Precision Guided Munition Market Size By Munition Type (Tactical Missiles. Guided Rockets, Guided Ammunition, Loitering Munition), By System (Infrared, Global Positioning System (GPS), Inertial Navigation System (INS), Radar Homing, Semi-active Lasers, Anti-radiation), By Type (Autonomous, Semi-autonomous), By End-Use (Airborne, Land-base, Naval), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Mar 2020  |  Report ID: GMI4597  |  Authors: Ankita Bhutani, Preeti Wadhwani

Report Format: PDF   |   Pages: 250   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Precision Guided Munition Market size exceeded USD 25 billion in 2019 and is poised to grow at a CAGR of over 8% between 2020 and 2026. The increasing acquisition activities of precession guided munitions players across the globe are positively impacting the defense industry.
 

Precision Guided Munition Market

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Industry players are significantly investing in R&D for technological advancements and provide novel solutions. Advancements in defense vehicles, avionics, ground vehicles and naval vessels are also catering to the market growth. For instance, F-35 fighter jet designed by Lockheed Martin requires specific precision guided munitions to be integrated into fighter jets, creating new market requirements.
 

Increasing participation of regional governments to improve their precision guided munition capabilities to secure their global political position will propel the defense sector in the coming years. For instance, in March 2019, India announced the trials of its New-Generation Anti-Radiation Missiles (NGARM).
 

Precision Guided Munition Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 25 Billion (2019)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 8% 2026 Value Projection: USD 45 Billion (2026)
Pages: 250 Tables, Charts & Figures: 343
Geographies covered (21): U.S., Canada, U.K, Russia, Germany, Turkey, Poland, France, Italy, China, India, Japan, South Korea, Australia, Israel, Saudi Arabia, Qatar, UAE, South Africa, Brazil, Mexico
Segments covered: Munition Type, System, Type, End-use and Region
Companies covered (24): Aerojet Rocketdyne, Almaz Antey, Barat Dynamics Limited, China North Industries Corporation (Norinco), Elbit Systems Ltd, General Dynamics Corporation, Hanwha Corporation, Israel Aerospace Industries, Kongsberg, L3Harris, Leonardo S.p.A, Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Company, Rheinmetall AG, Saab AB, Thales Group, Boeing, BAE Systems, KBP Instrument Design Bureau, Denel Dynamics, LIG Nex 1, Roketsan A.S.
Growth Drivers:
  • Change in investment trends of government
  • Rise in defense budget Need of upgrading outdated defense system
  • Political insurgencies and cross border conflicts
  • Introduction of new technologies
Pitfalls & Challenges:
  • Various treaties limiting the market scope
  • Limited client base and high involvement of government bodies

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Increasing R&D in precision guided munition market

The tactical missiles segment captured the highest market share of more than 50% in 2019 and will demonstrate a growth of more than 8% through 2026. High market penetration and significant growth rate can be attributed to increasing acquisition activities and R&D investments for the development of these missiles. For instance, in February 2020, India announced its efforts to develop tactical ballistic missiles with a range of 200kms.
 

The missile which is being developed by Defense Research and Development Organization (DRDO), India is termed as Pranash. The configuration of Pranash has been frozen and trials will begin by end of 2021. DRDO plans to deliver fully operational missiles by end of two years. Such efforts taken by organizations are in line to promote defense manufacturing capabilities.
 

Capabilities to pinpoint enemy radars will support the anti-radiation ammunitions segment growth

Precision Guided Mnition Market Size, By System

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The anti-radiation ammunition segment is set to expand at over 10% during the forecast timeframe. This missile type demonstrates capabilities to seek enemy radar and target them, damaging communication networks. The precision guided munition market growth can be credited to efforts taken by various countries to develop advanced anti-radiation missiles.
 

For instance, in January 2020, the USAF requested information from the U.S. Navy’s (USN) Advanced Anti-radiation Guided Missile-Extended Range (AARGM-ER) program regarding the modification of anti-radiation F-35 fighter jets.
 

