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Global Precision Guided Munition Market Size, Share, Report: By Speed: Hypersonic, Non-Hypersonic; By Product: Tactical Missiles, Guided Rockets, Guided Ammunition, Loitering Munition; By Technology: Infrared, Semi-Active Lasers, Inertial Navigation System (INS), Others; By Type; Regional Analysis; Competitive Landscape; 2024-2032
Global Precision Guided Munition Market Outlook
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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Market Segmentation
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:
- Hypersonic
- Non-Hypersonic
The products can be divided into:
- Tactical Missiles
- Guided Rockets
- Guided Ammunition
- Loitering Munition
The market can be broadly categorised based on technology into:
- Infrared
- Semi-Active Lasers
- Inertial Navigation System (INS)
- Global Positioning System (GPS)
- Radar Homing
- Anti-Radiation
- Others
Based on type, the market is categorised into:
- Autonomous
- Semi-Autonomous
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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Market Analysis
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.
Competitive Landscape
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:
- BAE Systems Plc
- Lockheed Martin Corporation
- Leonardo S.p.A
- Elbit Systems Ltd.
- Hanwha Corporation
- The Boeing Company
- Raytheon Technologies Corporation
- Others
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- Speed, Product, Technology, Type, Region |
| Breakup by Speed | Hypersonic, Non-Hypersonic |
| Breakup by Product | Tactical Missiles, Guided Rockets, Guided Ammunition, Loitering Munition |
| Breakup by Technology | Infrared, Semi-Active Lasers, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation, Others |
| Breakup by Type | Autonomous, Semi-Autonomous |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | BAE Systems plc, Lockheed Martin Corporation, Leonardo S.p.A, Elbit Systems Ltd., Hanwha Corporation, Raytheon Technologies Corporation, The Boeing Company, Others. |
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Precision Guided Munition Market Analysis
8.1 Key Industry Highlights
8.2 Global Precision Guided Munition Historical Market (2018-2023)
8.3 Global Precision Guided Munition Market Forecast (2024-2032)
8.4 Global Precision Guided Munition Market by Speed
8.4.1 Hypersonic
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Non-Hypersonic
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Precision Guided Munition Market by Product
8.5.1 Tactical Missiles
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Guided Rockets
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Guided Ammunition
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Loitering Munition
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Precision Guided Munition Market by Technology
8.6.1 Infrared
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Semi-Active Lasers
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Inertial Navigation System (INS)
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Global Positioning System (GPS)
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Radar Homing
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Anti-Radiation
8.6.6.1 Historical Trend (2018-2023)
8.6.6.2 Forecast Trend (2024-2032)
8.6.7 Others
8.7 Global Precision Guided Munition Market by Type
8.7.1 Autonomous
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Semi-Autonomous
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Precision Guided Munition Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Precision Guided Munition Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Precision Guided Munition Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Precision Guided Munition Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Precision Guided Munition Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Precision Guided Munition Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 BAE Systems plc
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Lockheed Martin Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Leonardo S.p.A
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Elbit Systems Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hanwha Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Raytheon Technologies Corporation
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 The Boeing Company
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Precision Guided Munition Market: Key Industry Highlights, 2018 and 2032
2. Global Precision Guided Munition Historical Market: Breakup by Speed (USD Billion), 2018-2023
3. Global Precision Guided Munition Market Forecast: Breakup by Speed (USD Billion), 2024-2032
4. Global Precision Guided Munition Historical Market: Breakup by Product (USD Billion), 2018-2023
5. Global Precision Guided Munition Market Forecast: Breakup by Product (USD Billion), 2024-2032
6. Global Precision Guided Munition Historical Market: Breakup by Technology (USD Billion), 2018-2023
7. Global Precision Guided Munition Market Forecast: Breakup by Technology (USD Billion), 2024-2032
8. Global Precision Guided Munition Historical Market: Breakup by Type (USD Billion), 2018-2023
9. Global Precision Guided Munition Market Forecast: Breakup by Type (USD Billion), 2024-2032
10. Global Precision Guided Munition Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Precision Guided Munition Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Precision Guided Munition Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Precision Guided Munition Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Precision Guided Munition Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Precision Guided Munition Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Precision Guided Munition Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Precision Guided Munition Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Precision Guided Munition Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Precision Guided Munition Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Precision Guided Munition Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Precision Guided Munition Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Precision Guided Munition Market Structure
Key Questions Answered in the Report
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.
Analyst Review
The global precision guided munition market attained a value of USD 36.73 billion in 2023, driven by the growth in the demand for multi-target accuracy and multi-mission weapons. Aided by the rising number of military modernisation programmes, the industry is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 8.2%. The industry is projected to reach USD 74.62 billion by 2032.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on speed, the market can be segmented into hypersonic and non-hypersonic. By product, the industry can be divided between tactical missiles, guided rockets, guided ammunition, and loitering munition. Based on technology, the industry can be divided into infrared, semi-active lasers, inertial navigation system (INS), global positioning system (GPS), radar homing, and anti-radiation, among others. The major regional markets for precision guided munition are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above industry include BAE Systems plc, Lockheed Martin Corporation, Leonardo S.p.A, Elbit Systems Ltd., Hanwha Corporation, Raytheon Technologies Corporation, and The Boeing Company, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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