Selbyville, Delaware , Nov. 15, 2023 (GLOBE NEWSWIRE) -- Global Precision Guided Munition Market could cross a valuation of USD 60 billion by 2032, according to the latest report by Global Market Insights Inc.
The escalation of cross-border conflicts and the intensification of counter-terrorism operations globally is projected to boost the industry growth. With defense agencies striving to address complex and dynamic security challenges, the demand for advanced precision-guided munitions is significantly surging. Moreover, the growing partnerships between the business sector and government organizations to develop new weapon systems and improve their defense capabilities will support the market growth. For instance, in August 2023, Adani Defence, a key participant in the Indian defense sector, took a critical step towards strengthening the country's military capabilities by receiving orders for the UAV Launched Precision Guided Munition from the Indian Army.
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Semi-active laser systems to gain significant traction
Precision guided munition market from the semi-active laser systems segment is projected to foresee notable demand between 2023 and 2032. Semi-active laser-guided munitions offer high precision and accuracy for enabling effective target engagement in various operational environments. The rising need for precise and effective munitions for military operations, including air-to-ground and surface-to-surface missions is also fueling the adoption of semi-active laser guidance systems. Moreover, the advancements in laser technology coupled with the development of sophisticated guidance algorithms will boost the segment growth.
Airborne precision guided munitions to witness considerable demand
Airborne precision guided munition market is anticipated to gain significant momentum from 2023-2032 driven by the increasing demand for aerial precision strikes coupled with advancements in guidance systems and sensor technologies. Air-borne precision-guided munitions are widely popular in modern military operations as they offer precise strike capabilities against ground and naval targets for reducing collateral damages. Additionally, the ongoing investments in defense modernization and the evolving nature of aerial warfare will propel the segment growth.
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North America to exhibit lucrative gains
North America precision guided munition market is poised to witness robust growth through 2032 due to the substantial defense spending and technological advancements. The continuous modernization of military capabilities and increasing adoption of advanced weaponry are surging the need for precision-guided munitions across various branches of the armed forces, augmenting the regional industry outlook. For instance, in October 2023, the U.S. Navy granted a development agreement to Northrop Grumman Corporation to develop 57mm guided explosive ammunition designated for Mk110 Naval Gun Mount, further tested for qualification.
Precision Guided Munition Market Participants
Some major players engaged in the precision-guided munition industry are Bharat Dynamics Limited, Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Thales Group, BAE Systems, Rheinmetall AG, and Roketsan A.S., among others. With surging focus on improving target acquisition, these companies are integrating cutting-edge technologies including AI, ML, and autonomous functionalities to gain competitive edges. For instance, in February 2023, BAE Systems introduced a new "Razer" technology to turn common non-guided bombs into precision-guided missiles at cheap cost through local production.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
