Guided Munitions Market Overviews
Guided Munitions Market size was valued at USD 33.74 Bn. in 2023 and the total Guided Munitions Market size is expected to grow at a CAGR of 5.42% from 2024 to 2030, reaching nearly USD 48.82 Bn. by 2030.
Guided munitions, also known as precision-guided munitions (PGMs), are weapons equipped with guidance systems that allow them to precisely target specific locations. These systems significantly enhance accuracy compared to unguided munitions, which rely on ballistic trajectories and are more susceptible to various forms of deviation.
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Guided Munitions Market Scope and Methodology:
Growth in the Guided Munitions Market has been fueled by the surge in guided munitions, which allow targets to be hit with high accuracy using pre-programmed coordinates. The need for GPS in munitions has grown since the device measures its position and compares it to the coordinates of the target. The market growth has been driven by significant investments made by major regions to acquire precision-guided weapons and smart munitions, which has resulted in an increase in demand for related ammunition in recent years. Several countries increasing their defense budgets in response to perceived threats and in an attempt to modernize their armed forces, the market for guided weapons has extended. For instance, the U. S. Department of Defense has consistently provided sizable funding for the development and procurement of state-of-the-art guided weapons.
Guided Munitions Market Regional Insights
North America Guided Munitions Market held the largest regional share and is expected to maintain its dominance with an increasing CAGR through the forecast period. North America is at the forefront of innovating defense technology, with companies like Northrop Grumman, Lockheed Martin, and Raytheon leading the development of next-generation guided munitions. In 2023, Raytheon Technologies was contracted to manufacture and supply advanced guided missile systems for a whopping USD 985 million. The United States, known for having one of the world’s largest defense budgets, allocated a significant portion of its USD 886 billion defense budget in 2023 for sophisticated weapons like guided munitions.
Guided Munitions Market Segmentation
Based on Product, the Tactical Missiles segment held the largest Guided Munitions Market share and is expected to dominate the market with an increasing CAGR through the forecast period. The growing popularity of tactical missiles has risen owing to their widespread application in combat and it is designed for immediate use in combat zones, tactical guided missiles are weapons with a shorter range. Progress in materials science, propulsion systems, and guidance systems has enabled increased missile efficiency, accuracy, and versatility.
Guided Munitions Market Key Players
Northrop Grumman
BAE Systems
General Dynamics
Thales Group
MBDA
Israel Aerospace Industries (IAI)
Rheinmetall AG
Leonardo S.p.A.
LIG Nex1
Rafael Advanced Defense Systems
Elbit Systems
MKEK (Mechanical and Chemical Industry Corporation)
Hanwha Defense
Textron Systems
Harris Corporation (L3Harris)
General Atomics
Kaman Corporation
AeroVironment
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Key questions answered in the Guided Munitions Market are:
- What is Guided Munitions ?
- What was the Guided Munitions market size in 2023?
- What is the growth rate of the Guided Munitions Market?
- Which are the factors expected to drive the Guided Munitions market growth?
- What are the different segments of the Guided Munitions Market?
- What growth strategies are the players considering to increase their presence in Guided Munitions ?
- What are the upcoming industry applications and trends for the Guided Munitions Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Guided Munitions Market?
- Who are the leading companies and what are their portfolios in Guided Munitions Market?
- What segments are covered in the Guided Munitions Market?
- Who are the key players in the Guided Munitions market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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