According to a new report by Expert Market Research titled, “Global Precision Guided Munition Market Share, Size, Report and Forecast 2024-2032″, the global precision guided munition market reached a value of USD 33.95 billion in 2023. Aided by rising number of military modernisation programs and geopolitical tensions, the market is projected to further grow at a CAGR of 8.2% between 2024 and 2032 to reach a value of USD 54.44 billion by 2032.
Precision guided munitions (PGMs) are weapons that can be directed towards a specific target in any given environment, regardless of the munition’s original path. These advanced systems primarily comprise missiles, torpedoes, and guided bombs, designed to optimise accuracy, thereby minimising collateral damage and ensuring target elimination. Modern warfare dynamics hinge upon precise strikes, strategic advantages, and efficiency in operations, placing PGMs in a pivotal position in the contemporary military arsenal.
An observable augmentation in demand for the munitions in naval, aerial, and ground-based combat scenarios has become of the growing precision guided munition market trends. This escalation can be primarily attributed to the global shift towards minimising human loss in combat, the precision these munitions offer, and the advantage of striking enemy targets with minimal exposure to friendly forces.
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Moreover, the critical role of technological advancements in guided munitions has further accelerated the precision guided munition market growth. The integration of Artificial Intelligence (AI), advanced sensory technologies, and real-time data analytics has changed the precision guided munition demand rate. These integrations have facilitated real-time target tracking, adaptive strike patterns, and enhanced guidance systems, strengthening the importance of precision guided munitions in strategic military operations.
The precision guided munition market analysis reveals increasing drift towards the aerospace sector, particularly unmanned aerial vehicles (UAVs) and drones. These platforms are increasingly adopting PGM systems, providing armed forces with the capability of surgical strikes, real-time surveillance, and intelligence gathering. Drones equipped with PGMs present a tactical advantage, especially in asymmetric warfare scenarios, where identification and neutralisation of specific threats are paramount.
The need for global peacekeeping missions, counter-terrorism operations, and strategic deterrence has aided the precision guided munition market demand. Nations are prioritising their defence expenditures towards acquiring advanced munitions that offer reliability, precision, and efficiency. The collaborative efforts between defence technology firms and military think-tanks have further fostered innovation in the PGM sector, resulting in the advent of next-generation munitions that fulfil the growing needs of modern warfare.
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Market Segmentation
The market can be divided based on speed, product, technology, type, and region.
Market Breakup by Speed
• Hypersonic
• Non-Hypersonic
Market Breakup by Product
• Tactical Missiles
• Guided Rockets
• Guided Ammunition
• Loitering Munition
Market Breakup by Technology
• Infrared
• Semi-Active Lasers
• Inertial Navigation System (INS)
• Global Positioning System (GPS)
• Radar Homing
• Anti-Radiation
• Others
Market Breakup by Type
• Autonomous
• Semi-Autonomous
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global precision guided munition market. Some of the major players explored in the report by Expert Market Research are as follows:
• BAE Systems Plc
• Lockheed Martin Corporation
• Leonardo S.p.A
• Elbit Systems Ltd.
• Hanwha Corporation
• The Boeing Company
• Raytheon Technologies Corporation
• Others
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