Global Missile Guidance System Market Size study & Forecast, by Launch Platform (Air-to-air, Air-to-surface, Surface-to-air), by Type (Command Guidance System, Beam Rider Guidance System, Homing Guidance System, Inertial Guidance System), by End-User (Gro

Global Missile Guidance System Market Size study & Forecast, by Launch Platform (Air-to-air, Air-to-surface, Surface-to-air), by Type (Command Guidance System, Beam Rider Guidance System, Homing Guidance System, Inertial Guidance System), by End-User (Ground Vehicles, Combat Aircrafts, Ships, Submarines) and Regional Analysis, 2022-2029

Global Missile Guidance System Market is valued at approximately USD 0.82 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.7% over the forecast period 2022-2029. Missile Guidance System can be defined as a variety of methods of guiding a missile or a guided bomb to its intended target. Each missile guidance system provided with a flight path control system and an attitude control system. Attitude control systems are intended for maintaining a desired attitude on a given trajectory by controlling the pitch, roll, and yaw of the missile. The guiding system uses appropriate techniques to locate the moving target in space and guides the missile to effectively hits the target. The increasing defense spending worldwide and growing preference towards automatic target recognition (ATR) Missile Systems are key factors driving the market growth.

The increasing defense spending is contributing towards the growth of the Global Missile Guidance System Market. For instance – as per SIPRI – in 2020, global military expenditure was estimated at USD 1981 billion, and it further increased to USD 2113 billion in 2021. Additionally, in 2021, the United States spent around USD 800.67 billion in military spending, followed by China with USD 293 billion spendings. Furthermore, the rising preference towards automatic target recognition (ATR) missile Systems is another factor driving the market space. For instance – in January 2023, Swedish aerospace and defence company Saab AB was awarded USD 13.2 million contract from the U.S. Navy to advance warfighters’ threat and situational understanding through networked-online machine intelligence. Also, rise in territorial conflicts and growing use of missile and rocket systems would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Missile Guidance System stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Missile Guidance System Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the increasing spending on military modernization as well as presence of leading market players in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising FDI in defense manufacturing industry as well as increasing penetration of leading market players coupled with rise in military expenditure in the region.

Major market players included in this report are:
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab AB
The Boeing Company
DRDO
Thales Group
General Dynamics Corporation
Leonardo S.P.A.
BAE Systems plc

Recent Developments in the Market:
In June 2021, Saab AB announced the launch of a new Guided Multipurpose Munition (GMM) in cooperation with the U.S. Army and Raytheon Missiles & Defense.

In December 2021, Northrop Grumman Corporation collaborated with Lockheed Martin Corporation to deliver the 10,000th guided multiple launch rocket system (GMLRS) propulsion system.

Global Missile Guidance System Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Launch Platform, Type, End-User, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Launch Platform
Air-to-air
Air-to-surface
Surface-to-air

By Type
Command Guidance System
Beam Rider Guidance System
Homing Guidance System
Inertial Guidance System

By End-User
Ground Vehicles
Combat Aircrafts
Ships
Submarines

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Companies Mentioned
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab AB
The Boeing Company
DRDO
Thales Group
General Dynamics Corporation
Leonardo S.P.A.
BAE Systems plc

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