DUBLIN--(BUSINESS WIRE)--The "Precision Guided Munition Market by Product (Tactical Missiles, Guided Rockets, Guided Ammunition & Loitering Munition), Technology (Infrared, Semi-active Lasers, Radar Homing, GPS, INS, Anti-radiation), Type, Speed, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The precision-guided munition market is projected to grow from USD 30 billion in 2019 to USD 47.5 billion by 2025, at a CAGR of 8% from 2019 to 2025.
Increasing procurement of precision guided munition, and ongoing military modernization programs are key factors fueling the growth of the precision guided munition market across the globe.
The rising instances of asymmetric warfare and increasing demand for miniaturized weapons are some of the factors expected to fuel the growth of the precision-guided munition market.
Based on product, the tactical missile segment is projected to lead the precision guided munition market from 2019 to 2025.
Based on product, the tactical missiles segment estimated to lead the precision guided munition market in 2019 and is expected to continue its dominance till 2025. Tactical missiles are versatile weapons and can be fired in various modes, angles, and platforms. Tactical missiles are equipped with advanced guidance technologies which enable them to hit targets with high accuracy. Military forces of different countries across the globe have increased the use of precision-guided munition to enhance their military capabilities.
Based on technology, the GPS segment is projected to grow at the highest CAGR from 2019 to 2025.
Based on technology, the GPS segment is expected to grow at the highest CAGR during the forecast period. GPS is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors of precision-guided munition focus on producing PGMs equipped with GPS technology.
The Asia Pacific precision guided munition market is projected to grow at the highest CAGR during the forecast period.
Asia Pacific is estimated to account for the largest share of the precision-guided munition market in 2019. The presence of major defense OEMs and increasing investments in research and development activities undertaken by the China and India armed forces are driving the growth of the market in this region. The procurement of next-generation laser-guided projectiles is also fueling the growth of precision guided munition market.
Major companies profiled in the report are Lockheed Martin Corporation (US), BAE Systems Plc. (UK), Raytheon (US), MBDA (France), Israel Aerospace Industries (Israel), Elbit Systems Ltd. (Israel), Saab AB (Sweden), General Dynamics Corporation (US), Northrop Grumman (US), Rheinmetall AG (Germany), and Leonardo SpA (Italy), among others.
- Increasing Demand for Precision Guided Munitions to Minimize Collateral Damage
- Reduction in Logistics Burden
- Growing Military Modernization Programs
- Regulations Related to Arms Transfer
- High Manufacturing Cost
- Procurement of Conventional Warfare Systems Instead of Advanced Precision Guided Munition in Many Countries
- Miniaturization of Munitions
- Access to Advanced Technologies Through MTCR Membership
- Development of Hybrid Precision Guided Munitions
- Increasing Export of Short-Range Missiles
- Issues Related to the Integration of Larger Precision Guided Munitions
- BAE Systems
- China North Industries Corporation (Norinco)
- Elbit Systems
- Hanwha Group
- Israel Aerospace Industries (IAI) Ltd.
- KBP Instrument Design Bureau
- Kongsberg Gruppen
- Leonardo - Societ Per Azioni
- Lockheed Martin Corporation
- Northrop Grumman
- Raytheon Company
- Saab AB
- The Boeing Company
For more information about this report visit https://www.researchandmarkets.com/r/20z383