The report on the precision guided munition market provides a detailed trend analysis from 2021 to 2026. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
The global precision guided munition market is projected to grow from USD 32.8 billion in 2021 to USD 41.0 billion by 2026, at a CAGR of 4.5% from 2021 to 2026. The market is driven by various factors, such as rise in defense expenditure, and increasing demand for advanced precision guided munition to counter the modern combat and to safeguard the country’s border.
Based on technology, the precision guided munition Market will majorly be driven by the increase in demand of technologically advanced precision guided munition. There has been a significant rise in the demand for technologically advanced precision guided munition throughout major and growing countries. Various countries are focusing on reducing the collateral damage to minimum while they counter the new threats, as reason of which research and development for new advanced precision guided munition has increased so as to address the growing concerns to counter advance threats. Hence, a rapid rise has been noticed in precision guided munition market.
Based on speed, the supersonic is projected to grow at the highest CAGR for precision guided munition market during the forecast period. The growing demand for surveillance activities along attack-prone borders, rising defense spending of emerging economies, increasing incidences of terror attacks, and rising number of ongoing inter-country conflicts have led to the growth of the precision guided munition market.
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Based on speed, the precision guided munition market has been segmented into subsonic missile, supersonic missile, and hypersonic missile. Technological advancements, continuous R&Ds, as well as the need for advanced precision guided munition across the globe are some of the major factors driving the growth of the speed segment of the precision guided munition market. The supersonic is projected to grow at the highest CAGR for precision guided munition market during the forecast period.
Based mode of operation, the semi-autonomous segment is estimated to lead the precision guided munition market during the forecast period. The need for the weapons provide autonomy into one or more guidance techniques that combine high precision with man-in-the-loop decision capability is one of the major factors driving the growth of the domain segment of the precision guided munitions market.
Asia Pacific and North America are the largest markets of the precision guided munition during the forecast period. The key factor responsible for Asia Pacific, leading the precision guided munition market owing to the presence of strong defense countries as well as due to the rapid growth of the technologically advanced precision guided munitions the region. Increasing development of precision guided munition through contracts and agreements by countries such as India, china, among others is also expected to drive the demand for precision guided munition in the region. For example, In September 2020, India’s Defence Research and Development Organisation (DRDO) successfully test-fired Hypersonic Technology Demonstrator Vehicle (HSTDV), making it only the fourth country in the world after the US, China, and Russia to develop and test the technology. Hence, such factors are expected to drive the market in Asia Pacific. The precision guided munition market in North America is driven by the increase in precision guided munition procurement programs and growing defense expenditure majorly by the united states. Defense agencies of North American countries are involved in the development of technologically advanced missile defense systems. Well-established and prominent manufacturers of missile defense systems, such as Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), the Boeing Company (US), and Raytheon Technologies Corporation (US), are also present in this region.
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