Home > Aerospace & Defense > Defense and Safety > Precision Guided Munition Market

Precision Guided Munition Market Trends

Report ID: GMI4597
Published Date: Sep 2023
Report Format: PDF

Download Free Sample

Precision Guided Munition Market Trends

The industry is experiencing notable trends owing to increasing acquisition activities of precession guided munition across the globe. Growing global security concerns and evolving military doctrines are compelling governments to allocate higher budgets for defense purposes. Technological advancements have led to more accurate & versatile PGMs, making them indispensable in modern warfare scenarios. Additionally, the rising asymmetric warfare and the need to minimize collateral damages have amplified the demand for precision munitions. Furthermore, the integration of PGMs into network-centric warfare systems and the ongoing development of counter-drone capabilities are expanding product utility.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Global market size for precision guided munition crossed USD 33.2 billion in 2022 and will register over 6% CAGR from 2023-2032 due to the increasing defense spending by governments, driven by rising geopolitical tensions and the higher need to modernize military capabilities worldwide.

The inertial navigation system (INS) segment recorded over USD 10 billion in 2022 on account of advantages, such as high accuracy & reliability.

The semi-autonomous type segment held over 80% revenue share of the industry in 2022 owing to the ability to offer balance between human control and automation, enhancing precision while maintaining flexibility.

Aerojet Rocketdyne, Bharat Dynamics Limited, Elbit Systems Ltd., General Dynamics Corporation, Hanwha Corporation, Israel Aerospace Industries, Kongsberg, and L3Harris Technologies Inc. are some of the major precision guided munition companies worldwide.