According to a new market research report published by Global Insight Services “Precision-guided munitions (PGMs) Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Precision-guided munitions (PGMs) are weapons that use guidance systems, such as lasers or GPS, to hit their targets with greater accuracy than unguided weapons. PGMs are often used in situations where collateral damage needs to be minimized, such as in urban areas or when the target is a small and/or moving target.
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Key Players
The key players in the precision-guided munitions market are Lockheed Martin Corporation, BAE Systems, Northrop Grumman Corporation, Elbit Systems Ltd., Boeing, General Dynamics Corporation, Saab AB, Israel Aerospace Industries Ltd., Raytheon Technologies Corporation and MBDA.
Key Trends
Precision-guided munitions (PGMs) are a type of guided weapon that uses a guidance system to accurately target a specific location. PGMs are a category of munitions that include missiles, bombs, and torpedoes.
PGMs have seen a significant increase in use since the early 2000s, as they offer a number of advantages over traditional unguided munitions. PGMs are more accurate than unguided munitions, which reduces the risk of collateral damage and civilian casualties. In addition, PGMs are less likely to be intercepted by enemy defenses and can be used to target specific types of targets, such as bunkers or buildings.
PGMs are typically controlled by an external guidance system, such as GPS, laser guidance, or infra-red guidance. The guidance system is used to direct the munition to its target and can be used to adjust the munition’s trajectory in mid-flight if necessary.
Key Drivers
The key drivers of the precision-guided munitions market are the increasing demand for smart weapons, the need for enhanced accuracy and precision, and the growing demand for miniaturization. Additionally, the increasing need for effective and affordable weapons systems is also driving market growth. The development of new technologies, such as laser-guided munitions and GPS-guided munitions, is also providing a boost to the market growth.
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Market Segmentation
The precision-guided munitions market is segmented by type, speed, technology and region. By type autonomous and semi-autonomous. By speed, the market is classified into hypersonic, non-hypersonic . By technology, the market is bifurcated into infrared, IIR homing, IR homing, semi-active laser, and others . By region, the market is segmented into North America, Europe, Asia-Pacific and rest of the world.
Reasons to buy Precision-guided munitions (PGMs) Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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