Surge in Demand: Precision Guided Munition Market Growth at 9.56% CAGR by 2028

Overview of Precision Guided Munition Market Size & Future Outlook

According to the latest report by MarkNtel Advisors, the Global Precision Guided Munition Market size is estimated to grow at a CAGR of around 9.56% from 2023-2028. This report is designed to enhance user understanding and support informed decision-making by thoroughly analyzing key market shifts, identifying gaps, exploring emerging opportunities, and assessing industry trends and competitive challenges. By combining both qualitative and quantitative data, it offers a comprehensive overview, highlighting growth prospects and providing valuable insights into competitors, helping both established companies and new entrants navigate the current market landscape.

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What are the Market Growth Driver influencing the growth of the Precision Guided Munition market?

This section provides a detailed analysis of the Market Growth Driver and factors is explored thoroughly below.

Advancing Military Modernization Ignites Precision Guided Munition Demand– During the historical years, military modernization drove the adoption of Precision Guided Munition by addressing the need for accuracy, flexibility, reduced collateral damage, and enhanced strategic capabilities. As armed forces worldwide seek to upgrade their arsenals and adapt to evolving security challenges, the requirement for Precision Guided Munition remains a vital factor in elevating the market size during the historical years. In addition, rising flexibilities in the mission profiles involve the development of multi-role platforms and weapons.

These weapons could be integrated across different types of platforms such as aircraft, naval vessels, and ground vehicles, allowing armed forces to adapt to various mission profiles without needing specialized Munition for each scenario, which is further expected to escalate the market share in the forthcoming years.

Furthermore, the modernization of the Defense Armed Forces involves the acquisition of platforms, technologies, and weapon systems to upgrade defense capabilities. This ensures that the Armed Forces are prepared to address a wide range of security challenges across the spectrum. The government attaches the highest priority to ensuring that the Armed Forces are sufficiently equipped to meet any operational requirement, which is achieved through the induction of new equipment and technological upgradation of capabilities. So, this factor is estimated to escalate the market size during 2023-2028.

How is the Precision Guided Munition market segmented and what are the key factors within each segment?

The Precision Guided Munition market has been further segmented into distinct categories. Analyzing growth within these segments allows you to identify niche opportunities, develop targeted strategies, and understand the variations in your core application areas and target markets.

By Speed

Subsonic- Market Size & Forecast 2018-2028, (USD Million)
Supersonic- Market Size & Forecast 2018-2028, (USD Million)
Hypersonic- Market Size & Forecast 2018-2028, (USD Million)

By Product Type

Tactical Missiles- Market Size & Forecast 2018-2028, (USD Million)

Surface-to-surface
Surface-to-air
Air-to-air
Air-to-surface

Guided Rockets- Market Size & Forecast 2018-2028, (USD Million)

Surface-to-surface
Surface-to-air
Air-to-surface

Guided Ammunition- Market Size & Forecast 2018-2028, (USD Million)

Motor
Bomb
Bullets

Torpedoes- Market Size & Forecast 2018-2028, (USD Million)

Surface-to-subsea
Subsea-to-subsea
Air-to-subsea

Loitering Munitions- Market Size & Forecast 2018-2028, (USD Million)

By Technology

Infrared- Market Size & Forecast 2018-2028, (USD Million)
Laser- Market Size & Forecast 2018-2028, (USD Million)
Inertial Navigation System (INS)- Market Size & Forecast 2018-2028, (USD Million)
Global Positioning System (GPS)- Market Size & Forecast 2018-2028, (USD Million)
Others (Radar Homing, Anti-Radiation, etc.)- Market Size & Forecast 2018-2028, (USD Million)

By Mode of Operation

Autonomous- Market Size & Forecast 2018-2028, (USD Million)
Semi-Autonomous- Market Size & Forecast 2018-2028, (USD Million)

By Launch Platform

Land- Market Size & Forecast 2018-2028, (USD Million)
Airborne- Market Size & Forecast 2018-2028, (USD Million)
Naval- Market Size & Forecast 2018-2028, (USD Million)

By Region

North America
South America
Europe
The Middle East & Africa
Asia Pacific.

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Who are the Key Market Players in the Precision Guided Munition industry?

The competitive landscape of the Precision Guided Munition market provides a detailed look at the key players in the industry. This includes an overview of each company, their financial performance, revenue generation, and market potential. It also covers their investments in R&D, new market initiatives, production facilities, and strengths and weaknesses. Additionally, the analysis looks at recent product launches, approvals, the range of products offered, their dominance in different applications, and the product life cycle. All of this information is specifically focused on how each company is positioning itself within the market.

Several key players are actively operating in the market, including

BAE System
General Atomics
Elbit System
General Dynamics Mission Systems, Inc.
Northrop Grumman
Lockheed Martin Corporation
Raytheon Technology Corporation
Israel Aerospace Industries
Thales
MBDA
Leonardo S.p.A
Denel Dynamics
Rafael Advanced Defense Systems Ltd.
Saab AB
Roketsan
Bharat Dynamics Limited

Market Advancement by Leading Companies:

In year 2023, the US Army Combat Capabilities Development Command Armaments Center (DEVCOM AC) has awarded BAE Systems with around USD72.5 Million, a three-year contract for continued research & development efforts in the advancement of Precision Guided Munition (PGM) to support the Army’s long-range precision fire modernization efforts.

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