Dublin, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The "Precision Guided Munition Market by Speed (Subsonic, Supersonic, and Hypersonic), Product, Technology, Mode of Operation (Semi-Autonomous and Autonomous), Launch Platform (Land, Airborne and Naval) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global precision guided munition market size is projected to grow from USD 32.8 billion in 2021 to USD 41.0 billion by 2026, at a CAGR of 4.5% from 2021 to 2026.
The precision guided munition market is expected to witness growth due to a consistent increase in defense budget across the globe and the need for advanced precision guided munition to counter the modern combat around the country's border. Furthermore, the increasing number of conflicts and high defense spending are some of the major factors driving the market globally.
Governments of various countries, such as the US, China, India, and Russia, are spending heavily on modernizing their military resources. Thus, a large number of weapon manufacturers are shifting their focus towards developing precision guided munitions. However, issues related to the integration of missiles pose a challenge for precision guided munition market growth.
A weapon system plays an important role in precision guided munition majorly for land, air, and marine platforms. The weapon system segment has been further sub-segmented into interceptors, gun/turret systems, and missile launchers. The weapon system segment is projected to reach USD 40,967 million by 2026. In the Asia Pacific region, this segment is projected to register the highest CAGR of 5.4% during the forecast period.
The hypersonic segment is projected to register the highest CAGR of 5.7% during the forecast period. Based on speed, the precision guided munition market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic precision-guided munitions are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.
Executive Summary
- By Product, Tactical Missiles Segment Estimated to Lead Precision Guided Munition Market from 2021 to 2026
- By Technology, Global Positioning System Segment Projected to Register Highest CAGR from 2021 to 2026
- By Mode of Operation, Semi-Autonomous Segment Estimated to Lead Precision Guided Munition Market from 2021 to 2026
- Asia-Pacific Precision Guided Munition Market Projected to Grow at Highest CAGR from 2021 to 2026
- Increasing Defense Expenditure Globally for Developing Precision Guided Munitions Expected to Drive Market During Forecast Period
- Supersonic Segment Estimated to Lead Precision Guided Munition Market During Forecast Period
- Tactical Missiles Segment Projected to Lead Precision Guided Munition Market from 2021 to 2026
- Global Positioning System Segment Projected to Register Highest CAGR During Forecast Period
- Semi-Autonomous Segment Estimated to Lead Precision Guided Munition Market During Forecast Period
- Precision Guided Munition Market in India Projected to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Increasing Need for Defense Programs to Defend Nations Against Various Threats
- Increasing Demand for Precision Guided Munitions to Minimize Collateral Damage
- Adoption of Advanced Precision Guided Munitions to Reduce Logistics Burden
- Upgrading C2 Systems for Precision Guided Missile Defense Systems
- Increasing Need for Missile Detection Systems
Restraints
- Stringent Regulations Related to Arms Transfer
- High Manufacturing Cost
- Procurement of Conventional Warfare Systems Instead of Advanced Precision Guided Munitions in Many Countries
Opportunities
- Miniaturization of Munitions
- Rising Adoption of Ai in Military Operations
- AI in Precision-Guided Missile Defense Testing & Operations
- Contemplating Role of AI in Precision Guided Missile Defense
- Development of New-Generation Air and Missile Defense Systems
- Development of Hybrid Precision Guided Munitions
Challenges
- Issues Related to Integration of Larger Precision Guided Munitions
Company Profiles:
- Aselsan A.S.
- BAE Systems
- Bharat Dynamics Limited
- Boeing Company
- Denel Dynamics
- Dynetics Inc.
- Elbit Systems
- General Atomics
- General Dynamics Corporation
- Israel Aerospace Industries
- KBP Instruments Design Bureau
- Kongsberg
- Leonardo S.P.A.
- Lig Nex1 Co., Ltd.
- Lockheed Martin Corporation
- MBDA
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- Rheinmetall
- Roketsan
- Saab AB
- Tactical Missiles Corporation JSC
- Thales
For more information about this report visit https://www.researchandmarkets.com/r/r9kap5
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