Ottawa, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global precision guided munition market is poised to grow at a registered CAGR of 6.51% over the forecast period 2022 to 2030. The developments in the military sector and the shift to advanced warfare techniques are responsible for the market growth during the forecast period. The security services which are provided across the world have a high chance of increasing the size of the market during the forecast period.
The conflicts which take place in the political and territorial regions have given rise to high quality precautionary steps for military operations. The major economies which tend to have greater differences between them have boosted the market size. The defense system in these economies is mainly focusing on war equipment with advanced functioning and accuracy.
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Regional snapshots
North America and Iran have been anticipated as the greatest markets during the present scenario pertaining to the increasing conflicts between them. The increased defense spending in the coming years is likely to propel the market for war equipment.
The nations belonging to the Asia Pacific region such as China, Pakistan and India are also concentrating on acquiring advanced war equipment patterning to the increasing tension between them. The developing nations are also spending a huge part of their economy on acquiring such precision guided machines.
Report Highlights
- Based on product, the tactical missile segment is expected to have the largest market share during the forecast as it is capable of damaging the targets in a significant way compared to the other products and it is also able to travel long range distances. These missiles can be launched from here as well as from the land in order to destroy a target.
- Based on technology, the GPS segment is expected to have the largest market share in the future. This technology is useful for grabbing the location of the target. The GPS technology is efficient as it is able to detect the exact location of the target.
- The Asia Pacific region is expected to grow at a higher compounded annual growth rate during the forecast period. In order to strengthen the defense capabilities India is trying to acquire more and more equipment. Constant enemy of India and Pakistan is another reason for the growth of the precision guided munition market India Asia Pacific region.
Recent Developments
- To enhance the guided missile destroyer, (DDG 84) in its Norfolk shipyard, The US Navy agreed into a contract with the BAE systems which was worth $ 114.5 million. This took place in February 2019.
- In January 2019, Javelin was awarded a 2100 F-model missile contract. This was a combined venture between Raytheon and Lockheed Martin.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 36.21 Billion |
| Revenue Forecast by 2030 | USD 60 Billion |
| CAGR | 6.51% from 2022 to 2030 |
| Tactical Missile Segment Share | 71% in 2021 |
| GPS Segment Share | 31% in 2021 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | L3 Technologies Inc., Lockheed Martin Corporation, Textron, Inc., Northrop Grumman Corporation, Raytheon Company, Denel Dynamics, General Dynamics Corporation, BAE Systems Plc, Hanwha Group, Israel Aerospace Industries (IAI) Ltd. and Others |
Market Dynamics
Drivers
The progress made in the defense system to deal with the war situations and the increased need for the protection of one's own territory from the opponent has increased the demand for precision guided munition market. The major developed countries have employed advanced attacking systems to deal with the anti-national communities and provide better protection to their own territory. Advanced equipment such as radar homing, INS, semiactive lasers, GPS system have propelled the market to a great extent pertaining to their use by the economically developed nations. The use of the positioning system in missiles has encouraged its penetration in the current system. The leading military groups across the world have opted for highly advanced war machines to hold on to their position.
Restraints
In the absence of sufficient financial back up has led to a decline in the overall market of warfare equipment which are precision guided. The COVID-19 pandemic has exerted an additional pressure over the economies in the healthcare sector which led to a reduction in the expense ratio for the defense system in the country furthermore a long-term lockdown which was imposed during the pandemic has affected the transport system which in turn led to a decline in the demand and supply chain of the goods which are required for manufacturing such advanced machines. The demand and supply chain dealing with the final product and end user was also hampered to a great extent pertaining to the restrictions over transportation.
Opportunities
Numerous initiatives to facilitate the defense system with high-speed cruise missiles and ballistic missiles have been made by the developed nations Asia Pacific nations like India China and Russia possess supersonic missiles which are difficult to be detected. The development of the BrahMos missile which may be mutually developed by India and Russia is difficult to detect by the older missile system. These conditions mainly Dr the market for the air defense warfare technologies. Various governments across the world are making heavy expenditures towards superior surveillance systems to curtail stealth technology while many governments are striving towards advancing their systems.
However, these improvements for the new generation war equipment and missile systems are estimated to propel the demand for various advanced technologies with precision guided munition such as GPS and radar. The adoption of new technologies and advanced air missile defense systems has proved to be a driving market for this sector. The demand for defense Shields has been propelled by the increase in development of missiles which is estimated to propel the market. Development of high-end technologies for new generation missiles has threatened the existence of military ships.
Challenges
The sudden outbreak of the pandemic had greatly hampered the demand and supply chain of advanced warfare equipment due to the rapid shift of the entire concentration of the economy towards the healthcare sector which was at risk. Additionally, the long-term lockdowns imposed in numerous countries had also made it impossible for the manufacturers to supply the equipment demanded at that moment.
The budget of most of the nations was shaken due to the outbreak of the unforeseen pandemic. These conditions had challenged the growth of the market to reach the target during the forecast period. Lack of adequate financial backup leads to the overall reduction in the expenditures done for acquiring advanced warfare equipment. The same reason is also responsible for postponing the scheduled deals which in turn hampers the market growth.
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Market Segmentation
By Product
- Tactical Missiles
- Guided Rockets
- Guided Ammunition
- Torpedoes
- Loitering Munitions
By Technology
- Infrared
- Semi-Active Lasers
- Inertial Navigation System (INS)
- Global Positioning System (GPS)
- Radar Homing
- Anti-Radiation
- Others
By Speed
- Subsonic
- Supersonic
- Hypersonic
By Mode of Operation
- Autonomous
- Semi-autonomous
By Launch Platform
- Land
- Airborne
- Naval
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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