Global Precision Guided Munitions Market

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Precision guided munitions market growth is expected to show a significant growth in the coming decade, with new technologies being adopted and incorporated into existing systems. Munitions market trends are investing heavily on research and development for producing more efficient and accurate precision guided munitions (PGM). Technological advancements such as guidance system optimization techniques, laser-guided missiles, and miniature munition platforms could be game changers for this sector. A wide variety of innovative products and services are anticipated to be released that would revolutionize the current state of affairs. The usage of artificial intelligence and machine learning algorithms also presents an opportunity to further optimize these PGMs. Moreover, increasing military investments across countries can provide additional impetus to this industry’s profitability and dynamism.

Description

Precision Guided Munitions Market

Frequently Asked Questions of Precision Guided Munitions Market

  • What are precision-guided munitions?
    A precision-guided munition (PGM, smart weapon, smart munition, or smart bomb) is a guided munition designed to hit a specific target precisely, reducing collateral damage while increasing lethality against targeted targets.
  • What are the key trends in the market?
    Some of the key trends are high-definition sensors and AI
  • What are the segments in precision guided missiles market?
    By Region, Type, and Platform
  • Who are the major players in the market?
    Some of the major players are Lockheed martin, IAI, and BAE systems
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    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 a 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 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).

     

    Table of Contents

    Precision Guided Munitions Market Report Definition           

     

    Precision Guided Munitions Market Segmentation 

    – By Product

    – By Technology

    – By Region

     

    Precision Guided Munitions Market Analysis for next 10 Years

    The 10-year precision guided munitions market analysis would give a detailed overview of precision guided munitions market growth, changing dynamics, technology adoption overviews and the overall market attractiveness is covered in this chapter.

     

    Market Technologies of Precision Guided Munitions Market

    This segment covers the top 10 technologies that is expected to impact this market and the possible implications these technologies would have on the overall market.

     

    Global Precision Guided Munitions Market Forecast  

    The 10-year precision guided munitions market forecast of this market is covered in detailed across the segments which are mentioned above.

     

    Regional Precision Guided Munitions Market Trends & Forecast

    The regional precision guided munitions market trends, drivers, restraints and Challenges of this market, the Political, Economic, Social and Technology aspects are covered in this segment. The market forecast and scenario analysis across regions are also covered in detailed in this segment. The last part of the regional analysis includes profiling of the key companies, supplier landscape and company benchmarking. The current market size is estimated based on the normal scenario.

     

    North America

    – Drivers, Restraints and Challenges

    – PEST

    – Market Forecast & Scenario Analysis

    – Key Companies

    – Supplier Tier Landscape

    – Company Benchmarking

    Europe

    Middle East

    APAC

    South America

     

    Country Analysis of Precision Guided Munitions Market

    This chapter deals with the key defense programs in this market, it also covers the latest news and patents which have been filed in this market. Country level 10 year market forecast and scenario analysis are also covered in this chapter.

     

    US

    – Defense Programs

    – Latest News

    – Patents

    – Current levels of technology maturation in this market

    – Market Forecast & Scenario Analysis

    Canada

    Italy

    France

    Germany

    Netherlands

    Belgium

    Spain

    Sweden

    Greece

    Australia

    South Africa

    India

    China

    Russia

    South Korea

    Japan

    Malaysia

    Singapore

    Brazil

     

    Opportunity Matrix for Precision Guided Munitions Market

    The opportunity matrix helps the readers understand the high opportunity segments in this market.

     

    Expert Opinions on Precision Guided Munitions Market Report

    Hear from our experts their opinion of the possible analysis for this market.

    Conclusions

    About Aviation and Defense Market Reports

    Countries Covered

    US

    Canada

    Italy

    France

    Germany

    Netherlands

    Belgium

    Spain

    Sweden

    Greece

    Australia

    South Africa

    India

    China

    Russia

    South Korea

    Japan

    Malaysia

    Singapore

    Brazil

    Regions Covered

    North America

    South America

    Europe

    Middle East

    Asia

    Segments Covered

    By Product

    By Technology

    By Region