The global Precision Guided Munition Market size 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 precision guided munition market is expected to witness growth due to consistent increase in defense budget across the globe and the need for advanced precision guided munition to counter the modern combat around the country’s border. Furthermore, increasing number of conflicts, and high defense spending are some of the major factors driving the market globally. Governments of various countries, such as the US, China, India, and Russia, are spending heavily on modernizing their military resources. Thus, a large number of weapon manufacturers are shifting their focus towards developing precision guided munitions. However, issues related to the integration of missiles pose a challenge for precision guided munition market growth.
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Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon Technologies (US), Northrop Grumman Corporation (US), and Saab AB (Sweden) are some of the leading players operating in the precision guided munition market. These companies secure contracts from governments of different countries to carry out various precision guided munition programs.
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Northrop Grumman develops and builds some of the world’s most advanced precision guided munition technologies from command systems to advanced interceptors, powerful space sensors, and directed energy weapons, as well as systems that test and verify their efficacy. The company is a leading provider of interceptors and seekers used in the test and verification of precision guided munition and interceptor boosters employed in the defense.
The Lockheed Martin’s Missile and Fire Control (MFC) segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions. Its major programs include Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) air and missile defense programs.
General Dynamics Corporation is a leading provider of aircraft flight control systems, auxiliary ships, business jets, combat vehicles, communications systems, IT systems, ships munitions, nuclear-powered submarines, stealth ship tanks, vision systems, and watercraft weapon systems. General Dynamics has a very good global presence as well, and Its scientists and engineers are continuously working on enabling technologies in guided-missile destroyers for sea defense.
The hypersonic missiles threat type segment is projected to grow at the highest CAGR rate for the precision guided munition market 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.
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 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 missile defense system.
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