Description
Precision Guided Munitions Market
Frequently Asked Questions of Precision Guided Munitions Market
A precision-guided munition (PGM, smart bomb, smart weapon, or smart munition) is a guided munition designed to hit a target precisely while causing the least amount of collateral damage. The use of this technology is especially important owing to the proliferation of warfare tactics like urban warfare. The use of precision-guided missiles would hereby ensure reduced damage and ensure civilian as well as personnel safety
Major factors driving Precision Guided Missiles Market Growth
Growing defense budgets across the global economies are poised to be one of the factors that have led to the overall growth associated with the precision-guided munitions market. The overall market for precision-guided munitions is hereby poised to grow owing to the increased military procurement. The brewing geo-political conflicts and border tensions between nations are other factors that are expected to drive the growth associated with the precision-guided weapons sector. Countries within the Indo-Pacific region as well as APAC have been facing adversities owing to border tensions between nations. For instance, the countries India and China have a strained relationship, however, this has, in turn, led to the increased procurement of precision-guided missiles in totality.
Trends influencing the Precision Guided Munitions Market Size
The growing lethality of weapons within the international markets has led to burgeoning investments in research and procurement associated with precision-guided weapons. The tense geopolitical climate between China and the US has also been a key contributor to the rising investment in precision-guided munitions. Additionally, it has also been brought to notice that the growth in modernization programs has led to an increase in the weapons trade.
Additional factors like the growth in indigenous programs are also expected to give rise to the growth in the development of precision-guided weapons. The local sourcing of components for the development of defense equipment is poised to hereby poised to increase the percentage of skilled labor within the said economy. Moreover, the growth in local programs would potentially give rise to an increase in direct, indirect as well as induced employment as per the multiplier effect.
Precision Guided Missiles Market Forecast & Dynamics
Precision guided munitions have also been retrofitted to aircraft models that are to be used by aviation and defense personnel. For instance, it is noted that the AH-64E Apache and AH-1Z Super Cobra attack helicopters were successfully fitted with the JAGM missile in 2010, and the missile attained basic operational capability in 2019. All of the following aircraft are anticipated to have JAGM: the FA18E/F Super Hornet, MQ-1C Grey Eagle, MH-60M Defensive Air Penetrator, MH-60S Seahawk, F-35 Lightning II, and P-8 Poseidon.
The development of programs to boost fire-control capabilities across various platforms is poised to boost the growth rate across the precision-guided missiles market.
Precision Guided Munitions Market Analysis for Recent Developments
The Precision Strike Missile (PrSM) is a new development program that will eventually take the place of the ATACMS. PrSM is a multiple rocket launcher system that can be launched from the M270 and M142 HIMARS.  According to the US Army, PrSM is designed to launch two missiles from a single launcher pod, has a range of over 400 kilometers, and features an anti-jam GPS antenna. PrSM is currently in development and is expected to be operational in FY2023. The Army has not yet said when the PrSM will be evaluated. Although this missile may be delivered to foreign forces in the future, the US Army claims that no foreign nations have made purchase commitments as of 2019.
As a part of this program, Lockheed Martin was noted to have received a contract worth USD 158 million contract to construct more Early Operational Capability (EOC) Precision Strike Missiles as of this year (2022). It follows a fruitful Manufacturing Readiness Assessment milestone visit with the Army, which was a crucial stage in the development program that brought PrSM closer to fielding. This is the second manufacturing contract that has been received yet. In September 2021, the U.S. Army issued the first contracts for EOC production and Engineering and Manufacturing Development (EMD).
The global landscape of Precision Guided Munitions (PGMs) has witnessed significant advancements, reshaping the capabilities of modern military forces. Precision-guided munitions refer to weapons equipped with guidance systems, enabling accurate targeting and minimizing collateral damage. Advancements in guidance technologies, such as Global Positioning System (GPS) and inertial navigation systems, enhance the accuracy and effectiveness of PGMs. This allows for precise targeting of specific locations, reducing the risk of unintended casualties and collateral damage.
Integration of artificial intelligence and machine learning in PGMs enhances their adaptability and target recognition capabilities. This contributes to improved mission success rates and the ability to engage a wide range of targets with greater precision. Diverse platforms, including aircraft, drones, ground-based systems, and naval vessels, employ PGMs to execute strategic and tactical missions. This versatility ensures that military forces can deploy precision-guided munitions across different operational environments. International collaboration and standardization efforts contribute to the interoperability of PGMs among allied forces. The ongoing evolution of precision-guided munitions in 2023 reflects a commitment to enhancing military capabilities, reducing collateral damage, and ensuring strategic effectiveness in modern warfare scenarios.
Key Companies
