Precision Guided Munition Market growth predicted at 8% till 2026: Global Market Insights, Inc.

The Asia Pacific precision guided munition market is projected to witness over 10% CAGR during the forecast timeframe as counties in the region are actively engaged in developing and testing new guided weapon systems that will provide high accuracy with extended capabilities.

Selbyville, Delaware, March 30, 2020 (GLOBE NEWSWIRE) --

According to latest report “Precision Guided Munition Market by Munition Type (Tactical Missiles, Guided Rockets, Guided Ammunition, Loitering Munition), System (Infrared, Inertial Navigation System, GPS, Radar Homing, Semi-active Lasers, Anti-radiation), Type (Autonomous, Semi-autonomous, End-use (Airborne, Land-based, Naval), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of precision guided munitions will reach $45 billion by 2026. The market growth can be attributed to increasing defense expenditure and shift in investment trends of the defense budget.

According to Stockholm International Peace Research Institute (SIPRI), the military expenditure is expected to exceed USD 2 trillion by 2022. The growing military modernization programs and increasing demand for precision guided munition due to its increased lethality against the target and minimization of collateral damage. These are several factors that are anticipated to drive the precision guided munition market demand. Further, the implementation of Artificial Intelligence (AI) for smart weapon system is significantly supporting the industry size.

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The guided ammunition segment will witness a rapid growth rate of over 10% from 2020 to 2026 led by its ability to hit a specific target and increase the lethality of intended targets. The defense organizations of different country are engaged in the construction of domestic companies, which will provide guided munition for the defense forces of the country with the enhancement in market share.

The Inertial Navigation System (INS) segment held majority of the precision guided munition market share with over 30% in 2019. The rise of the segment can be attributed to continuous estimation of position, orientation, and velocity of a moving vehicle relative to the Earth’s surface. The guided ammunition navigation data is needed for ammunition guidance & control that supports the market share over the coming years. The INS is mounted on guided missiles to provide navigation using gyroscopes and accelerometers.

The airborne precision guided munition segment is anticipated to register around 8% gains till 2026 due to installation of ammunition in fighter jets that will help to enhance the defense sector. Various nations across the globe are engaged in developing advanced airborne precision guided weapons with the potential to destroy the enemy aircraft that will enhance the market share in the region.

The Asia Pacific precision guided munition market is projected to witness over 10% CAGR during the forecast timeframe. The increase in defense expenditure by countries in the region significantly support the market growth. The counties in the region are actively engaged in developing and testing new guided weapon systems that will provide high accuracy with extended capabilities that supports the industry growth.

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Some of the leading precision guided munition market players are Aerojet Rocketdyne, Bharat Dynamics Limited, Elbit Systems Ltd., General Dynamics Corporation, Hanwha Corporation, Israel Aerospace Industries, Kongsberg, L3Harris Corporation, Leonardo S.p.A., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Company, Rheinmetall AG, Saab AB, Thales Group, Boeing, and BAE Systems.

Companies dealing in the market are focusing on developing new technologies in weapon system and initiating long-term collaborations with various defense organizations to secure their market share. Transactions in the defense industry happen through long-term contracts and agreements, significantly promoting market competitiveness. The major defense contracts are mostly multi-year & multi-layered, involving various governments and political parties. Market trends are mostly influenced by geopolitical developments among major countries involved in defense contracts and partnerships.

Some major findings of the precision guided munition market report include:

  • The changing trend in defense budget allocation where significant importance is given to upgrading of weapon systems and acquisition of smart weapons is supporting market growth.
  • Requirement to replace and upgrade existing systems, such as Inertial Navigation System (INS), Global Positioning System (GPS), radar homing, semi-active lasers, and anti-radiation, will provide a positive outlook.
  • Current geopolitical and political trends, such as financial constraints, uncertainty, manpower limitations, and requirement of minimum collateral damage, are driving the market growth.
  • Design, modification, and technological advancements of ammunition to enhance the accuracy and minimize the damage that is an unintended result of military operation.
  • Developments in precision guided munition enabling fields, such as laser technology, aerodynamics, and electronics, are supporting the air power with surgical strike capability that is essential for modern warfare.

Table of Contents (ToC) of the report:

Chapter 3.   Precision Guided Munition Market Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2015 – 2026

3.4.  Market evolution

3.5.  Industry ecosystem analysis

3.6.  Technology & innovation landscape

3.7.  Regulatory landscape

3.8.  Industry impact forces

3.8.1. Growth drivers

3.8.2. Industry pitfalls & challenges

3.9.  Growth potential analysis, 2019

3.10. Porter’s analysis

3.11. PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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