Precision Guided Munition Market, Size, Share, Growth, Future Prospects, and Competitive Analysis, 2024-2032

Precision Guided Munition Market, by Speed (Hypersonic, and Non-Hypersonic), by Type (Autonomous, and Semi-Autonomous), by Product (Air to Air Missile, Air to Surface Missile, Surface to Surface Missile, Surface to Air Missile, Air to Surface, Surface to Air, Tactical Missiles, Subsea to Surface Missile, Guided Rockets, Surface to Surface, Guided Ammunition, Guided Mortar, Guided Artillery Shells, Guided Bombs, Guided Bullets, and Loitering Munition), by Technology (Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Active Homing, Semi-Active Homing, Infrared, IIR Homing, IR Homing, Semi-Active Laser, Anti-Radiation, and Others), and by Region (North America, South America, Europe, Asia Pacific, The Middle East and Africa) - Size, Share, COVID Impact Analysis, Growth, Outlook, and Opportunity Analysis

Advanced weapons such as Precision Guided Munitions (PGMs) use guidance systems to direct their flight and strike an opponent with extreme accuracy. PGMs are made to decrease friendly fire risk, minimise harm to others, and boost the deadly potential of military operations. PGM guidance systems employ a variety of technologies to direct the weapon to its desired target. Some utilise GPS technology to precisely detect the target and modify the munition's flight route accordingly. Others "paint" the target with a laser using laser guidance systems, which enables the munition to focus on the intended area.

PGMs are available in a variety of forms, including as missiles, bombs, and artillery shells. They can be launched from a variety of platforms, including aeroplanes, vehicles on the ground, and ships. PGMs are increasingly used in modern warfare because of their high level of precision when striking targets, which lowers the possibility of collateral damage and civilian casualties. They have been used during a number of wars, such as the Gulf War, the Afghan War, and the Iraq War.

Growing military expenditure, and increasing technological advancements are drivers while, Cost and complex design is a restraint

Rising military spending is a key driving factor behind the development and use of precision guided weapons (PGMs). There is more money available for the development and acquisition of advanced weaponry, such as PGMs, as governments all over the world boost their military budget. Armed forces can spend more money on PGM manufacturing and deployment as well as on the study, creation, and use of new technologies. For instance, The US government approved a $740 billion defence budget in 2021 for the forthcoming fiscal year. This includes considerable funding for the creation and acquisition of cutting-edge weapon systems, such as PGMs. Additionally, the budget includes designated funds for the research and development of innovative technologies, including autonomous systems, machine learning, and artificial intelligence, all of which are essential parts of PGMs.

Moreover, PGMs are also driven by the ongoing improvement of technology. PGMs have become more precise and effective due to the ongoing development of cutting-edge technologies like GPS, laser guidance systems, and artificial intelligence. PGMs are becoming more dependable and accurate as these technologies advance, enabling military to conduct operations with less risk to friendly forces and civilians.
For instance, A new PGM, the CM-401 was introduced by the Chinese military in 2020. It uses AI-powered guidance systems to monitor and engage moving targets, such as aircraft carriers. To ensure a direct impact on the target, the CM-401 is able to modify its trajectory and speed in real-time.

However, PGMs have severe limitations due to cost and intricate design. PGMs may be more expensive than standard weapons, which may prevent them from being widely used by forces with limited funding. PGMs are more complicated and expensive to construct than conventional munitions due to the sophisticated production techniques and processes needed. The need to create and maintain the related guidance systems, which necessitate continual investments in hardware and software, may also have an impact on the price of PGMs.

Semi-Autonomous expected to account for significant market share by Type segment

The global Precision Guided Munition Industry is majorly segmented based on the Speed, Type, Product, and Technology. On the basis of speed, the market is divided into hypersonic, and non-hypersonic. By type, the market is classified into autonomous, and semi-Autonomous. Based on the product, the market is segmented into air-to-air missile, air to surface missile, surface to surface missile, surface to air missile, air to surface, surface to air, tactical missiles, subsea to surface missile, guided rockets, surface to surface, guided ammunition, guided mortar, guided artillery shells, guided bombs, guided bullets, loitering munition. On the basis of technology, the market is categorized into inertial navigation system (INS), global positioning system (GPS), radar homing, active homing, semi-active homing, infrared, IIR homing, IR homing, semi-active laser, anti-radiation, and others.

