The Global Precision Guided Munition Market is estimated to register substantial growth during the forecast period owing to increasing demand from various applications during the forecast period. Also, this market has witnessed a number of key developments by major companies operating in the market including new product development, partnerships, contracts, and so on.
The precision-guided munitions are ammunitions designed to hit a target in a precise manner. This reduces the collateral damage exponentially and makes the weapon more lethal. The weapon is depended on its own or external guidance system. The ammunition is launched from submarines, aircraft, land vehicles and ships. It reduces the risk factor of the procedure, all while increasing the cost and complication for the defense segment. These types of weapons are also known as smart weapons and/or smart munitions. Rapid advancement in technology has, in a way, eliminated the problem of shooting from moving objects. However, these weapons have extremely complicated guidance systems and are restricted in type, which can limit the growth of the market.
Segment Analysis:
Based on the product, it is segmented into tactical missiles, guided rockets, guided ammunition, loitering munition. There has been significant growth in the demand and usage of loitering munition as they can function autonomously searching and launching attacks without human intervention, which has drastically reduced the number of rounds required to defeat a particular target.
On the basis of technology, it is classified into infrared, semi-active lasers, radar homing, Global Positioning System (GPS), Inertial Navigation System (INS), anti-radiation, and others. GPS is most widely used as it is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors focus on producing precision-guided munition equipped with GPS technology.
By type, it is segregated into, autonomous and semi-autonomous. The autonomous type is majorly used owing to its high resolution electro-optical and infrared cameras that help to locate and guide the vehicle to the target. The growing demand for multi-mission, multi-target precision-strike and air-to-ground precision weapons is estimated to propel the growth of the market
Key Factors Impacting Market Growth:
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It reduces the collateral damage exponentially and is more lethal
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The increase in terror activities, regional disputes, and tactical innovations
Key Developments:
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In February 2019, BAE Systems received a contract that was worth USD 114.5 million from the US Navy in order to modernize the guided-missile destroyer, USS Bulkeley (DDG 84) in its Norfolk shipyard.
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In February 2019, IAI launched Mini Harpy, which is a newly-developed loitering munition for the first time at Aero India Exhibition in Bangalore, India. It is a tactical system designed specifically for field or marine units and can be launched from land, marine, and airborne Products.
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In January 2019, Javelin, a joint venture company, was awarded a production contract for 2,100 F-Model (FGM-148F) missiles.
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In November 2018, Lockheed Martin received a contract worth USD 25.5 million from the Missile Defense Agency for the development of its Low Power Laser Demonstrator (LPLD) missile interceptor concept.
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In October 2018, Raytheon Company and Saab signed a contract with the US Army to demonstrate a laser-guided munition to be used with the Carl-Gustaf man-portable shoulder-fired launcher
Regional Analysis:
The regional outlook section provides a region-wise detailed understanding of the precision-guided munition market. Regional segmentation considered in the study includes North America, Western Europe, Asia Pacific, Middle East, Eastern Europe, and the Rest of the World. North America and Western Europe are estimated to dominate the market with an established aerospace & defense infrastructure. Some of the major companies operating in the market are headquartered in these regions. In addition to this favorable government policy towards the development of aerospace & defense technologies and related investments is another key factor driving the demand in the region. Major countries in these regions include the US, Germany, UK, France, Canada, Italy, and others have been considered in the study.
The Asia Pacific region is estimated to be the fastest-growing market during the forecast period. This demand in the Asia Pacific region is driven by government initiatives towards the establishment and development of new technologies in the aerospace & defense sector. This region has witnessed substantial growth in the aerospace & defense sector in the past few decades. Moreover, major investments by global players in this region with direct investments or partnerships are expected to have a major impact on the dynamics of the precision-guided munition market in the region. The Middle East and Eastern Europe are projected to be a potential market during the forecast period with stable demand.
Companies Covered: Lockheed Martin Corporation, BAE System, Raytheon, Northrop Grumman, Elbit Systems, Saab AB, General Dynamics, Israel Aerospace Industries, Rheinmetall AG, LIG Nex1, NORINCO, and Bharat Dynamics.
Market Segmentation:
By Product:
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Tactical Missiles
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Guided Rockets
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Guided Ammunition
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Loitering Munition
By Technology:
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Infrared
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Semi-active Lasers
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Radar Homing
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GPS
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INS
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Anti-radiation
By Type:
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Autonomous
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Semi-Autonomous
By Region:
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North America
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By Country (US, Canada, Mexico)
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By Product
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By Technology
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By Type
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Western Europe:
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By Country (Germany, UK, France, Spain, Rest of Western Europe)
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By Product
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By Technology
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By Type
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Eastern Europe:
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By Country (Russia, Turkey, Rest of Eastern Europe)
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By Product
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By Technology
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By Type
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Asia Pacific
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By Country (China, Japan, India, Rest of Asia Pacific)
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By Product
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By Technology
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By Type
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Middle East:
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By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
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By Product
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By Technology
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By Type
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Rest of the World
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By Region (Latin America, Brazil, Rest of the World)
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By Product
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By Technology
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By Type
Reasons To Buy This Report:
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Market size estimation of the global precision-guided munitions market on a regional and global basis
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The unique research design for market size estimation and forecast
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Profiling of major companies operating in the market with key developments
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Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
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By Segment
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By Sub-segment
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By Region/Country
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