The global demand for Precision Guided Munition Market is presumed to reach the market size of nearly USD 68.31 MN by 2028 from USD 43.67 MN in 2021 with a CAGR of 6.6% under the study period 2022 - 2028.
A precision-guided munition (PGM, smart weapon, smart munition, or smart bomb) is a guided munition designed to hit a specific target with pinpoint accuracy, minimizing collateral damage and increase lethality against the designated targets. With the introduction of precision-guided weapons, previous bombs were renamed ""unguided bombs,"" ""dumb bombs,"" or ""iron bombs."" Air and ship-launched missiles, multiple-launch rockets, and guided bombs are all examples of PGMs. Current munitions often use radio signals from the global positioning system (GPS), laser guidance, and inertial navigation systems (INS)—which use gyroscopes—to increase weapon accuracy to less than 3 metres (about 10 feet). Instead of deploying hundreds of bomber flights to strike a single target, a single sortie from a PGM-carrying platform can attack several targets with the least amount of collateral damage.
Market Dynamics
Military operations improvements and the implementation of modern fighting techniques are expected to drive market expansion over the forecast period. Furthermore, increased security measures worldwide are anticipated to boost precision-guided munition penetration. Political and territorial conflicts between big economies have raised the need for tactical and military operations to take extra precautions. Buying modern combat equipment with accurate operations is a priority for big economies' defence systems. This, in turn, will almost certainly boost the market growth. For keeping their advantage, leading militaries worldwide are focusing on the acquisition of modern military technology. As a result, demand for precision-guided missiles, rockets, and mortars is likely to rise. Additionally, the industry is expected to benefit from the deployment of improved positioning systems in nuclear weapons.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of precision guided munition. The growth and trends of precision guided munition industry provide a holistic approach to this study.
Market Segmentation
This section of the precision guided munition market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Speed
- Subsonic
- Supersonic
- Hypersonic
By Product
- Tactical Missiles
- Guided Rockets
- Guided Ammunition
- Torpedoes
- Loitering Munitions
By Technology
- Infrared
- Laser
- Inertial Navigation System (Ins)
- Global Positioning System (Gps)
- Radar Homing
- Anti-Radiation
By Mode of Operation
- Autonomous
- Semi-Autonomous
By Launch Platform
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Precision Guided Munition market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Precision Guided Munition Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the precision guided munition market include Northrop Grumman Corporation (US), Lockheed Martin (US), Boeing (US), Raytheon Technologies (US), and General Dynamics Corporation (US). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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