The global Precision Guided Munition Market is estimated to be valued at Us$ 35.85 Bn in 2023 and is expected to exhibit a CAGR Of 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision guided munitions are weapons that can accurately reach and destroy specific targets through integrated guidance and control systems. These weapons provide deep penetration capability and minimal collateral damage. Advancements in areas like AI, machine learning are helping develop smarter precision guided munitions.
Market key trends:
One of the major trends witnessed in the precision guided munition market is the increasing development of advanced guidance kits. Manufacturers are developing advanced guidance kits integrated with AI and machine learning technologies to provide autonomous target acquisition and engagement capabilities to the munitions. These advanced guidance kits are enabling munitions to independently identify, track, and hit moving targets with high accuracy even in GPS-denied environments. For instance, the SMArt 155 projectile developed by Diehl Defence integrates an AI-based computer vision module to autonomously detect and recognize military vehicles for precise targeting.
Segment Analysis
The global precision guided munition market is segmented based on product type, platform, and technology. Based on product type, the market is segmented into laser guided, electro-optically guided, radar homing, and others. The radar homing segment dominated the market in 2022 and is expected to continue its dominance during the forecast period due to its more advanced features enabling precision accuracy at greater distances irrespective of weather conditions.
Key Takeaways
The Global Precision Guided Munition Market Demand is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing defense spending and rising geopolitical tensions globally.
Regional analysis
North America dominated the precision guided munition market in 2022 and is expected to continue its dominance during the forecast period. Rising procurement of precision guided munitions by the US and Canada for enhancing defense capabilities is fueling market growth in the region. Asia Pacific is expected to witness the fastest growth, exhibiting a CAGR of over 8% during the forecast period. Rising defense budgets of major Asian economies such as India, China, and Japan are strengthening the Asia Pacific market.
Key players
Key players operating in the precision guided munition market are Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, General Dynamics Corporation, BAE Systems, Rheinmetall AG, SAAB, Elbit Systems Ltd, MBDA, and Israel Aerospace Industries. Lockheed Martin Corporation held the largest market share in 2022 owing to its expertise and strong portfolio of precision guided munitions such as Hellfire and Joint Air to Ground Missile (JAGM).