By type, semi-autonomous segment holds the major market share globally in the forecast period. GPS and a human operator who gives instructions during flight are both used by semi-autonomous PGMs. These weapons can be pre-programmed with a target position and can change their path based on inputs from the operator in order to hit the target precisely. As compared to conventional, unguided munitions, this form of guidance system enables better accuracy and precision. The Joint Direct Attack Munition (JDAM), a GPS-guided missile created by Boeing, is one example of a semi-autonomous PGM. Because to their GPS guidance system, JDAMs may be dropped from a variety of aircraft and can hit targets with extreme precision. Adding to this, A new semi-autonomous PGM known as the Naval Strike Missile (NSM) was successfully tested by the US Navy in 2020. The NSM may be deployed from a variety of platforms, including ships and aircraft, and relies on a combination of GPS and infrared imagery to direct itself to a destination. With a range of more than 100 nautical miles, the weapon is very accurate and capable of hitting both sea and land targets.

Interesting Facts of Precision Guided Munition Market:

• On the basis of Speed, the non-hypersonic segment holds the major market share globally. Non-hypersonic PGMs are generally utilised for tactical tasks, such as disabling enemy armour and entrenched positions, and have a top speed of less than Mach 5 (5 times the speed of sound).
• By Product, the air-to-surface missile market segment dominates globally. Air-to-surface missiles are designed to be fired from aircraft and can be used to target land-based or maritime enemy locations.
• Based on the Technology, GPS segment is expected to grab the first position worldwide. Precision guided weapons frequently use GPS technology to offer precise positioning and direction while in flight. PGMs can be encoded with target coordinates prior to launch using GPS technology, and they can then be accurately directed towards their targets.
• The market for precision guided munition is anticipated to rise as a result of advancements in machine learning (ML) and artificial intelligence (AI) technology. These technologies can be applied to enhance the precision and potency of PGMs as well as enable autonomous operation.
• The US Air Force granted a contract for USD 2.3 billion to Raytheon Missiles & Defence, a division of Raytheon Technologies Corporation, in 2020 to produce and supply precision-guided weapons.
• The Israeli defence company Rafael Advanced Defence Systems' Spice-2000 guided bomb passed an efficient test in 2019 by the Indian Air Force. The Spice-2000 hits targets with an exceptionally high level of accuracy using GPS and an imaging infrared seeker.

Asia Pacific will account for the largest share of the Precision Guided Munition industry

The highest market share now belongs to the Asia Pacific area, one of the fastest-growing markets for precision guided munitions. The market for precision guided bombs has expanded as a result of rising defence spending in the area, ongoing military modernization projects, and territorial disputes between nearby nations. A number of the region's nations, particularly China, India, and South Korea, are making significant investments in the creation and procurement of precision guided weapons, such as missiles, bombs, and artillery shells. Additionally, these nations are creating their own domestic programmes for precision-guided weapons and buying cutting-edge PGMs from nations like the United States, France, and Israel. The continuous conflicts between China and Taiwan, North and South Korea, and India and Pakistan have further increased demand for precision guided weaponry in the area. Military strategists choose PGMs because of their precision targeting capabilities and reduced risk of collateral damage.

Global Precision Guided Munition Market key Players:

Some of the major competitors in the global Precision Guided Munition market include BAE Systems, Elbit Systems, General Atomics, General Dynamics Corporation, Israel Aerospace Industries, Kongsberg, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman, Raytheon Technologies, Rheinmetall AG, Saab AB, and Thales Group.
The Precision Guided Munition is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position through new product launches and facility expansions. The following are some recent market developments:

• In February 2021, Raytheon Technologies declared that a test of a new missile guidance system had been successful. This system uses machine learning algorithms to increase accuracy and decrease the possibility of collateral damage.
• In January 2021, MBDA successfully tested the Brimstone 3. a new air-to-ground missile that can be fitted with a variety of aircraft. It has a dual-mode seeker for improved accuracy.
• Boeing said in August 2020 that the U.S. Air Force had offered it a $265 million contract to make Joint Direct Attack Munition (JDAM) kits, which can be used to turn unguided bombs into precision-guided weapons.
• IAI declared in December 2020 that it had tested a brand-new long-range ballistic missile interceptor that could be deployed to stop incoming missile threats successfully.
• As per the Lockhead Martin’s announcement in November 2020, the Company was successfully tested a new precision attack rocket system launched from ground-based launchers or army helicopters.

Frequently asked questions about global Precision Guided Munition market

Q: What are the major opportunities in Precision Guided Munition industry?
Ans: Military modernization programmes are expanding, and there is a growing demand for long-range precision strikes, which represent significant prospects for the precision guided munition sector.

Q: What is major growth driving factor for Precision Guided Munition industry?
Ans: The major growth driving factor is the ongoing development of advanced technologies.

