The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Dynamics

• Rapid Growth: The precision guided munition market has experienced significant growth in recent years.
• Market Size: It reached $36.04 billion in 2023 and is projected to hit $39.86 billion in 2024, with a CAGR of 10.6%.
• Factors Driving Growth:
  • Military modernization and need for accuracy
  • Expansion of defense budgets
  • Advancements in targeting and guidance technology
  • Global conflicts and counterterrorism efforts
  • Demand for reduced collateral damage

Future Projections and Trends

• Expected Growth: Forecasts predict expansion to $58.97 billion by 2028, with a CAGR of 10.3%.
• Factors Driving Future Growth:
  • Integration of artificial intelligence for precision
  • Growth in asymmetric warfare and counter-insurgency
  • Customized munitions for specific mission needs
  • Expansion in unmanned aerial vehicle (UAV) warfare
  • Increased use in maritime and naval operations
• Major Trends:
  • Smart munitions with enhanced target recognition
  • Regulatory standards for precision munition deployment
  • Electromagnetic and cyber warfare integration
  • Miniaturization and increased loiter time of munitions
  • Modular munition systems for multi-role capabilities

Increase In Military Expenditure Drives Market

• Significance of Military Expenditure: Military spending is a significant driver of market growth.
• Focus on Modernization: Military expenditure focuses on modernization programs and precision-guided munitions to minimize collateral damage.
• Global Trends: According to SIPRI, global military expenditure rose to $2 trillion in 2020, indicating substantial investment.
• Key Players: Major companies include Northrop Grumman, Lockheed Martin, Boeing, BAE Systems, and more.

Read The Full Precision Guided Munition Market Report Here:
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Technological Innovation Propels Market

• Focus on Technological Solutions: Companies are developing new solutions to meet customer demands.
• Example: Northrop Grumman’s development of guided high-explosive ammunition.
• Recent Acquisition: Vertex Aerospace acquired Raytheon Technologies’ defense training and mission-critical solutions, enhancing its capabilities.

Market Segmentation

• Product Segmentation:
  • Tactical Missiles
  • Guided Rockets
  • Guided Ammunition
  • Torpedoes
  • Loitering Munitions
• Technology Segmentation:
  • Infrared
  • Semi Active Laser
  • Inertial Navigation System (INS)
  • Global Positioning System (GPS)
  • Radar Homing
  • Anti-Radiation
• Launch Platform Segmentation:
  • Land
  • Airborne
  • Naval
• Mode of Operation:
  • Semi-Autonomous
  • Autonomous
• Speed Segmentation:
  • Subsonic
  • Supersonic
  • Hypersonic

Regional Insights

• Asia-Pacific Dominance: In 2023, Asia-Pacific emerged as the largest region in the precision-guided munition market.

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 The Precision Guided Munition Global Market Report 2024  provides an overview of the precision guided munition market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The precision guided munition market forecast analyzes precision guided munition market size, precision guided munition market share, leading competitor and their market positions.

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