The Precision Guided Munition Market is projected to grow at a CAGR 7.49% rate from 2021 to 2026. The increasing need for highly precise strike munition, rising asymmetric warfare, geopolitical conflicts, and military modernization programs, among others, are some of the factors fueling the growth of precision guided munition market.
The loitering munition segment is projected to grow at the highest CAGR from 2021 to 2026. The loitering munition can function autonomously searching and launching attacks without human intervention. This has drastically reduced the number of rounds required to defeat a particular target.
The precision guided munition market has been segmented into infrared, semi-active lasers, radar homing, Global Positioning System (GPS), Inertial Navigation System (INS), anti-radiation, and others. The semi-active laser segment is estimated to account for the largest share of the market in 2019. The GPS segment is projected to grow at the highest CAGR during the forecast period. GPS is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors focus on producing precision guided munition equipped with GPS technology.
The Asia Pacific market is projected to grow at the highest CAGR from 2021 to 2026. Countries such as China, India, Australia, Japan, South Korea, and Rest of Asia Pacific are considered in this regional market analysis. In 2018, China and India were among the top five countries in the world in terms of defense expenditure. While China ranked second, India ranked fourth in defense expenditure, globally.
Key Market Players includes 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.
Key Questions Addressed by the Report
- What are the drivers, restraints, challenges, and opportunities that affect the dynamics of the precision guided munition market, and what is the subsequent market analysis of the associated trends?
- What are the key sustainability strategies adopted by leading players operating in the market?
- What are the upcoming disrupters in this market that can be potential targets for partnerships/mergers?
- Who are the top players operating in this market?
- Which geographies can be the potential revenue-generating pockets for the market?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Executive Summary
4. Market Dynamics
4.1.1.Increasing Demand for Precision Guided Munitions to Minimize Collateral Damage
4.1.2.Reduction in Logistics Burden
4.1.3.Growing Military Modernization Programs
4.2.1.Regulations Related to Arms Transfer
4.2.2.High Manufacturing Cost
4.2.3.Procurement of Conventional Warfare Systems Instead of Advanced Precision Guided Munition in Many Countries
4.2.4.Issues Related to the Integration of Larger Precision Guided Munitions
4.3.1.Miniaturization of Munitions
4.3.2.Access to Advanced Technologies Through Mtcr Membership
4.3.3.Development of Hybrid Precision Guided Munitions
4.3.4.Increasing Export of Short-Range Missiles
5. Precision Guided Munition Market, By Speed
6. Precision Guided Munition Market, By Product
6.1. Tactical Missiles
6.2. Guided Rockets
6.3. Guided Ammunition
6.3.2.Guided artillery shells
6.4. Loitering Munition
7. Precision Guided Munition Market, By Technology
7.2. Semi-Active Lasers
7.3. Inertial Navigation System (INS)
7.4. Global Positioning System (GPS)
7.5. Radar Homing
8. Precision Guided Munition Market, By Type
9. Regional Analysis
9.1. North America
9.2.5.Rest of Europe
9.3. Asia Pacific
9.3.5. South Korea
9.3.6.Rest of Asia Pacific
9.4. Middle East
9.4.4.Rest of Middle East
9.5. Rest of the World
9.5.1. Latin America
10. Company Profiles
10.1. BAE Systems
10.2. Lockheed Martin Corporation
10.3. Raytheon Company
10.5. Northrop Grumman
10.6. Kongsberg Gruppen
10.7. Leonardo – Società Per Azioni
10.8. Elbit Systems
10.9. Saab AB
10.10. The Boeing Company
10.11. KBP Instrument Design Bureau
10.12. Hanwha Group
10.13. Israel Aerospace Industries (IAI) Ltd
10.14. China North Industries Corporation (Norinco)
10.15. Denel DynamicsLeading Companies in Weather Forecasting Systems Market
*Company introduction, financial information, recent developments, SWOT analysis
11.2. Related Reports