Q: Which region is expected to have the largest share of the Precision Guided Munition market?
Ans: Asia Pacific region is expected to have the largest share of the Precision Guided Munition market.

Q: Which technology segment will dominate the Precision Guided Munition market?
Ans: Based on the Technology, GPS segment is expected to grab the first position worldwide.

1. Precision Guided Munition Market - Introduction

1. Market Definition

2. Research Objective and Scope of the Report

2. Precision Guided Munition Market - Research Methodology

3. Precision Guided Munition Market - Executive Summary

1. Market Snippet, By Speed

2. Market Snippet, By Type

3. Market Snippet, By Product

4. Market Snippet, By Technology

5. Market Snippet, By Region

4. Precision Guided Munition Market - Market Dynamics

1. Market Dynamics

1. Drivers

2. Restraints

2. Market Trends & Opportunities

3. Porter’s Five Analysis

4. Regulatory Analysis

5. Key Developments

6. Patent Analysis

5. Precision Guided Munition Market - COVID Impact Analysis

6. Precision Guided Munition Market - By Speed

1. Introduction

1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Speed

2. Market Attractiveness Index, By Speed

2. Hypersonic

1. Introduction

2. Market Size Analysis, and Y-o-Y Growth Analysis (%)

3. Non-Hypersonic

7. Precision Guided Munition Market - By Type

1. Introduction

1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type

2. Market Attractiveness Index, By Type

2. Autonomous

1. Introduction

2. Market Size Analysis, and Y-o-Y Growth Analysis (%)

3. Semi-Autonomous

8. Precision Guided Munition Market - By Product

1. Introduction

1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product

2. Market Attractiveness Index, By Product

2. Air to Air Missile

1. Introduction

2. Market Size Analysis, and Y-o-Y Growth Analysis (%)

3. Air to Surface Missile

4. Surface to Surface Missile

5. Surface to Air Missile

6. Air to Surface

7. Surface to Air

8. Tactical Missiles

9. Subsea to Surface Missile

10. Guided Rockets

11. Surface to Surface

12. Guided Ammunition

13. Guided Mortar

14. Guided Artillery Shells

15. Guided Bombs

16. Guided Bullets

17. Loitering Munition

9. Precision Guided Munition Market - By Technology

1. Introduction

1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology

2. Market Attractiveness Index, By Technology

2. Inertial Navigation System (INS)

1. Introduction

2. Market Size Analysis, and Y-o-Y Growth Analysis (%)

3. Global Positioning System (GPS)

4. Radar Homing

5. Active Homing

6. Semi-Active Homing

7. Infrared

8. IIR Homing

9. IR Homing

10. Semi-Active Laser

11. Anti-Radiation

12. Others

10. Precision Guided Munition Market - By Region

1. Introduction

1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region

2. Market Attractiveness Index, By Region

2. North America

1. Introduction

2. Key Region-Specific Dynamics

3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Speed

4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type

5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product

6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology

7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

1. The U.S.

2. Canada

3. Mexico

3.  Europe

1. Introduction

2. Key Region-Specific Dynamics

3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Speed

4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type

5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product

6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology

7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

1. Germany

2. The U.K.

3. France

4. Italy

5. Spain

6. Rest of Europe

4. South America

1. Introduction

2. Key Region-Specific Dynamics

3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Speed

4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type

5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product

6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology

7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

1. Brazil

2. Argentina

3. Rest of South America

5. Asia-Pacific

1. Introduction

2. Key Region-Specific Dynamics

3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Speed

4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type

5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product

6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology

7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

1. China

2. India

3. Japan

4. Australia

5. Rest of Asia-Pacific

6. The Middle East and Africa

1. Introduction

2. Key Region-Specific Dynamics

3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Speed

4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type

5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product

6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology

7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

11. Competitive Landscape

1. Competitive Scenario

2. Comparative Product Portfolio Analysis

3. Market Positioning/Share Analysis

4. Mergers and Acquisitions Analysis

5. Company Profiles

1. BAE Systems

1. Company Overview

2. Product Portfolio

3. Financials

4. SWOT Analysis

2. Elbit Systems

3. General Atomics

4. General Dynamics Corporation

5. Israel Aerospace Industries

6. Kongsberg

7. Leonardo S.p.A.

8. Lockheed Martin Corporation

9. Northrop Grumman

10. Raytheon Technologies

11. Rheinmetall AG

12. Saab AB

13. Thales Group

12. Appendix

1. About Us and Services

2. Related Reports

3. Contact Us