Chicago, June 28, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™ research report, 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 - Forecast to 2026", 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 growing demand for surveillance activities along the attack-prone borders, rising defense spending of emerging economy, increasing incidences of terror attacks and rising number of ongoing inter-country conflicts have led to the growth of Precision guided munitions market.
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The precision guided munition market includes major players
- Lockheed Martin Corporation (US),
- Boeing Company (US),
- Raytheon Technologies Corporation (US),
- Northrop Grumman Corporation (US), and
- BAE (UK).
These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected smart munitions production and services globally in 2020.
Increasing need for defense programs to defend nations against various threats
The performance of US weapon systems is unmatched, ensuring that the US defense forces have a tactical combat advantage over any adversary in any weather condition. The Fiscal Year (FY) 2020 acquisition (Procurement and Research, Development, Test, and Evaluation (RDT&E)) funding requested by the US Department of Defense (DoD) totals USD 247.3 billion, which includes funding in the Base budget and the Overseas Contingency Operations (OCO) fund, totaling USD 143.1 billion for Procurement and USD 104.3 billion for RDT&E. The funding in the budget request represents a balanced portfolio approach to implement the military force objective established by the National Defense Strategy. Of the USD 247.3 billion in the request, USD 83.9 billion finances Major Defense Acquisition Programs (MDAPs), which are acquisition programs that exceed a cost threshold established by the Under Secretary of Defense for Acquisition and Sustainment.
According to the Missile Defense Agency, there has been an increase of over 1,200 additional ballistic missiles over the last 5 years. The total of ballistic missiles outside the US, the North Atlantic Treaty Organization, Russia, and China has risen to over 5,900. Hundreds of launchers and missiles are currently within the range of US deployed forces. Hence, the increasing need for defense programs by nations to defend against various threats is driving the smart munitions market.
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Increasing demand for precision-guided munitions to minimize collateral damage
Most countries follow the Law of Armed Conflicts (LOAC) and strive to minimize collateral damage, which includes unintended destruction of Civilian Items and Civilian Causalities (CIVCAS). Circular Error Probability (CEP) denotes the accuracy of weapons. Precision-guided munitions have lower CEP, which is crucial in minimizing collateral damage and civilian casualties. Causalities create serious implications in terms of public opinion and policies irrespective of the mission, whether it is a low-intensity conflict operation such as counter-insurgency and counterterrorism or a high-intensity conventional conflict. In today’s highly digitalized world, precision-guided munitions help make better decisions and reduce collateral damage, thus preventing aftermath casualties. Additionally, precision-guided munitions effectively neutralize threats as targets in battlefields are dispersed, mobile, and maneuverable.
The nature of warfare has evolved from conventional border-to-border warfare to more urban-centric warfare. Precision strikes have become essential, as they provide an indirect fire capability in complex terrains where the low-angle fire is essential to neutralize targets. The increasing use of satellite networks, navigation aids, and drones to destroy high-value and long-distance targets is one of the major factors fueling the demand for precision-guided munitions.
The GPS segment is projected to grow at the highest CAGR rate for the precision guided munition market during the forecast period.
Based on technology, the GPS segment of the precision guided munition market is projected to register the highest CAGR during the forecast period. GPS is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors of precision guided munitions (PGMs) focus on producing PGMs equipped with GPS technology
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.
The autonomous segment is projected to grow at the highest CAGR rate for the precision-guided munition market during the forecast period.
By mode of operation, the semi-autonomous segment is estimated to lead the precision-guided munition market during the forecast period. Compared to the semi-autonomous segment, the autonomous segment is projected to register a higher CAGR during the forecast period. The autonomous segment’s growth can be attributed to the increasing adoption of loitering munitions by various military forces around the world.
By product, the tactical missiles segment is estimated to account for the largest share (41.4%) of the precision guided munition market in 2021
Based on product, the precision guided munition market has been segmented into tactical missiles, guided rockets, guided ammunition, torpedoes, and loitering munitions. Tactical missiles are used for a shorter range and can carry a variety of warheads that can be used for various purposes. They are very versatile and can be fired in various modes, angles, and platforms. These weapons are equipped with guidance technologies that enable them to hit targets with precision. The increasing number of missile modernization programs carried out across the globe is one of the factors fueling the growth of this segment.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of precision guided munition market during the forecast period. Major companies such Northrop Grumman Corporation, Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in smart munitions.
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