The estimated value of the precision guided munition market in 2021 was US$ 30 Bn. It is projected that by the end of 2022, the market will surpass US$ 34 Bn and maintain a steady compound annual growth rate (CAGR) of 5% throughout the forecast period of 2022-2032. By the conclusion of 2032, the global valuation of the market is predicted to reach US$ 56.44 Bn.
The Precision Guided Munition market encompasses a wide range of munition systems, including missiles, bombs, and artillery shells, designed to strike specific targets with exceptional accuracy. This market has witnessed substantial growth in recent years, driven by the increasing demand for more precise and cost-effective military solutions. PGMs are used in various defense applications, such as anti-terrorism operations, border security, and naval warfare.
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One of the primary drivers for the market’s growth is the need to minimize collateral damage in military operations. Precision Guided Munitions significantly reduce the risk of harming innocent civilians and damaging critical infrastructure, making them more attractive to governments worldwide.
Market Opportunity
The Precision Guided Munition market offers numerous opportunities for both established players and new entrants. With the growing global security concerns and military modernization programs, there is a substantial demand for advanced PGMs. Furthermore, the increasing use of drones and unmanned systems in the military has created a demand for PGMs that can be employed in counter-drone operations.
The market also benefits from technological advancements, such as the integration of artificial intelligence and machine learning, which enhance the guidance and targeting capabilities of these munitions. Additionally, there is a need for retrofitting older munition stocks with precision guidance systems, offering opportunities for upgrading existing inventories.
Market Challenges
Despite the promising outlook, the Precision Guided Munition market faces several challenges. One of the primary obstacles is the high cost associated with developing and manufacturing PGMs. These munitions require advanced technology, extensive testing, and quality assurance measures, which can be financially burdensome for governments.
Moreover, there are concerns about the proliferation of PGMs, which can lead to arms races and escalate regional conflicts. Export controls and regulations are thus essential to manage the distribution and use of PGMs responsibly.
Key Players
- General Dynamics
- Northrop Grumman
- BAE Systems
- Thales Group
- Raytheon
- Atlas Elektronik
- Lockheed Martin
Competitive Landscape
Several major corporations and defense agencies worldwide are heavily investing in research and development endeavors to create precision-guided equipment, leading to intense competition in the global market. Consequently, market players have successfully expanded their business and customer base. This trend is expected to continue as the market for precision-guided munitions grows, presenting lucrative growth opportunities for these players in the future.
In January 2019, BAE Systems secured a contract worth USD 114.5 million from the U.S. Navy to undertake the refurbishment of USS Bulkeley (DDG 84), a guided-missile destroyer. Additionally, Javelin, a joint venture company between Lockheed Martin and Raytheon, was awarded the contract for 2100 F-Model missiles.
Key Segments Covered in the Precision Guided Munition Industry Survey
- By Product
- Precision Guided Tactical Missile
- Precision Guided Ammunition
- Precision Guided Rockets
- Precision Loitering Munition
- By Technology
- Anti-Radiation Precision Guided Munition
- Radar Homing Precision Guided Munition
- Global Positioning System-based Precision Guided Munition
- Inertial Navigation System-based Precision Guided Munition
- Precision Guided Semi-Active Lasers
- Infrared Precision Guided Munition
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