Global Precision Guided Munition Market Size Study & Forecast, by Speed (Subsonic, Supersonic, Hypersonic), by Product (Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions), by Technology (Infrared, Laser, Inertial Navigat

Global Precision Guided Munition Market Size Study & Forecast, by Speed (Subsonic, Supersonic, Hypersonic), by Product (Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions), by Technology (Infrared, Laser, Inertial Navigation System, Global Positioning System, Radar Homing, Anti-radiation), by Mode of Operation (Autonomous, Semi-autonomous), by Launch Platform and Regional Analysis, 2023-2030

Global Precision Guided Munition Market is valued at approximately USD 34.27 billion in 2022 and is anticipated to grow with a CAGR of more than 4.50% over the forecast period 2023-2030. Precision Guided Munitions (PGMs) are innovative weapons intended for targeting precise targets with the least amount of collateral damage. These munitions utilize guidance systems such as GPS, lasers, or radar to enhance their precision. Examples of PGMs include guided bombs, cruise missiles, precision artillery munitions, and anti-ship missiles. By incorporating these guidance systems, PGMs greatly improve accuracy, reduce the risk of hitting unintended targets, and enhance the effectiveness of military operations. Furthermore, increasing manufacturing of advanced weapons and cross-border partnership fuels the market space during the forecasted period of 2023-2030.

Moreover, growing investment in defense and rising geopolitical tension are anticipated as the growth drivers of the market. According to the India Brand Equity Foundation (IBEF) in 2023, The Indian government established a target of achieving a defense production value of USD 25 billion by 2025, which includes USD 5 billion from exports. With a substantial defense expenditure of USD 66 billion, accounting for 13.31% of the total budget, India ranks among the largest defense spenders globally. This allocation signifies a significant increase of USD 5.9 billion compared to the budget estimates for 2021-22. According to Stockholm International Peace Research Institute (SIPRI) in 2020, The precision guided munition market benefits from the positive impact of the global arms trade, which can be estimated by aggregating the financial data disclosed by states regarding their arms exports. By considering both the reported value of arms exports and estimates for countries providing data on arms export licenses, agreements, or orders, it becomes possible to approximate the overall value of the global arms trade. In 2020, the estimated value of the global arms trade reached at least USD 112 billion, indicating substantial market potential. Also, it is expected that this estimate surpasses and reflecting the significant economic influence and growth opportunities within the Precision Guided Munition Market. However, growing ethical & legal concerns and limited operational flexibility is hampering the growth of the market during the forecasted period of 2023-2030.

The key regions considered for the Global Precision Guided Munition Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America holds a dominant position in the Precision Guided Munition Market due to its advanced technology, robust defense sector, and strong industrial base. The region, particularly the United States, has been at the forefront of developing cutting-edge military technologies and investing in research and development. Additionally, North America is a major exporter of defense equipment, supplying precision guided munitions to allies worldwide. With a strong defense-industrial complex and strategic alliances, North America's leadership in the Precision Guided Munition Market is well-established. The Asia Pacific region is the fastest-growing market for precision guided munitions due to increasing defense spending, modernization initiatives, territorial disputes, and technological advancements. Countries in the region are investing in advanced munitions to enhance their military capabilities and protect their national interests. The focus on indigenous defense production and collaborations with global suppliers further contribute to the market's growth in the Asia Pacific region.

Major market players included in this report are:
Lockheed Martin Global, Inc.
Atlas Elektronik GmbH
Raytheon Technologies Corporation
Thales Group
BAE Systems plc
Northrop Grumman Corporation
General Dynamics Corporation
Elbit Systems Ltd
The Boeing Company
MBDA

Recent Developments in the Market:
 In March 2023, Raytheon Technologies (NYSE: RTX) was granted a contract worth over USD 250 million for the design, development, and delivery of a satellite constellation consisting of seven vehicles for missile tracking. Additionally, the company provides support for launch operations and ground operations in collaboration with the Space Development Agency.

Global Precision Guided Munition Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Speed, Product, Technology, Mode of Operation, Launch Platform, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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 Speed:
Subsonic
Supersonic
Hypersonic

By Product:
Tactical Missiles
Guided Rockets
Guided Ammunition
Torpedoes
Loitering Munitions

By Technology:
Infrared
Laser
Inertial Navigation System (INS)
Global Positioning System (GPS)
Radar Homing
Anti-radiation

By Mode of Operation:
Autonomous
Semi-autonomous

By Launch Platform:
Land
Airborne
Naval

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

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Lockheed Martin Global, Inc.
Atlas Elektronik GmbH
Raytheon Technologies Corporation
Thales Group
BAE Systems plc
Northrop Grumman Corporation
General Dynamics Corporation
Elbit Systems Ltd
The Boeing Company
MBDA

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