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 estimated to grow at over 8% CAGR between 2020 and 2026.  
 

Increasing acquisition activities of precession guided munitions across the globe are positively impacting defense industry. 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.
 

Precision Guided Munition Market

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Increasing participation of regional government to improve their capabilities to secure global political position will propel the defense industry.
 

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 to drive product demand

The tactical missiles segment captured more than 50% precision guided munition market share in 2019 and will demonstrate a growth rate of around 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.
 

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

Precision Guided Munition Market Size

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The anti-radiation ammunition segment is projected to expand at over 10% CAGR from 2020 to 2026. This missile type demonstrates capabilities to seek enemy radar and target them, damaging communication networks. The efforts taken by various countries to develop advanced anti-radiation missiles will boost the segment growth. 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.
 

Integration of various technologies to fuel the demand for fully autonomous munitions

Precision Guided Munition Market Share

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The autonomous precision guided munition market valued at USD 3 billion in 2019 and is expected to register 9% growth rate over 2020-2026. The market growth can be credited to 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 industry demand.
 

Increasing cross border conflicts to promote land-based ammunitions

Precision Guided Munition Market Insights

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The land-based systems end-use segment is estimated to cross 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 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 market is predicted to capture maximum market share of above 25% and observe 10% CAGR through 2026. Efforts taken by various governments in Asia Pacific toward manufacturing and research & development of guided ammunition will drive the regional market demand.
 

Industry players to focus on new alliances and R&D

Prominent players operating in the precision guided munition market are focusing on entering strategic partnerships and joint ventures to enhance their existing product offerings and expand their market share.
 

Established players 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. Some of the major market players 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 market research report on precision guided munition 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) :

The market size of precision guided munition exceeded USD 25 billion in 2019.
The industry share of precision guided munition is poised to grow at a CAGR of over 8% between 2020 and 2026.
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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