Stratview Research.

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

Click here to get a free sample of the report:
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Market Statistics

Market Size in 2028: US$28.9 billion
Growth (CAGR): 5.9% during 2023-2028
Leading Platform Type: Land-Based Platform
Leading Product Type: Guided Missile
Leading Guidance Type: GPS-Guided Munition
Leading Actuation Type: Thrust-Based Actuation System
Leading Region: North America
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Guided Munition Market:

The global Guided Munition market is segmented based on Platform type, Product type, Guidance type, Actuation type, and Region.

Based on Guidance Type -

• The market is segmented as GPS-guided munitions, infrared (IR)-guided munitions, laser-guided munitions, and others.

• GPS-guided munition is anticipated to contribute the largest market share during the forecast period.

• Among these sub-segments, GPS-guided munitions are the most commonly used munitions across the globe, and contribute to the major market share. This is largely because these weapons are designed to be jamming-resistant, and their efficiency is not hampered by extreme weather conditions. Hence, with the increasing hostilities across the globe, the demand for guided munitions is likely to increase manifold, thereby fuelling the market growth substantially.

Based on the Actuation Type -

• The market is segmented into a fin-based actuation system and a thrust-based actuation system.

• Thrust-based actuation system is likely to remain the dominant and fastest-growing actuation type in the forecasted period.

• Among the sub-segments, the thrust-based actuation system is considered apt for the functioning of the munitions, as the actuation system remains effective even at high altitudes and during thin atmospheric conditions. As a result, these systems generate the largest market demand. On the other hand, the fin-based actuation systems lag as they cannot operate in low air density or exo-atmospheric conditions.

• With the advancement of guided missiles that leave the Earth's atmosphere, such actuation systems are becoming increasingly prevalent in missile systems, across the globe.

Which Region Shows the Most Promising Growth Forecast and Opportunity?

In terms of region, North America is estimated to remain the largest market for the guided munition market over the forecast period.

• The region is home to market leaders such as Lockheed Martin Corporation, Raytheon Technologies Corporation, Boeing, and Northrop Grumman, among others, which are also active contractors for the US Department of Defense (DoD) for guided munitions.

• In addition, the region accounts for over 40% of the global military expenses, as it is an extensive investor in the military industry.

• Concurrently, Asia-Pacific is an emerging region in the global guided munition market, fuelled by the increasing regional military expenses, particularly from powerful countries such as India and China, in recent times. Also, the frequency of terror threats and border conflicts in the region is very high, which boosts the demand for guided munitions.

Guided Munition Market Drivers:

Some of the key drivers listed in the report are given below.
- The surge in defense spending, growing hostilities among different countries, and increasing anti-terrorist operations are some of the primary factors responsible for the swift growth of the guided munitions market.

- Several governments across the globe are extensively investing in their military modernization and overall warfare capabilities. As a result, several weapon manufacturers are focusing on developing advanced guided munitions.

Top Companies in the Guided Munition Market:

The global market for Guided Munition is highly concentrated, with the top four companies capturing a lion's share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:

- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Northrop Grumman
- Boeing
- General Dynamics Corporation
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the 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

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.