Luton, Bedfordshire, United Kingdom, March 10, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Precision Guided Munition Market.
The global precision guided munition market size is estimated to be valued at USD 28.92 billion in 2020 and is projected to reach USD 45.25 billion by 2029, recording a CAGR of 5.1%. The market for precision guided munitions is poised to grow as a result of a consistent rise in defense budgets worldwide and the need for advanced weaponry to counter modern combat scenarios at national borders. Another key driver of the market is the growing number of conflicts and high levels of defense spending globally. Several governments, including those of the US, China, India, and Russia, are investing heavily in modernizing their military capabilities, leading to an increasing number of weapon manufacturers shifting their focus towards the development of precision guided munitions. Nonetheless, the integration of missiles presents a challenge to the growth of the precision guided munitions market.
Industry Developments
- In 2021, Boeing was awarded a contract by the US Department of Defense for JADM munition for the US Navy.
- In 2020, The Air Force Life Cycle Management Center (AFLCMC) awarded a USD 239.1 million modification contract for 6 lots of StromBreaker to Raytheon Technologies’ RTX Missiles and Defense unit.
- In 2019, BAE Systems was awarded a contract worth USD 2.68 billion by the US Navy for the indefinite delivery and quantity purchase of APKWS laser-guided bombs.
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Drivers and Restraints Factor:
Increasing demand for precision guided munitions to minimize collateral damage
The majority of nations abide by the Law of Armed Conflicts (LOAC) and endeavor to limit collateral damage, which encompasses the inadvertent destruction of civilian items and casualties. Circular Error Probability (CEP) measures the precision of weapons, and precision-guided munitions possess lower CEP, which is essential in minimizing collateral damage and civilian casualties. Regardless of whether it is a low-intensity conflict operation such as counter-insurgency and counterterrorism or a high-intensity conventional conflict, casualties have significant implications in terms of public opinion and policies. In today's digital era, precision-guided munitions aid in making better decisions and reducing collateral damage, thus avoiding casualties in the aftermath. Moreover, precision-guided munitions effectively neutralize threats as targets on battlefields are dispersed, mobile, and maneuverable.
The nature of warfare has shifted from conventional border-to-border engagements to urban-centric warfare, making precision strikes crucial for providing indirect fire capability in complex terrains where low-angle fire is required to neutralize targets. The rising utilization of satellite networks, navigation aids, and drones to eliminate high-value and distant targets is a key factor driving the demand for precision-guided munitions.
Stringent regulations related to arms transfer
State-owned defense organizations must comply with federal and legislative rules and regulations, including import-export control regimes, exchange controls, the Foreign Corrupt Practices Act, and the Export Administration Act. In many countries, munition manufacturers are prohibited from exporting their products, limiting their ability to serve international customers and hindering their access to global markets.
The issue of transferring technologies and weapons has been exacerbated by terrorist organizations gaining access to advanced weaponry such as anti-tank guided weapons and advanced land mines. As a result, there are strict controls on the transfer of technologies and weapons to other nations, which acts as a hindrance to the growth of the Precision Guided Munition Market.
| Report Attribute | Details |
| Precision Guided Munition Market size value in 2022 | USD 28.92 billion |
| Revenue forecast in 2029 | USD 45.25 billion |
| Market Growth rate | CAGR of 5.1% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2021 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Type; By Application and By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Russia; China; South Korea; India; Brazil; Argentina; Saudi Arabia; Iran |
| Key companies profiled | Lockheed Martin Corporation, BAE Systems Plc, Raytheon, MBDA, Israel Aerospace Industries, Elbit Systems Ltd, Saab AB, General Dynamics Corporation, Northrop Grumman and Rheinmetall AG. |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Companies Covered in Precision Guided Munition Market Report:
- Lockheed Martin Corporation
- BAE Systems Plc
- Raytheon
- MBDA
- Israel Aerospace Industries
- Elbit Systems Ltd
- Saab AB
- General Dynamics Corporation
- Northrop Grumman
- Rheinmetall AG.
Report Benefits
- Develop business strategies by understanding the trends shaping and driving the Market.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Precision Guided Munition Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Precision Guided Munition Market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
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Regional Insights
In 2021, Asia Pacific held the largest revenue share of the global precision-guided munition market, accounting for over 31%, and is projected to continue this trend with the fastest CAGR over the forecast period. The region's major players in tactical warfare include China, South Korea, India, North Korea, Pakistan, and Japan. The increasing tensions between countries in the region and the need to strengthen their defense capabilities are expected to drive the demand for precision-guided munitions. India, for example, has enhanced its missile capabilities with the addition of advanced missiles such as Prithvi, Agni, and Brahmos due to its ongoing conflict with Pakistan. Technological advancements and collaborations with foreign defense departments for modern war equipment are also expected to increase the penetration of guided weapons.
The ongoing conflict between Iran and the U.S. has resulted in enhancements in the military operations of both countries, leading to an increased demand for precision-guided munitions in the near future. The U.S. military's strong research and development capabilities have led to the development of long-range missiles and rockets with precision targeting capabilities. In Europe, the presence of prominent manufacturers and high investments in military operations by economies such as the U.K., Germany, France, Italy, and Russia are anticipated to boost the regional market. Military developments in Russia are also expected to lead to the development of improved artillery and missiles, further driving the demand for precision-guided munitions in the region
Key Market Segments: Precision guided munition Market
By Type
- Air-To-Air
- Water Source
- Geothermal
By Application
- Residential
- Industrial
- Commercial
By Regions
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently Asked Questions About This Report
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