Precision-Guided Missiles Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia, New Zealand, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Israel, UAE), Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Report ID: GMI4562

Summary Methodology

Precision-Guided Missiles Market size is poised to register substantial gains through 2026 propelled by increasing geopolitical insurgencies between countries including U.S., China, Russia, Pakistan, Iran, India, and Saudi Arabia. The developed countries are engaged in the manufacturing of highly advanced cruise and ballistic missiles, whereas developing countries are engaged in the procurement of interceptor missiles. The precision-guided missiles can be termed as any guided munition designed to precisely hit the target.

Various government organizations and industry participants are undergoing long-term R&D agreements to elevate the pace of innovations in the precision-guided missiles market. Furthermore, joint ventures and collaborations help industry players to capture more market share.

For instance, the latest anti-ballistic missile defense system (PAC-3) offered by the U.S. is jointly developed by Lockheed Martin and Raytheon. Government collaborations and political insurgencies are also major factors defining market trends. Industry participants are able to initiate weapon trade only when the governments involved have healthy political relations.

Advancements and improvements in various defense vehicles and fighter jets are positively impacting the precision-guided missiles market. New defense vehicles introduced in the market are not capable of integrating with old missiles, making them obsolete. To cater to this market, industry players require to redesign the existing precision-guided missiles, improving their trade cycle.

For instance, in September 2019, Raytheon demonstrated a new air-to-air missile design, Peregrine, which is half the size of the existing weapon and has an increased speed &maneuverability. Peregrine will be capable of intercepting drones, manned aircraft, and cruise missiles.

Ground launched segment in launch platforms will demonstrated maximum growth potential in precision-guided missiles market. The major market acquisition can be attributed to rapid technological advancements happening within the segment supported by rising demand for missile defense systems.

For instance, in September 2019, Saudi Arabia suffered a fatal drone attack on its oil refineries that temporarily halved the oil output, impacting Saudi Arabia’s economy. The missile defense system was unable to intercept the incoming drones, raising significant questions about the technological capabilities of air defense system. In response to this attack, in January 2020, the Saudi Arabia Military Industries announced that they are in the process of developing and testing ground-based counter-drone systems.

North America dominates the precision-guided missiles market by demonstrating the largest ancillary inventory across the globe. The presence of major defense players, such as Lockheed Martin and Raytheon, is supporting the North American market.

Developed countries including the U.S., Russia, and the UK are majorly focusing on upgrading the existing PGM systems by gaining technological advancements, whereas developed countries including India, China, and Japan are engaged in developing indigenous manufacturing capabilities. This will elevate in-house manufacturing capabilities of the developing countries, positively impacting the PGM market. For instance, in December 2019, India successfully tested the indigenously designed & developed ballistic missile, Prithvi.

Major industry players in the precision-guided missiles market are Almez-Antey, BAE Systems, China North Industries Corporation (Norinco), Denel Dynamics, Elbit Systems, Hanwha Group, Israel Aerospace Industries (IAI) Ltd, KBP Instrument Design Bureau, Kongsberg Gruppen, Leonardo S.p.A, LIG Nex 1, Lockheed Martin Corporation, MBDA, Northrop Grumman, Raytheon Company, Roketsan A.S., Saab AB, and The Boeing Company.

Market by Launch Platform, 2015-2026 (USD Million)

  • Air Launched
    • Air-to-Air
    • Air-to-Ground
  • Ground Launched
    • Ground-to-Air
    • Ground-to-Ground
  • Naval Launched

Market by Missile Trajectory, 2015-2026 (USD Million)

  • Ballistic
  • Cruise

Market by Missile Type, 2015-2026 (USD Million)

  • Tactical Missiles
  • Guided Rockets
  • Loitering Munitions

Market by Missile Range, 2015-2026 (USD Million)

  • Short-Range
  • Medium-Range
  • Long-Range

Market by Navigation System, 2015-2026 (USD Million)

  • Infrared
  • Global Positioning System (GPS)
  • Laser-Guided
  • Radar Homing
  • Internal Navigation System (INS)
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • China
    • Japan
    • India
    • Australia
    • New Zealand
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • Saudi Arabia
    • Israel
    • UAE

Company Profiles:

  • Almez-Antey
  • BAE Systems
  • China North Industries Corporation (Norinco)
  • Denel Dynamics
  • Elbit Systems
  • Hanwha Group
  • Israel Aerospace Industries (IAI) Ltd
  • KBP Instrument Design Bureau
  • Kongsberg Gruppen
  • Leonardo S.p.A
  • LIG Nex 1
  • Lockheed Martin Corporation
  • MBDA
  • Northrop Grumman
  • Raytheon Company
  • Roketsan A.S.
  • Saab AB
  • The Boeing Company


What Information does this report contain?

Historical data coverage: 2016 to 2020; Growth Projections: 2021 to 2027.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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