The global precision guided munition market size is expected to reach USD 48.34 billion by 2030 according to a new study by Polaris Market Research. The report “Precision Guided Munition Market Share, Size, Trends, Industry Analysis Report, By Speed (Subsonic, Supersonic, Hypersonic); By Launch Platform (Land, Airborne, Naval); By Product; By Technology; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Major propelling factors are the growing requirements for the developed precision guide munition to respond to the contemporary conflict across the nations’ border. The constant increase in the defense budget is leading the industry growth. Besides, the rising spending on the defense systems and the growing number of conflicts across various regions is also a surge in the demand. Furthermore, governments of nations like the US, India, China, and Russia, are investing heavily in upgrading their military resources. Therefore, the presence of weapon manufacturers is also inclining focus on developing the industry, which acts as a catalyzing factor for the global industry development.
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Based on the speed, the supersonic segment is dominating the global industry with the highest revenue share. The supersonic segment is likely to exceed the speed of sound (Mach 1). Whereas the hypersonic segment shows the highest CAGR rate that leads to global demand. They are equipped with a propulsion system, which facilitates them to reach a speed of Mach 5 or higher which is five times faster than the speed of sound. Thus, it assists these weapons difficult to counter due to their high speed, which, in turn, may amplify the segment growth in the impending years.
The growing requirements for defense programs for securing the country against numerous threats are anticipated to accelerate the industry demand. The performance of various weapon systems is unmatched, which ensures that the defense forces have a deliberate conflict benefit over any challenger in any weather condition. Besides, more than 1,200 additional ballistic missiles have been raised over the last five years, as per the Missile Defense Agency. Therefore, countries’ growing requirements for defense programs to guard against various threats are driving the industry.
Market participants such as Kongsberg, Raytheon Technologies, Elbit Systems, General Atomics, General Dynamics Corporation, Bae Systems, Israel Aerospace Industries, Leonardo S.p.A., Lockheed Martin Corporation, The Boeing Company, MBDA, Rheinmetall AG, Saab AB, Thales, and Northrop Grumman are some of the key players operating in the global market.
The growing support of the government organizations leads to the companies’ development and also helps in significant prominence across the globe. For instance, in 2021, Boeing was awarded a contract by the US Department of Defense for a USD 366,464,275 modification (P00035) to a previously awarded cost-plus-incentive-fee, cost-plus-fixed-fee, and indefinite-delivery/indefinite-quantity contract. This amendment boosts the ceiling to expand the service life for up to 32 F/A-18 Super Hornet aircraft.
Polaris Market Research has segmented the precision guided munition market report on the basis of speed, product, technology, launch platform, and region:
Precision Guided Munition, Speed Outlook (Revenue – USD Billion, 2018 – 2030)
Precision Guided Munition, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Tactical Missiles
- Guided Rockets
Precision Guided Munition, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Inertial Navigation System (INS)
- Global Positioning System (GPS)
- Radar Homing
Precision Guided Munition, Launch Platform Outlook (Revenue – USD Billion, 2018 – 2030)
Precision Guided Munition, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa