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How has the precision guided munition market grown in recent years?

The market size for precision guided ammunition has experienced rapid expansion in the last few years. The growth is set to continue, with predictions that the market will rise from $39.07 billion in 2024 to $43.12 billion in 2025, representing a compound annual growth rate (CAGR) of 10.4%. Factors contributing to growth in the historic period include the modernization of the military and the demand for precision, increased defense budgets, advancements in target and guidance technology, an escalation in global conflicts and efforts to counter terrorism, and the call for minimizing collateral damage.

How is the precision guided munition market size expected to evolve during the forecast period?

The market size for precision guided munitions is projected to witness robust growth in the forthcoming years, inflating to a substantial $63.1 billion by 2029 with an acceleration rate of 10.0% in compound annual growth. The uptrend in the forecasted period is as a result of integrating artificial intelligence for precise targeting, amplified asymmetric warfare and counter-insurgency, modified munitions mapped for specific mission requirements, proliferation in unmanned aerial vehicle fighting, augmented usage in naval and maritime operations. Significant forecasts for the period encompass smart munitions with improved target recognition, regulatory benchmarks for precision munition deployment, integration of electromagnetic and cyber warfare, downsizing and surge in time of munitions loitering, endowing munition systems with multiple role capabilities.

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Which key drivers are propelling the precision guided munition market’s growth?

The surge in military spending is a significant factor propelling the expansion of the precision-guided munition market. The military, or the armed forces of any nation, plays a crucial role in preserving national peace and stability. The primary focus of military expenditure revolves around modernizing their programs and the growing need for precision-guided munitions. These munitions help to reduce unintended harm and heighten the lethality on the desired target, encouraging the use of such weapon systems. For instance, The House of Commons Library, an information and library resource for the lower house of the British Parliament, reported that the UK dedicated £54.2 billion ($68.8 billion) to defense spending in the financial year 2023/24. Predictions indicate an increase to £57.1 billion ($70.74 billion) in 2024/25, which is an estimated 4.5% growth in real terms. Consequently, the rise in military expenditure is anticipated to boost the precision-guided munition market’s growth.

What are the market segments in the precision guided munition industry?

The precision guided munition market covered in this report is segmented –

1) By Product: Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions

2) By Technology: Infrared, Semi Active Laser, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation

3) By Launch Platform: Land, Airborne, Naval

4) By Mode of Operation: Semi-Autonomous, Autonomous

5) By Speed: Subsonic, Supersonic, Hypersonic

Subsegments:

1) By Tactical Missiles: Air-to-Ground Missiles, Surface-to-Air Missiles, Anti-Ship Missiles, Anti-Tank Missiles

2) By Guided Rockets: Surface-Launched Rockets, Air-Launched Rockets

3) By Guided Ammunition: Precision-Guided Artillery Shells, Guided Mortar Rounds, Smart Bombs

4) By Torpedoes: Lightweight Torpedoes, Heavyweight Torpedoes

5) By Loitering Munitions: Fixed-Wing Loitering Munitions, Rotary-Wing Loitering Munitions

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Which leading companies are shaping the growth of the precision guided munition market?

Major companies operating in the precision guided munition market include Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company, BAE Systems plc, General Dynamics Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Elbit Systems Ltd., Saab AB, Israel Aerospace Industries Ltd., Rheinmetall AG, Bharat Dynamics Limited, Denel Dynamics a division of Denel SOC Ltd., LIG Nex 1 Co. Ltd., Rafael Advanced Defense Systems Ltd., Kongsberg Gruppen ASA, Roketsan A.S., China Aerospace Science and Industry Corporation, China North Industries Group Corporation Limited, Hanwha Defense Co. Ltd., Taurus Systems GmbH, Diehl Defence GmbH & Co. KG, Nexter Systems S.A., Raytheon Technologies Corporation, Aerojet Rocketdyne Holdings Inc., Precision Guided Solutions LLC, Textron Inc.

What key trends are currently impacting the precision guided munition market’s development?

Major players in the precision-guided munition market are concentrating their efforts on creating new technological products, such as guided high-explosive ammunition, to fulfill client requirements and solidify their standing in the market. Guided high-explosive ammunition represents munitions that are outfitted with precision guidance mechanisms, allowing for targeted and precise striking of specific objectives while keeping collateral damage low and ensuring precise and selective delivery of a high-explosive payload. For instance, in October 2023, a contract was awarded to Northrop Grumman Corporation, an American aerospace and defense organization, by the US Navy. The contract was for the development of their newly designed 57mm guided high explosive ammunition. The company is set to test and refine the ammunition ahead of its qualification, with the intended use for it being with the Mk110 Naval Gun Mount.

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Which geographic areas are influencing the growth of the precision guided munition market?

Asia-Pacific was the largest region in the precision-guided munition market in 2024. The regions covered in the precision guided munition market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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