Precision Guided Munition Market Share, Size, Trends, Industry Analysis Report, By Speed (Subsonic, Supersonic, Hypersonic); By Launch Platform (Land, Airborne, Naval); By Product; By Technology; By Region; Segment Forecast, 2022 - 2030
- Published Date:Feb-2022
- Pages: 114
- Format: PDF
- Report ID: PM2251
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global precision guided munition market was valued at USD 32.67 billion in 2021 and is expected to grow at a CAGR of 4.5% during the forecast period. The growing demand for superior security measures, increasing expenditures on the defense spending of the emerging economy, and rising needs for surveillance activities are augmenting the market demand.
Know more about this report: request for sample pages
In addition, increasing territorial and political conflicts between foremost economies are prone to persuade the development of their respective army and military operations; thus, the adoption of precision attacking techniques in the army, air force, and naval forces fosters precision guided munition market demand. Furthermore, technological developments in attacking weapons such as rockets, artillery shells, bombs, missiles, mortars, and bullets, along with the manufacturers' rising focus on installing a guiding mechanism in the components, are also boosting the market demand in the near future.
The COVID-19 pandemic has not exhibited a significant impact on the precision guided munition market. This widespread brought various challenges for the defense industry. However, overall, the market was not highly affected but faced several economic crises at the time of post the COVID-19. The inadequate presence of financial resources causes the reduction of defense expenditure and postponement of scheduled contracts, which restricts industrial growth.
However, the research and development activities associated with precision guided munitions have been delayed because some missile defense technology testing has been postponed. Furthermore, with decelerate of the supply chain of precision guided munitions also affects various companies and causes slack in goods manufacturing. Hence, these factors considerably obstructed market growth in the onset of COVID-19. Though, the precision guided munition market is likely to augment in the foreseen period.
Know more about this report: request for sample pages
Industry Dynamics
Growth Drivers
The introduction of novel technologies and advancements of new-generation air and missile defense systems is acting as a major driving factor for the precision guided munition industry growth. These developments of missiles propel the demand for defense shields, which may surge market demand. The improvement of the new-generation missiles with high-end technologies is a chief threat to strategic locations and platforms such as military ships and airbases.
Several initiatives also contain the development of high-speed cruise missiles and nuclear-capable ballistic missiles. Nations like India, Russia, and China have advanced hypersonic missiles, which are complex to capture for missile shields. For instance, India and Russia mutually developed the BrahMos missile, which is intricate to cut off by the older missile system defense shields. Thus, these developments propel the need for new air defense electronic warfare systems.
Governments around the globe are working on advancing their stealth aircraft; moreover, they are also investing in superior surveillance systems to counter stealth technology. Hence, these constant improvements for the new generation of precision guided air and missile defense systems are projected to drive the demand for numerous technologies associated with precision guided munition such as laser, GPS, INS, radar, etc. Hence, this factor is creating a productive demand for the product in the forthcoming scenario.
Report Segmentation
The market is primarily segmented on the basis of speed, product, technology, launch platform, and region.
|
By Speed |
By Product |
By Technology |
By Launch Platform |
By Region |
|
|
|
|
|
Know more about this report: request for sample pages
Insight by Technology
The Global Positioning System (GPS) segment recorded the largest revenue share and is anticipated to lead the precision guided munition industry in the forecasting years. The segment is a space-based radio-navigation precision system, which does not need the consumers to transfer data, and can it operate autonomously with any internet or telephonic reception. It offers vital positioning capabilities to civil, military, and army users across the globe. Detection of precise target sites with real-time moving targets is expected to propel the penetration of GPS-based munition systems. Thus, these factors lead the segment growth.
The infrared segment is also projected to show the fastest growth rate in the forecasting years. Infrared is also well-known as infrared light; it is electromagnetic radiation with wavelengths longer than those of visible light, which is therefore invisible to the human eye. The need for infrared is fostered because of its cost-effectiveness and to precisely locate a target. Infrared components are integrated into the war equipment systems, which occupies lesser space, and is lighter in weight. Thus, in turn, are further offer convenience to the users. In addition, it is majorly installed in missiles, rockets, and artillery because of its exceptional characteristics that may propel the segment growth in the near future.
Geographic Overview
Geographically, North America is accounted for the highest shares in the global precision guided munition industry in 2021. The progressive growth of the regional market can be attributed to the presence of key market players such as General Dynamics Corporation, Lockheed Martin, Northrop Grumman Corporation, Boeing, and Raytheon Technologies based in North America. Additionally, these key vendors are constantly investing in the R&D activities for the development of new and advanced technology, which is penetrated in the missile defense system. Moreover, military developments across the region are also anticipated to enhance artillery and missiles, which, in turn, amplify the regional market growth.
Moreover, the Asia Pacific precision guided munition market is anticipated to exhibit the highest CAGR over the forecasting years. The prime nations of the region are South Korea, India, Pakistan, North Korea, China, and Japan that ordering deliberate conflict. Thus, the growing tensions between the countries across the region and the increasing requirements for boosting the defense potential are also projected to create lucrative precision guided munition industry demand opportunities.
For instance, rising welfare pressure among India and Pakistan has led India to reinforce its defense capabilities with the accumulation of superior missiles, which also contain Prithvi, Brahmos, and Agni. Furthermore, technological advancements and rising support & collaborative activities with foreign defense departments for modern war equipment are also fueling the precision guided munition industry development in APAC over the foreseen years.
Competitive Insight
Some of the major players operating in the global market include Bae Systems, Elbit Systems, General Atomics, General Dynamics Corporation, Israel Aerospace Industries, Kongsberg, Leonardo S.p.A., Lockheed Martin Corporation, MBDA, Northrop Grumman, Raytheon Technologies, Rheinmetall AG, Saab AB, Thales, and The Boeing Company.
Precision Guided Munition Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 32.67 billion |
|
Revenue forecast in 2030 |
USD 48.34 billion |
|
CAGR |
4.5% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Speed, By Product, By Technology, By Launch Platform, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Bae Systems, Elbit Systems, General Atomics, General Dynamics Corporation, Israel Aerospace Industries, Kongsberg, Leonardo S.p.A., Lockheed Martin Corporation, MBDA, Northrop Grumman, Raytheon Technologies, Rheinmetall AG, Saab AB, Thales, and The Boeing Company. |
© 2024 Polaris Market Research and Consulting. All rights reserved
