ROCKVILLE, Md., Feb. 28, 2022 (GLOBE NEWSWIRE) -- The market for precision guided munition was valued at US$ 30 Bn in 2021 and is anticipated to grow by 5% per year between 2022 and 2032. The market is expected to reach a global valuation of US$ 56.44 Bn by 2032. In the next ten years, the market will experience significant growth due to enhanced changes in military operations and the adoption of enhanced techniques in warfare.
Furthermore, security measures around the world could encourage the use of precision-guided munitions. Conflicts between major economies have made military and tactical operations more cautious. For national security, the majority of major economies purchase advanced war equipment for precise operation. Precision Guided Munition Market is anticipated to be driven by some of these factors during the forecast period.
Asia Pacific is expected to grow at the fastest CAGR between 2022 and 2032, accounting for more than 31% of global revenue. At the same time, the presence of high-profile manufacturers in Europe and the heavy investments made by different countries in military operations are expected to expand the European market.
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Key Takeaways from the Market Study
- The global precision guided munition market is expected to reach a market size worth US$ 34.65 Bn at the end of 2022.
- Asia-Pacific to contribute 30% of global precision guided munition market revenue
- U.S. market is expected to grow at a significant rate, accounting for 2 out of 5 precision guided munition sales
- The tactical missile segment is expected to generate 70% of global revenue during the forecast period.
- Over 69% of global revenue in 2021 came from Global Positioning System (GPS).
As geopolitical and border tensions continue to mount, countries worldwide are beefing up spending on defense and military budgets, paving way for incorporating more advanced weapons systems. This is providing precision guided munition manufacturers with an opportunity to expand their market presence, remarks a Fact.MR analyst.
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
Regional Analysis of Precision Guided Munition Market
As of 2021, the U.S. market was estimated at US$ 5.3 Bn, with a significant growth rate expected for the next ten years. Continuing conflict between the U.S. and Iran is expected to lead to an increase in defense spending, which will influence the market in a positive manner for guided weapons through the forecast period.
According to the U.S Department of Defense announced that as of FY 2022, it possessed US$ 991.88 billion in available budgetary resources, denoting nearly 12% of the FY 2022 U.S Federal Budget. Out of this allocation, the agency spent US$ 381.48 billion, or 38.5% of total budgetary resources. Besides procuring conventional weapons, the country intends to strengthen existing ammunitions capabilities.
Furthermore, the National Defense Strategy of 2021 articulated a renewed focus on great power competition for combating anti-access/area denial (A2/AD) systems. This wide proliferation of A2/AD systems is likely to increase the operational utility of precision guided munitions across the country. According to Fact.MR, the U.S is expected to account for 40% of total market value through 2032.
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Competitive Landscape
Global markets are dominated by several giants, resulting in intense competition. In order to develop precision-guided weapons, several large corporations and defense agencies invest heavily in research and development. As a result of these activities, market players have been able to expand their customer base and business. Market players are expected to profit from lucrative growth opportunities as the global market for precision guided munitions develops.
- A contract was signed between BAE Systems and the U.S. Navy to refurbish the guided-missile destroyer USS Bulkeley (DDG 84).
- The contract for the 2100 F-Model missiles was awarded to Lockheed Martin and Raytheon's joint venture company, Javelin, in January 2019.
Key Players offering Precision Guided Munitions:
- General Dynamics
- Northrop Grumman
- BAE Systems
- Thales Group
- Raytheon
- Atlas Elektronik
- Lockheed Martin
Enhanced damage capability and long range travel is attracting the sales
More than 70% of global revenue is expected to be generated by the tactical missiles segment. Due to the long-range travel and extreme damage capability of tactical missiles, this trend is expected to continue.
In addition to the presence of nuclear warheads, these missiles can also be equipped with navigation systems and launched to destroy targets at desired locations, from the air or the surface. These capabilities are expected to drive the market.
Is GPS is the new need of this Market?
Features like real-time locating and accuracy are driving the market
During 2021, Global Positioning System (GPS) revenue accounted for more than 69% of global revenue. Targets are located using technology. Its growing demand for guided weapons is the result of the ease of illuminating the target for aerial attacks.
In the next few years, however, GPS technology will likely replace semi active laser guidance for war weapons. In the future, GPS-enabled guided munitions for long-range warfare may be more popular due to the ability to accurately locate and track targets in real time.
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