The growing military modernization programs and increasing demand for precision guided munitions to minimize collateral damage are some of the factors expected to drive the growth of the precision guided munition market. Contracts were the key strategy adopted by the leading market players to strengthen and sustain their position in the precision guided munition market. Additionally, these players have been focusing on securing contracts from governments of different countries for their organic growth.
The global precision guided munition market is projected to grow from USD 30.0 billion in 2019 to USD 47.5 billion by 2025, at a CAGR of 8.0% from 2019 to 2025. The growing military modernization programs and increasing demand for precision guided munitions to minimize collateral damage are some of the factors expected to drive the growth of the precision guided munition market.
Growing military modernization programs and increasing demand for precision guided munitions are key factors fueling the growth of the precision guided munition market across the globe.”
Many countries are focusing on increasing their R&D spending & initiate programs for the development of lightweight, portable, and efficient next-generation precision weapons. The increasing use of satellite networks, navigation aids, and drones to destroy high-value and long-distance targets and demand for miniaturized weapons are some of the major factors fueling the demand for precision guided munitions.
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“Based on type, the autonomous segment of the precision guided munition market is projected to grow at a higher CAGR during the forecast period.”
Based on type, the autonomous segment of the market is projected to grow at a higher CAGR during the forecast period as compared to the semi-autonomous segment. Autonomous precision guided munitions are equipped with high resolution electro-optical and infrared cameras that help locate and guide the vehicle to the target. The growing demand for multi-mission, multi-target precision-strike, and air-to-ground precision weapons is estimated to propel the growth of the market during the forecast period.
The Asia Pacific precision guided munition market is projected to grow at the highest CAGR from 2019 to 2025. The growth of the market in this region can be attributed to the rising demand for precision guided munition from defense forces of different countries of the region. China, India, Japan, and South Korea are investing heavily in the development of high strike precision weapons. Moreover, increasing product developments and investments in the precision guided munition ecosystem by defense research agencies, Original Equipment Manufacturers (OEMs), and start-ups are fueling the growth of the market in Asia Pacific. Additionally, the presence of some of the major manufacturers of precision guided munition operating in this region such as LIG Nex1 (South Korea), NORINCO (China), Bharat Dynamics (India), Hanwha Corporation (South Korea), and BrahMos Aerospace (India) is another major factor driving the market.
Major companies profiled in the report are Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon (US), Northrop Grumman (US), Elbit Systems (Israel), Saab AB (Sweden), General Dynamics (US), Israel Aerospace Industries (Israel), Rheinmetall AG (Germany), LIG Nex1 (South Korea), NORINCO (China), and Bharat Dynamics (India), among others.
BAE Systems (UK) is a major player in the precision guided munition market. The company develops, delivers, and supports aerospace & defense systems. The company operates through 5 business segments, namely, electronic systems, cyber & intelligence, platforms & services (US), platforms & services (UK), and platforms & services (international). It offers electro-optical sensors, electronic warfare systems, next-generation military communication systems, hybrid electric drive systems, military & commercial digital engines, precision guided munition, and flight controls through its electronic systems segment.
Raytheon (US) and Lockheed Martin (US) are two major players in the precision guided munition market. Both the companies are US-based, and they offer tactical missiles, guided rockets, and air-to-ground precision strike weapon systems for all platforms. They are mainly focused on R&D investments and next-generation weapon technologies.
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