The global precision guided munition market size is expected t-reach USD 46.7 billion in 2027, expanding at a CAGR of 5.6% from 2020 t-2027, according t-a new report by Grand View Research Inc. Growing need for extremely accurate munitions for target attacking is anticipated t-increase the demand for precision guided munitions. Moreover, enhancements in precision attacking are likely t-support the market growth.
Growing political and territorial conflicts between major economies are likely t-encourage the enhancements of their respective military and army operations. Precision attacking techniques are used in the army, air force, and naval forces, thus are likely t-drive the market for precision guided munitions over the forecast period.
Technological advancements in attacking components including missiles, rockets, mortars, artillery shells, bombs, and bullets t-incorporate advanced positioning technologies are expected t-enhance the market growth. Global Positioning System (GPS) and semi-active lasers systems are popular positioning techniques t-keep track of the targeted location for the attack.
Prominent players are investing heavily in R&D activities t-develop advanced technology war equipment. Moreover, ammunition manufacturers are focusing on the installation of a guiding mechanism in the components.
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Key Takeaways from the report:
- By product, tactical missiles are projected t-witness significant growth over the forecast period on account of their increasing usage in all types of attacking mechanism. Surface t-surface and air t-air tactical missiles are gaining popularity in the warfare equipment
- In U.S., the market size was valued at USD 4.80 billion in 2019 and is expected t-witness considerable growth over the forecast period owing t-increasing expenditures on military upgrade and enhancement in the attack equipment
- Based on technology, the Global Positioning System (GPS) led the market in 2019 and is expected t-witness the highest growth over the forecast period on account of its prominent location tracking for the war equipment
- In 2019, semi-active laser positioning technology accounted for the second largest share owing t-its prominence in the target positioning. Modern missiles and rockets are installed with these positioning mechanisms for guidance t-the exact location
- Conflicts between U.S. and Iran are anticipated t-enhance the military capabilities of the respective economies. This is expected t-drive the market for precision guided munition in the foreseeable future.
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List of Companies in the Precision Guided Munition Market
- Atlas Elektronik
- Thales Group
- BAE Systems
- Northrop Grumman
- General Dynamics
- Elbit Systems
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Grand View Research has segmented the global precision guided munition market on the basis of product, technology, and region:
Precision Guided Munition Product Outlook (Revenue, USD Million, 2016 – 2027)
- Tactical Missile
- Guided Rockets
- Guided Ammunition
- Loitering Munition
Precision Guided Munition Technology Outlook (Revenue, USD Million, 2016 – 2027)
- Semi-active Lasers
- Inertial Navigation System (INS)
- Global Positioning System (GPS)
- Radar Homing
Precision Guided Munition Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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