Precision Guided Munition Market Size
Precision Guided Munition Market size was more than USD 33.2 billion in 2022 and is anticipated to record a CAGR of more than 6% during the forecast period of 2023-2032.
as a result of the increasing defense budgets across the globe. Governments are being spurred to increase defense expenditure by growing geopolitical tensions and the requirement of modernizing weapons systems. The precision and effectiveness offered by Precision Guided Munition (PGM) have emerged as a strategic imperative for militaries.
Precision Guided Munition (PGM) is sophisticated military ammunition with accurate guidance systems, allowing for the precise targeting of specific targets like enemy vehicles or installations. PGMs greatly improve military efficiency by minimizing collateral damages and maximizing mission success rates, making them an integral part of contemporary warfare strategies.
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Precision Guided Munition Market Report Attributes
Report Attribute Details
Base Year 2022
Precision Guided Munition Market Size in 2022 USD 33.2 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 6%
2032 Value Projection USD 60 Billion
Historical Data for 2018 to 2022
No. of Pages 250
Tables, Charts & Figures 388
Segments covered Munition Type, System, Type, Speed, End Use & Region
Growth Drivers
Changing government investment trends
Increase in defense budgets
Need for upgrading old defense systems
Political insurgencies and cross-border violence
Emergence of new technologies
Pitfalls & Challenges
Different treaties restricting the scope of the markets
Limited clientele base and increasing government body participation
COVID-19 Impact
The COVID-19 pandemic has affected the precision guided munition market in a number of ways. Supply chain and manufacturing facility disruptions resulted in PGM delivery delays. Budget cuts on defense spending resulting from the pandemic-induced budget cuts impacted procurement plans in some nations. The restrictions on international travel & trade also hampered global collaborations and sales.
Precision Guided Munition Market Trends
The market is witnessing significant trends due to rising acquisition activity of precession guided munition worldwide. Rising global security threats and changing military doctrines are forcing governments to spend more on defense. Technological innovations have resulted in more accurate & flexible PGMs, which are a must in contemporary warfare environments. Moreover, increasing asymmetric warfare and the necessity to reduce collateral damages have increased the demand for precision munitions. Moreover, the use of PGMs in network-centric warfare systems and continuous advancement in counter-drone technologies are increasing product utility.
Precision Guided Munition Market Analysis
Discover more about the dominant segments influencing this market
On the basis of system, the market for precision guided munition is divided into infrared, Global Positioning System (GPS), Inertial Navigation System (INS), radar homing, semi-active lasers, anti-radiation and others. The Inertial Navigation System (INS) segment was leading the market with more than USD 10 billion in revenue in 2022. The Inertial Navigation System (INS) technology has evolved, providing high accuracy & reliability, and hence it is essential for accurately guiding PGMs to their desired targets. The increasing sophistication of military operations in varied environments such as GPS-denied environments has increased the need for autonomous & reliable navigation solutions offered by Inertial Navigation Systems (INSs).
Precision Guided Munition Market Analysis
Learn more about the key segments shaping this market
Based on system, the precision guided munition market is segmented in infrared, Global Positioning System (GPS), Inertial Navigation System (INS), radar homing, semi-active lasers, anti-radiation and others. The Inertial Navigation System (INS) segment was dominating the market with over USD 10 billion in revenue in 2022. The Inertial Navigation System (INS) technology has advanced, offering high accuracy & reliability, making it crucial for precisely guiding PGMs to their intended targets. The rising complexity of military operations in diverse environments including GPS-denied areas has raised the demand for autonomous & robust navigation solutions provided by Inertial Navigation Systems (INSs).
Learn more about the key segments shaping this market
Based on type, the precision guided munition market is segmented into autonomous and semi-autonomous. The semi-autonomous segment held a market share of over 80% in 2022. Semi-autonomous PGMs offer a balance between human control and automation, enhancing precision while maintaining flexibility. This appeals to military forces seeking to minimize civilian casualties and collateral damages. Advancements in artificial intelligence and target recognition technologies have improved the effectiveness of semi-autonomous PGMs. The proliferation of unmanned & autonomous enemy threats such as drones has also spurred the development of PGMs with capabilities such as rapid response and autonomous interceptions.
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Precision Guided Munition Market Share
Major players operating in the precision guided munition market are
- Aerojet Rocketdyne
- Bharat Dynamics Limited
- Elbit Systems Ltd.
- General Dynamics Corporation
- Hanwha Corporation
- Israel Aerospace Industries
- Kongsberg
- L3Harris Technologies Inc.
- Leonardo S.p.A.
- Lockheed Martin Corporation
- MBDA
- Northrop Grumman Corporation
- Raytheon Company
- Rheinmetall AG
- Saab AB
- Thales Group
- Boeing
- BAE Systems
- KBP Instrument Design Bureau
- China North Industries Corporation (Norinco)
- Denel Dynamics
- LIG Nex 1
- Roketsan A.S.