The Precision Guided Munition Market is projected to grow at a CAGR 7.49% rate from 2021 to 2026.
The loitering munition segment is projected to grow at the highest CAGR from 2021 to 2026. The loitering munition can function autonomously searching and launching attacks without human intervention. This has drastically reduced the number of rounds required to defeat a particular target.
The precision guided munition market has been segmented into infrared, semi-active lasers, radar homing, Global Positioning System (GPS), Inertial Navigation System (INS), anti-radiation, and others. The semi-active laser segment is estimated to account for the largest share of the market in 2019. The GPS segment is projected to grow at the highest CAGR during the forecast period. GPS is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors focus on producing precision guided munitions equipped with GPS technology.
The Asia Pacific market is projected to grow at the highest CAGR from 2021 to 2026. Countries such as China, India, Australia, Japan, South Korea, and Rest of Asia Pacific are considered in this regional market analysis. In 2018, China and India were among the top five countries in the world in terms of defense expenditure. While China ranked second, India ranked fourth in defense expenditure, globally.
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Market Dynamics
Drivers
Increasing Demand for Precision Guided Munitions to Minimize Collateral Damage
Reduction in Logistics Burden
Growing Military Modernization Programs
Challenges
Regulations Related to Arms Transfer
High Manufacturing Cost
Procurement of Conventional Warfare Systems Instead of Advanced Precision Guided Munition in Many Countries
Issues Related to the Integration of Larger Precision Guided Munitions
Opportunities
Miniaturization of Munitions
Access to Advanced Technologies Through Mtcr Membership
Development of Hybrid Precision Guided Munitions
Increasing Export of Short-Range Missiles
Precision Guided Munition Market, By Speed
Hypersonic
Non-Hypersonic
Precision Guided Munition Market, By Product
Tactical Missiles
Surface-to-Surface
Surface-to-Air
Air-to-Air
Air-to-Surface
Subsea-to-Surface
Guided Rockets
Surface-to-Surface
Surface-to-Air
Air-to-Surface
Guided Ammunition
Guided mortar
Guided artillery shells
Guided bombs
Guided bullets
Loitering Munition
Precision Guided Munition Market, By Technology
Infrared
Semi-Active Lasers
Inertial Navigation System (INS)
Global Positioning System (GPS)
Radar Homing
Anti-Radiation
Others
Precision Guided Munition Market, By Type
Autonomous
Semi-Autonomous
Regional Analysis
North America
US
Canada
Europe
Russia
Germany
UK
France
Rest of Europe
Asia Pacific
China
India
Australia
Japan
South Korea
Rest of Asia Pacific
Middle East
Saudi Arabia
Israel
Turkey
Rest of Middle East
Rest of the World
Latin America
Africa
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