Precision Guided Munition Market Global Key Players, Product, Technology, Mode of Operation, Demands, Size and Forecasts to 2026

The global precision guided munition market size is projected to grow from USD 32.8 billion in 2021 to USD 41.0 billion by 2026, at a CAGR of 4.5% from 2021 to 2026. The precision guided munition market is expected to witness growth due to consistent increase in defense budget across the globe and the need for advanced precision guided munition to counter the modern combat around the country’s border. Furthermore, increasing number of conflicts, and high defense spending are some of the major factors driving the market globally.

Governments of various countries, such as the US, China, India, and Russia, are spending heavily on modernizing their military resources. Thus, a large number of weapon manufacturers are shifting their focus towards developing precision guided munitions. However, issues related to the integration of missiles pose a challenge for precision guided munition market growth.

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Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon Technologies (US), Northrop Grumman Corporation (US), and Saab AB (Sweden) are some of the leading players operating in the precision guided munition market. These companies secure contracts from governments of different countries to carry out various precision guided munition programs.

The weapon system technology segment is projected to grow at the highest CAGR rate for the precision guided munition market during the forecast period.

A weapon system plays an important role in precision guided munition majorly for land, air, and marine platforms. The weapon system segment has been further sub-segmented into interceptors, gun/turret systems, and missile launchers. The weapon system segment is projected to reach USD 40,967 million by 2026. In the Asia Pacific region, this segment is projected to register the highest CAGR of 5.4% during the forecast period.

The hypersonic segment is projected to register the highest CAGR of 5.7% during the forecast period Based on speed, the precision guided munition market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic precision-guided munitions are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.

The hypersonic missiles threat type segment is projected to grow at the highest CAGR rate for the precision guided munition market during the forecast period.

Based on speed, the precision guided munition market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic precision-guided munitions are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.

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By product, the tactical missiles segment is estimated to account for the largest share (41.4%) of the precision guided munition market in 2021
Based on product, the precision guided munition market has been segmented into tactical missiles, guided rockets, guided ammunition, torpedoes, and loitering munitions. Tactical missiles are used for a shorter range and can carry a variety of warheads that can be used for various purposes. They are very versatile and can be fired in various modes, angles, and platforms. These weapons are equipped with guidance technologies that enable them to hit targets with precision.

The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of precision guided munition market during the forecast period. Major companies such Northrop Grumman Corporation, Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.

Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
• By Designation: C Level–35%; Directors–25%; and Others–40%
• By Region: North America–25%; Europe–15%; Asia Pacific–45%; Middle East-10%; and Rest of the World–5%

Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon Technologies (US), Northrop Grumman Corporation (US), and Saab AB (Sweden) are some of the leading players operating in the precision guided munition market.

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Research Coverage:
The study covers the precision guided munition market across various segments and sub segments. It aims at estimating the size and growth potential of this market across different segments based on technology, speed, product, mode of operation, launch platform and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.

Reasons to Buy this Report:
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall missile defense system Market and its segments. This study is also expected to provide region wise information about the end use, and wherein missile defense systems are used. This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.

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