The precision
guided munition market is projected to grow from USD 30.0 billion in
2019 to USD 47.5 billion by 2025, at a CAGR of 8.0% from 2019 to 2025. The
growing military modernization programs and increasing demand for precision
guided munitions to minimize collateral damage are some of the factors expected
to drive the growth of the precision guided munition market.
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“Growing
military modernization programs and increasing demand for precision guided
munitions are key factors fueling the growth of the precision guided munition
market across the globe.”
Many countries are focusing on increasing their
R&D spending & initiate programs for the development of lightweight,
portable, and efficient next-generation precision weapons. The increasing use
of satellite networks, navigation aids, and drones to destroy high-value and
long-distance targets and demand for miniaturized weapons are some of the major
factors fueling the demand for precision guided munitions.
“Based on type,
the autonomous segment of the precision guided munition market is projected to
grow at a higher CAGR during the forecast period.”
Based on type, the autonomous segment of the market
is projected to grow at a higher CAGR during the forecast period as compared to
the semi-autonomous segment. Autonomous precision guided munitions are equipped
with high resolution electro-optical and infrared cameras that help 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 precision guided munition market during the
forecast period.
“The Asia
Pacific precision guided munition market is projected to grow at the
highest CAGR during the forecast period.”
The Asia Pacific precision guided munition market is
projected to grow at the highest CAGR from 2019 to 2025. The growth of the market
in this region can be attributed to the rising demand for precision guided
munition from defense forces of different countries of the region. China,
India, Japan, and South Korea are investing heavily in the development of high
strike precision weapons. Moreover, increasing product developments and
investments in the precision guided munition ecosystem by defense research
agencies, Original Equipment Manufacturers (OEMs), and start-ups are fueling
the growth of the precision guided munition market in Asia Pacific.
Additionally, the presence of some of the major manufacturers of precision
guided munition operating in this region such as LIG Nex1 (South Korea),
NORINCO (China), Bharat Dynamics (India), Hanwha Corporation (South Korea), and
BrahMos Aerospace (India) is another major factor driving the market.
Major companies profiled in the report are Lockheed
Martin Corporation (US), BAE Systems (UK), Raytheon (US), Northrop Grumman
(US), Elbit Systems (Israel), Saab AB (Sweden), General Dynamics (US), Israel
Aerospace Industries (Israel), Rheinmetall AG (Germany), LIG Nex1 (South
Korea), NORINCO (China), and Bharat Dynamics (India), among others.
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