Precious Guided Munitions Market Is Expected To Reach a Revenue Of USD 79.7 Bn By 2033, At 7.0% CAGR: Dimension Market Research

New York, July 02, 2024 (GLOBE NEWSWIRE) -- Overview:

The Global Precious Guided Munitions Market size is expected to reach USD 43.5 billion by 2024 and is further anticipated to reach USD 79.7 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 7.0% from 2024 to 2033.

Precision-guided munitions or PGMs are advanced projectiles like missiles or bombs guided by laser, GPS, or inertial navigation systems, accurately aiming at military objectives. Known as "smart bombs," they enhance operational efficiency by minimizing the required munitions and logistical needs.

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Also, the rise in security measures and increase in national security concerns due to terrorism are expected to drive PGM distribution. These munitions allow quicker military operations and strategic advantages, marking efficacy as their key driver. Also, constant deployment and the need for growth are expected as security concerns persist and technology advances, ensuring PGMs remain pivotal in modern military strategies.

Important Insights

• The Precious Guided Munitions Market is expected to grow by USD 79.7 billion by 2033 from 2024 with a CAGR of 7.0%.
• The tactical missiles segment is projected to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
• The Global Positioning System (GPS) segment is expected to dominate the Precious Guided Munitions market in 2024.
• The semi-autonomous operations segment is projected to get the largest revenue share in 2024 in the Precious Guided Munitions market.
• Asia Pacific is anticipated to have a 31.0% share of revenue in the Global Precious Guided Munitions Market in 2024.

Precious Guided Munitions Market: Competitive Landscape

The Precision-Guided Munitions Market is highly competitive, driven by leading companies aiming at innovation with advanced technologies like AI and precision targeting. Global defense spending growth intensifies competition. Further, strategic partnerships, acquisitions, and continuous R&D are important for maintaining a competitive edge in this rapidly evolving market.

Some of the major players in the market include BAE Systems, Raytheon, General Dynamics, Atlas Elektronik, Lockheed Martin, Northrop Grumman, and more.

Some of the prominent market players:

• BAE Systems
• Raytheon
• General Dynamics
• Atlas Elektronik
• Lockheed Martin
• Northrop Grumman
• Elbit Systems
• Thales Group
• Rheinmetall AG
• MBDA
• Other Key Players

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Precious Guided Munitions Market Scope

Segment Analysis:

Semi-autonomous operations are expected to lead and revolutionize the precision-guided munition market in 2024 by merging human oversight with advanced automation. These munitions can independently handle tasks like target acquisition & navigation, allowing human operators to make final decisions, and improving accuracy and reliability while reducing human error in critical situations.

They adapt to dynamic battlefield conditions, providing live data and course adjustments, making military operations faster and more precise. As technology advances, the adoption of these systems is expected to increase, improving mission outcomes with essential human control.

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Precious Guided Munitions Market Segmentation

By Product

• Tactical Missiles
• Guided Rockets
• Guided Ammunition
• Torpedoes
• Loitering Munitions

 By Technology

• Global Positioning System (GPS)
• Infrared
• Semi-Active Lasers
• Radar Homing
• Inertial Navigation System
• Anti-Radiation
• Others

By Speed

• Subsonic
• Supersonic
• Hypersonic

By Mode of Operation

• Autonomous
• Semi-autonomous

By Launch of Platform

• Land
• Airborne
• Naval

Regional Analysis

The Asia Pacific region is anticipated to have a 31% market share in 2024, driven by India-Pakistan tensions and regional political issues. Countries like Japan, Pakistan, India, China, North Korea, and South Korea are boosting the need for tactical warfare to enhance defense capabilities. India looks to strengthen its arsenal with missiles like Agni, Prithvi, and Brahmos.

Further, North America will maintain a significant share due to U.S. military R&D, while Europe will grow with investments from Germany, the UK, Russia, France, and Italy.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Global Precious Guided Munitions Market: Trends

• AI Integration: The use of artificial intelligence in munitions enhances targeting accuracy and autonomous decision-making, creating smarter and more efficient weapon systems.
• Miniaturization: Developments in miniaturizing components allow for more compact & versatile munitions, suitable for a variety of platforms and missions.
• Network-Centric Warfare: Growth in the adoption of network-centric approaches allows smooth communication and coordination between different munitions and platforms, improving operational efficiency.
• Hypersonic Weapons Development: The growing emphasis on hypersonic munitions promises to deliver faster, more evasive weapons capable of overcoming advanced defense systems.

Global Precious Guided Munitions Market: Driver

• Technological Advancements: Integration of AI & precision targeting systems is improving the accuracy and effectiveness of munitions, driving market growth.
• Rising Defense Budgets: Higher global defense spending is boosting investments in advanced munitions to strengthen military capabilities.
• Geopolitical Tensions: Current conflicts and territorial disputes are escalating the need for precision-guided munitions to ensure strategic advantage.
• Strategic Collaborations: Partnerships, mergers, & acquisitions among defense companies are strengthening innovation and expanding market reach.

Global Precious Guided Munitions Market: Restraints

• High Development Costs: The advanced technology and R&D needed for precision-guided munitions result in high development and production costs, limiting affordability.
• Regulatory Challenges: Strict government regulations and export controls can impact market growth by restricting the distribution and use of these munitions.
• Technological Dependence: Heavy dependency on specialized technology makes these systems vulnerable to cyberattacks and electronic warfare, posing security risks.
• Operational Complexity: The complexity of integrating and maintaining precision-guided systems can limit military resources and require specialized training.

Global Precious Guided Munitions Market: Opportunities

• Export Market Expansion: The increase in the global demand for precision-guided munitions provides opportunities for manufacturers to expand their export markets and forge international partnerships.
• Technological Innovation: Constant development in AI, sensors, and materials provides opportunities to develop more specialized and effective munitions, staying ahead in a competitive market.
• Military Modernization Programs: Growth in defense budgets across the world supports opportunities for supplying advanced munitions to modernizing armed forces.
• Counter-Drone Capabilities: Developing precision-guided munitions capable of countering drone threats shows a growing niche market as drone technology proliferates.

Recent Developments in the Precious Guided Munitions Market

• May 2024: BAE Systems Australia launched RAZER, a cost-effective air-launched precision-guided munition developed to convert standard 40-50kg non-guided munitions into accurate weapons for Australian and potential export markets.
• February 2024: The US Air Force plans to improve JDAM-ER bombs with add-on seekers to counter Russian GPS jammers in Ukraine, awarding a USD 23.6 million contract to SARA for delivery by October 2025.
• January 2024: S. Special Operations Command seeks versatile loitering munitions portable from various aircraft in its inventory, preparing for an assessment event to look into air-launched kamikaze drones for rapid capability deployment.
• March 2023: According to two U.S. defense officials, the U.S. and U.K. carried out airstrikes on Houthi targets in Yemen, assisted by Australia, Bahrain, Canada, and the Netherlands, per U.S. Central Command.

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