Precision-Guided Munition (PGM) Market Overview
The Precision-Guided Munition (PGM) Market size is projected to reach a CAGR of 5.9% from 2022 to 2028.
A precision-guided munition (PGM, smart weapon, smart munition, smart bomb) is a guided munition intended to precisely hit a specific target, to minimize collateral damage and increase lethality against intended targets.[1] During the First Gulf War guided munitions accounted for only 9% of weapons fired, but accounted for 75% of all successful hits. Despite guided weapons generally being used on more difficult targets, they were still 35 times more likely to destroy their targets per weapon dropped.
Consistent increase in defense budget across the globe and the need for advanced precision guided munition to counter the modern combat around the country’s border are some of the factors that have supported long-term expansion for Precision-Guided Munition (PGM) Market.
The COVID-19 outbreak has led to multiple challenges for the defense industry. Though the industry was not severely affected but still has faced many economic problems post the COVID-19 outbreak. Since the beginning of the outbreak, the defense industry has been hit globally.
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Precision-Guided Munition (PGM) Market Regional Analysis
North America is projected to be the largest regional share of precision guided munitions market during the forecast period. Major companies such Northrop Grumman Corporation, Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
Precision-Guided Munition (PGM) Market Competitive Landscape
Key Players
• Lockheed Martin Corporation
• BAE Systems Plc.
• Raytheon
• MBDA
• Israel Aerospace Industries
• Elbit Systems Ltd.
• Saab AB
• General Dynamics Corporation
• Northrop Grumman
• Rheinmetall AG
• Leonardo SpA
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Precision-Guided Munition (PGM) Market Recent Developments
• In 2021, Boeing was awarded a contract by the US Department of Defense for JADM munition for the US Navy.
• In 2020, The Air Force Life Cycle Management Center (AFLCMC) awarded a USD 239.1 million modification contract for 6 lots of StromBreaker to Raytheon Technologies’ RTX Missiles and Defense unit.
Reasons to Acquire in the Precision-Guided Munition (PGM) Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Precision-Guided Munition (PGM) Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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