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The global precision guided munition market attained a value of USD 36.73 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.2% to reach USD 74.62 billion by 2032. The market is expected to be driven by the rising number of military modernisation programs.
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Precision guided munitions refer to a shell fitted with a missile, bombing or artillery terminal guidance device. It requires electrical equipment to direct the final stage until impact. Due to the remote laws of the cube that minimize the harmful impact of explosive weapons with distance, even minor precision changes allow an object to be targeted with fewer or smaller explosives.
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Based on speed, the market can be divided into:
The products can be divided into:
The market can be broadly categorised based on technology into:
Based on type, the market is categorised into:
The EMR report looks into the regional markets of precision guided munition like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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The rising demand for highly accurate strike ammunition, increased asymmetric warfare, geopolitical tensions, and the rising number of programmes are some of the main drivers of the expansion of the guided precise munitions industry. Most countries focus on increasing their R&D budgets and introducing projects to create the next-generation lightweight, compact, and effective precision weapons. The increasing use of satellite, navigational and drone networks to kill high-value, long-range targets, and the demand for miniature weapons are the key factors that fuel the demand for precision-guided munitions. Autonomous precision-guided munitions are equipped with high-resolution, electro-optical cameras, which help to identify as well as guide the car. The growing demand for multi-target accuracy and multi-mission weapons is expected to fuel the market growth during the forecast period. However, such weapons are limited in scope and have extremely complex guidelines that can prevent the global market from growing.
The report presents a detailed analysis of the following key players in the global precision guided munition market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Speed |
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| Breakup by Product |
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| Breakup by Technology |
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| Breakup by Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Precision Guided Munition Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global precision guided munition market reached a value of USD 36.73 billion in 2023.
The market is projected to grow at a CAGR of nearly 8.2% in the forecast period of 2024-2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of over USD 74.62 billion by 2032.
The major drivers of the market include rising disposable incomes, increasing population, rising number of military modernisation programs, growing demand for highly accurate strike ammunition, and the rising demand for multi-target accuracy and multi-mission weapons.
Increased research and development activities, rising demand for next-generation lightweight, compact, and effective precision weapons, increased asymmetric warfare, and rising geopolitical tensions are key trends guiding the growth of the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions in the market.
The speeds of precision guided munition in the market are hypersonic and non-hypersonic.
The significant products in the market are tactical missiles, guided rockets, guided ammunition, and loitering munition.
The major technologies of precision guided munition in the market are infrared, semi-active lasers, inertial navigation system (INS), global positioning system (GPS), radar homing, and anti-radiation, among others.
The leading players in the global precision guided munition market are BAE Systems plc, Lockheed Martin Corporation, Leonardo S.p.A, Elbit Systems Ltd., Hanwha Corporation, Raytheon Technologies Corporation, and The Boeing Company, among others.
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