Precision Guided Munitions market is projected to grow at a CAGR of 4.4% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Precision Guided Munitions 2023-2033. It includes profiles of Precision Guided Munitions and Forecasts Market Segment by Mode of Operation, (Autonomous, Semi-autonomous) Market Segment by Launch Platform, (Land Platform, Airborne Platform, Naval Platform) Market Segment by Speed, (Subsonic, Supersonic, Hypersonic, Other Speed) Market Segment by Product, (Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions) , Market Segment by Technology, (Infrared Technology, Global Positioning System (GPS), Inertial Navigation System (INS), Laser Technology, Radar Homing, Anti-radiation Technology) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global precision guided munitions market was valued at US$36.8 billion in 2022 and is projected to grow at a CAGR of 4.4% during the forecast period 2023-2033.
Decreasing Tolerances for Collateral Damage
Since Operation Desert Storm, when unguided dumb bombs were the norm, the usage of guided weapons has increased dramatically. Precision-guided munitions (PGMs) were used more frequently by NATO nations in Bosnia-Herzegovina, Kosovo, and later Afghanistan following Operation Desert Storm. Recent operations in Libya, where nearly all NATO sorties were conducted with “smart” bombs, saw a huge increase in the use of PGMs, giving the Alliance positive and significant outcomes in terms of precision and limiting collateral damage.
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How has COVID-19 had a significant negative impact on the Precision Guided Munitions Market?
The COVID-19 pandemic has impacted the global missile market in several ways:
- Supply Chain Disruptions: The pandemic caused supply chain disruptions, leading to reduced production and delivery of missiles.
- Decline in Defense Spending: The pandemic resulted in a decline in defense spending in many countries, affecting the missile market.
- Delay in Military Programs: The pandemic caused delays in military programs and projects, leading to a slowdown in the procurement of missiles.
- Shift in Priorities: The pandemic has shifted priorities towards healthcare and economic recovery, leading to a decrease in funding for military and defense programs.
The COVID-19 pandemic has had a negative impact on the global missile market, causing supply chain disruptions, a decline in defense spending, delays in military programs, and a shift in priorities towards healthcare and economic recovery.
How will this Report Benefit you?
Visiongain’s 368-page report provides 145 tables and 195 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global precision guided munitions market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Precision Guided Munitions. Get financial analysis of the overall market and different segments including launch platform, mode of operation, speed, product, technology, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing precision guided munitions market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Evolving Demands for Precision-Guided Munitions
The technological advancements of PGMs are being driven by general political trends and necessities. Uncertainty, money limits, labour shortages, and demands for minimal or no collateral damage are some of the most significant current political and geopolitical developments. PGM research is being driven toward the needs for greater flexibility and versatility, greater adaptability, as well as multi-role and multi-purpose solutions by the “uncertainty” of an adversary, its offensive and defensive capacity, and the unknown battlefield.
Rising Geopolitical Tensions Contribute to the Growth of the PGM Market
As countries become increasingly concerned about the threat of terrorism and the possibility of conflict with other nations, they are investing more heavily in defense spending and upgrading their military capabilities. This includes the purchase of PGMs, which are seen as a key tool in protecting national security.
Increasing Adoption of Unmanned Aerial Vehicles (UAVs) for Military Operations
The global market for PGMs is also driven by the increasing adoption of unmanned aerial vehicles (UAVs) for military operations. UAVs can be equipped with PGMs, allowing for more precise and targeted strikes without putting pilots at risk. Additionally, UAVs can remain in the air for longer periods of time, providing a persistent surveillance and strike capability.
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Where are the Market Opportunities?
The Need for Effective Intelligence, Surveillance, and Reconnaissance
Precision and accuracy are distinguished in the physical sciences in a significant way. Although 62,571,389 is claimed to be the US population, this number is not even close to being true. Similar to PGMs, PGMs almost always reach their aim points (or at least extremely close to them), but PGMs are not always accurate because their intended targets might not always be at those aim points. The precise and right position of the intended target must be known in order for PGMs to be effective. Therefore, the ISR skills required to find targets are just as crucial as a weapon’s guidance and navigation system
Network-Enabled Weapons Can Fill Existing Gaps Among the Targeting Cycle Phases
The phases of the targeting cycle can fill in any gaps with the help of network-enabled weapons (NEW). Faster than before, both the damage assessment and the ability to locate, track, and engage a target. This will lessen the chance of fratricide, de-conflict operations, prevent duplication of effort, and increase the likelihood of reaching the target quickly. 9 These weapons will be able to communicate with other network nodes, such as satellite systems for intelligence, surveillance, and reconnaissance (ISR), C2 centres, and delivery platforms. A weapon that collaborates with the network, modifies its trajectory while in flight to increase accuracy, and delivers real-time impact assessment will be the end product. The weapon will get information in the most efficient and provides real-time impact assessment. Information will be provided to the weapon by the most timely and accurate source available Regardless of the weather, the guidance system will update and include target coordinates in real time. 10 With NEWs, the physical and digital worlds are connected and offer new career options and success chances.
The major players operating in the precision guided munitions market are BAE Systems plc, Thales Group, Elbit Systems Ltd, Northrop Grumman Corporation, Lockheed Martin Corporation, Israel Aerospace Industries Ltd, Raytheon Technologies Corporation, Saab AB, Boeing Company, Kongsberg Gruppen, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 17 Nov 2022, (“Elbit Systems”) has been awarded a contract worth approximately $200 million to supply Electronic Warfare and airborne laser technologies to a country in Asia-Pacific to protect military helicopters. The contract will be in effect for four years.
- 02 Dec 2022, Northrop Grumman Corporation (NYSE: NOC) and the United States Air Force unveiled the B-21 Raider to the world. The B-21 joins the nuclear triad as a visible and adaptable deterrent designed for the United States Air Force’s most complex missions.
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