The modification program will manufacture anti-radiation missiles that can be integrated with fifth-generation aircraft. The program will also continue the research & development of new & upcoming threats. The United States Air Force (USAF) initiated market research, seeking potential vendors to boost their manufacturing capabilities, driving the market growth.
 

Integration of various technologies in precision guided munition to promote the fully autonomous segment

Precision Guided Munition Market Share, By Type

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The autonomous precision guided munition market will record more than USD 3 billion and is expected to grow at around 9% CAGR through 2026 impelled by rising requirements of nations to acquire autonomous guided ammunitions.
 

Converting normal/dumb bombs into autonomous precision guided munitions is also one of the major market accelerators. Various countries across the globe are allocating defense budgets to modernize military munitions, stimulating the market growth.
 

Increasing cross border conflicts to promote land-based ammunitions

Precision Guided Munition Market Size, By End-Use

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The land-based systems segment will capture a high market size of more than USD 15 billion by 2026 as increasing geopolitical insurgencies and growing border conflicts have led to the demand for high-tech ammunitions on borders.
 

Various nations across the regions are deploying land-based systems to improve their border protection activities. For instance, In August 2019, U.S. and Russia concluded their withdrawal from 31 years long Intermediate-range Nuclear Force Treaty. As a result, both the nations are free to deploy land based guided munitions on their borders with a range of 310 to 3,400 miles.
 

Increasing indigenous arms manufacturing capabilities in Asia Pacific

Asia Pacific precision guided munition market will capture the maximum revenue share of more than 25% and is predicted to register over 10% gains from 2020 to 2026 owing to efforts taken by various governments in the region toward manufacturing and research & development of guided ammunition.
 

The governments of countries, including India and China are providing subsidiaries on Foreign Direct Investments (FDIs) promoting the ammunition manufacturing. For instance, India allows less than 49% of FDI under foreign and government route curtaining to defense manufacturers.
 

Industry players to focus on new alliances and R&D

Industry players are focusing on entering strategic partnerships and joint ventures to enhance their existing product offerings and expand their market share.
 

Established players operating in the industry are focused on developing innovative systems with enhanced features such as extended range of missiles and enhancement in detection capabilities, supporting the market share.
 

Key companies operating in the market include Bharat Dynamics Limited, Elbit Systems Ltd., General Dynamics Corporation, Hanwha Corporation, Israel Aerospace Industries, Kongsberg, L3Harris Technologies, Inc., Leonardo S.p.A., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Company, Rheinmetall AG, Saab AB, Thales Group, Boeing, and BAE Systems.
 

The precision guided munition market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:
 

Market by Munition Type

  • Tactical Missiles
  • Guided Rockets
  • Guided Ammunition
  • Loitering Munition

Market by System

  • Infrared
  • Inertial Navigation Systems (INS)
  • Global Positioning Systems (GPS)
  • Radar Homing
  • Semi-active Lasers
  • Anti-radiation
  • Others

Market by Type

  • Autonomous
  • Semi-autonomous

Market by End-Use

  • Airborne
  • Land-based
  • Naval

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

  • North America
    • U.S.
    • Canada
  • Europe
    • Russia
    • UK
    • Germany
    • Turkey
    • Poland
    • France
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • MEA
    • Israel
    • Saudi Arabia
    • Qatar
    • UAE
    • South Africa
  • Latin America
    • Brazil
    • Mexico
       

Frequently Asked Questions (FAQ) :

Asia Pacific market will capture the maximum revenue share of more than 25% and is predicted to register over 10% gains from 2020 to 2026.
According to the analysts at GMI, the autonomous segment will register a valuation of more than USD 3 billion by 2026 due to rising requirements of various nations worldwide to acquire autonomous guided ammunitions.
The tactical missiles segment captured the highest market share of more than 50% in 2019 and will demonstrate a growth of more than 8% through 2026.
As per Global Market Insights, Inc., the anti-radiation ammunition segment is set to expand at over 10% during the forecast timeframe owing to efforts taken by various countries to develop advanced anti-radiation missiles.

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Premium Report Details

  • Published Date: Mar 2020
  • Pages: 250
  • Tables: 313
  • Charts / Figures: 30
  • Companies covered: 24
  • Countries covered: 21

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