Precision Guided Munition Market Size Worth $55.17 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 10, 2022 /PRNewswire/ -- The global precision guided munition market size is expected to reach USD 55.17 billion in 2030, registering a CAGR of 5.6% from 2022 to 2030, according to a new report by Grand View Research Inc. The growing need for extremely accurate munitions for target attacking is anticipated to increase the demand for precision-guided munitions. Moreover, enhancements in precision attacking are likely to support the market. Growing political and territorial conflicts between major economies are likely to encourage the enhancements of their respective military and army operations. Precision attacking techniques are used in the army, air force, and naval forces, thus are likely to influence the market for precision-guided munitions over the forecast period.

Key Insights & Findings from the report:

• The market for tactical missiles is projected to grow significantly over the forecast period on account of their increasing usage in all types of attacking mechanisms. Surface-to-surface and air-to-air tactical missiles are gaining popularity in the warfare equipment
• In the U.S., the revenue for precision guided munitions stood at USD 5.3 billion in 2021 and is expected to grow over the forecast period owing to increasing expenditures for military upgrade and enhancement in the attacking equipment
• In 2019, semi-active laser positioning technology accounted for the largest share owing to its prominence in the target positioning. Modern missiles and rockets are installed with these positioning mechanisms for guidance to the exact location
• The GPS technology is expected to register the fastest growth rate over the forecast period due to its prominent location tracking for the war equipment
• Conflicts between the U.S. and Iran are anticipated to enhance the military capabilities of the respective economies. Thereby, is expected to support the market for precision guided munition in the estimated time

Read 120 page market research report, "Precision Guided Munition Market Size, Share & Trends Analysis Report By Product (Tactical Missiles, Loitering Munition), By Technology (GPS, INS), By Region (APAC, Europe), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Technological advancement in attacking components including missiles, rockets, mortars, artillery shells, bombs, and bullets to incorporate advanced positioning technologies are expected to enhance the market. Global Positioning System (GPS) and Semi-Active Lasers systems are popular positioning techniques to keep track of the targeted location for the attack. Prominent players including Lockheed Martin, Atlas Elektronik, Raytheon, Thales Group, BAE Systems, Northrop Grumman, and others are investing heavily in R&D activities to develop advanced technology war equipment. Moreover, ammunition manufacturers are focusing on the installation of a guiding mechanism in the components.

Market Segmentation:

Grand View Research has segmented the global precision guided munition market on the basis of product, technology, and region:

• Precision Guided Munition Product Outlook (Revenue, USD Million, 2017 - 2030)
• Tactical Missile
• Guided Rockets
• Guided Ammunition
• Loitering Munition
• Precision Guided Munition Technology Outlook (Revenue, USD Million, 2017 - 2030)
• Infrared
• Semi-Active Lasers
• Inertial Navigation System (INS)
• Global Positioning System (GPS)
• Radar Homing
• Anti-Radiation
• Others
• Precision Guided Munition Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Russia
• Asia Pacific
• China
• India
• South Korea
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• Iran

List of Key Players of Precision Guided Munition Market

• Lockheed Martin
• Atlas Elektronik
• Raytheon
• Thales Group
• BAE Systems
• Northrop Grumman
• General Dynamics
• Elbit Systems

Check out more studies related to ammunition types, published by Grand View Research:

• Ammunition Market – The global ammunition market size was valued at USD 21.38 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.6% from 2021 to 2028. Rising hostilities and terrorist activities across the globe are likely to increase the procurement of defense equipment by prominent militaries, thereby, directly benefiting the market over the forecast period.
• Small & Medium Caliber Ammunition Market – The global small & medium caliber ammunition market is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027. Increasing geopolitical tensions and increasing military expenditure are expected to drive market growth over the forecast period.
• Less Lethal Ammunition Market – The global less lethal ammunition market is expected to register a compounded annual growth rate (CAGR) of 4.3 % from 2020 to 2027. Growing incidences of political disputes and civil disorder in several nations across the globe expected to drive the demand.

Browse through Grand View Research's coverage of the Global Advanced Interior Materials Industry.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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