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Precision Guided Munition Global Market Report 2022

Precision Guided Munition Global Market Report 2022

  • June 2022
  • 175 pages
  • ID: 6284131
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the precision-guided munition market are Northrop Grumman, Lockheed Martin Corporation, Boeing, BAE Systems, General Dynamics Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A, Elbit Systems Ltd, Saab AB, Israel Aerospace Industries, Rheinmetall AG, Bharat Dynamics Limited, Denel Dynamics, and LIG Nex 1.

The global precision-guided munition market is expected to grow from $28.48 billion in 2021 to $31.47 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The precision-guided munition market is expected to grow to $41.23 billion in 2026 at a CAGR of 7.0%.

The precision-guided munition market consists of the sales of precision-guided munition by entities (organizations, partnerships, and sole proprietors) that are used to destroy a point target and minimize collateral damage.The precision-guided munition is a guided weapon that detects electromagnetic energy reflected from a target.

These are guided using a global positioning system (GPS), a laser guidance beam, or an integrated inertial navigation system.

The main types of products in the precision-guided munition are tactical missiles, guided rockets, guided ammunition, torpedoes, and loitering munitions.Tactical missiles are shorter-ranged weapons designed for use in close combat areas.

These operate at various speeds such as subsonic, supersonic, and hypersonic.The different modes of operation include semi-autonomous, and autonomous and involve several technologies such as infrared, semi-active laser, inertial navigation system (INS), a global positioning system (GPS), radar homing, and anti-radiation.

It is also segmented by launch platform into land, airborne, and naval.

Asia Pacific was the largest region in the precision-guided munition market in 2021. The regions covered in the precision-guided munition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Increasing military expenditure is significantly driving the growth of the precision-guided munition market.The military refers to the armed forces of any country that helps maintain peace and stability in the country.

The military expenditure is more focused on military modernization programs and the increase in the need for precision-guided munition to minimize collateral damage and increase lethality against the target, thereby promoting the adoption of precision-guided munition. For instance, according to Stockholm International Peace Research Institute (SIPRI), in 2020, the global military expenditure rose to $2 trillion, an increase of 2.6% from 2019. Therefore, the increasing military expenditure is expected to propel the growth of the precision-guided munition market.

Strategic partnerships and collaborations have emerged as a key trend in the precision-guided munition market.Key players operating in the precision-guided munition market are focusing on partnerships and collaborations to improve efficiency, expand value propositions, use skills and abilities of other companies, improve leadership skills, and extend their growth in new areas.

For instance, in April 2021, Rheinmetall, a German company that manufactures equipment and systems for government, security, and military ground, air, and naval forces and specializes in precision-guided munitions, has partnered with Northrop Grumman, a US-based aerospace and defense company, to develop precision-guided enhanced range artillery ammunition. Similarly, in July 2020, BAE Systems, a UK-based aerospace company acquired Collins Aerospace Military Global Positioning System (GPS) business from Raytheon Technologies Corporation for $1.9 billion. This deal will help BAE to extend GPS anti-jamming and anti-spoofing technology that is necessary for a range of defense missions. Raytheon Technologies is a US-based aerospace and defense company that specializes in missiles and precision munitions.

In December 2021, Vertex Aerospace, a US-based Aerospace, and defense company acquired Raytheon Technologies’ Defense training and mission-critical solutions business lines for an undisclosed amount.This deal will help Vertex to expand into highly specialized value-added technology solutions and services, including defense and commercial training, mission-critical support solutions, and engineering and modernization capabilities.

Raytheon Technologies is a US-based aerospace and defense company that specializes in missiles and precision munitions.

The countries covered in the precision-guided munition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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