Precision Guided Munition Market | Growth, Trends, Forecasts (2021 - 2027)

The Precision Guided Munition Market is projected to grow at a CAGR 7.49% rate from 2021 to 2026.

The loitering munition segment is projected to grow at the highest CAGR from 2021 to 2026. The loitering munition can function autonomously searching and launching attacks without human intervention. This has drastically reduced the number of rounds required to defeat a particular target.

The precision guided munition market has been segmented into infrared, semi-active lasers, radar homing, Global Positioning System (GPS), Inertial Navigation System (INS), anti-radiation, and others. The semi-active laser segment is estimated to account for the largest share of the market in 2019. The GPS segment is projected to grow at the highest CAGR during the forecast period. GPS is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors focus on producing precision guided munitions equipped with GPS technology.

The Asia Pacific market is projected to grow at the highest CAGR from 2021 to 2026. Countries such as China, India, Australia, Japan, South Korea, and Rest of Asia Pacific are considered in this regional market analysis. In 2018, China and India were among the top five countries in the world in terms of defense expenditure. While China ranked second, India ranked fourth in defense expenditure, globally.

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1.  Market Dynamics

• Drivers

  • Increasing Demand for Precision Guided Munitions to Minimize Collateral Damage

  • Reduction in Logistics Burden

  • Growing Military Modernization Programs

• Challenges

  • Regulations Related to Arms Transfer

  • High Manufacturing Cost

  • Procurement of Conventional Warfare Systems Instead of Advanced Precision Guided Munition in Many Countries

  • Issues Related to the Integration of Larger Precision Guided Munitions

• Opportunities

  • Miniaturization of Munitions

  • Access to Advanced Technologies Through Mtcr Membership

  • Development of Hybrid Precision Guided Munitions

  • Increasing Export of Short-Range Missiles

2. Precision Guided Munition Market, By Speed

• Hypersonic

• Non-Hypersonic

3.  Precision Guided Munition Market, By Product

• Tactical Missiles

  • Surface-to-Surface

  • Surface-to-Air

  • Air-to-Air

  • Air-to-Surface

  • Subsea-to-Surface

• Guided Rockets

  • Surface-to-Surface

  • Surface-to-Air

  • Air-to-Surface

• Guided Ammunition

  • Guided mortar

  • Guided artillery shells

  • Guided bombs

  • Guided bullets

• Loitering Munition

4.  Precision Guided Munition Market, By Technology

• Infrared

• Semi-Active Lasers

• Inertial Navigation System (INS)

• Global Positioning System (GPS)

• Radar Homing

• Anti-Radiation

• Others

5.  Precision Guided Munition Market, By Type

• Autonomous

• Semi-Autonomous

6. Regional Analysis

• North America

  • US

  • Canada

  • Europe

  • Russia

  • Germany

  • UK

  • France

  • Rest of Europe

• Asia Pacific

  • China

  • India

  • Australia

  • Japan

  • South Korea

  • Rest of Asia Pacific

• Middle East

  • Saudi Arabia

  • Israel

  • Turkey

  • Rest of Middle East

  • Rest of the World

  • Latin America

  • Africa

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