London, March 10, 2023 (GLOBE NEWSWIRE) -- The military budgets of respective countries continue to increase with each passing year. Presently, America has the highest budget allocated for its military and defence operations and goals. Unmanned aerial vehicles and other unmanned systems heavily rely on precision-guided munitions to successfully complete a mission. These vehicles and systems are being extensively used in military and defence applications globally as they improve a mission’s outcome with surgical precision and reduce the possibility of loss of friendly lives. Owing to this factor there is expected to be an increase in the demand for these types of munitions by respective armed forces around the world.
Moreover, ongoing innovations in the field of precision guided munitions are also expected to lead to higher demand from these various military and defence organizations. A study by Fairfield Market Research highlights the increasing frequency and duration of conflicts occurring around the world as another major element that is expected to profoundly boost the growth trajectory of the global precision guided munition market in the years to come. For example, the growing demand for munitions and other military resources by both the Ukrainian and Russian forces is expected to immensely influence the precision guided munition market as a whole.
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Insights into Segmental Analysis
The precision-guided munition market has been segmented as follows – By Product, Speed, Technology, Mode of Operation, Launch Platforms, and Region. Based on the ‘Product’ market segmentation, the ‘Tactical Missiles’ sub-segment is expected to account for the majority share of this market owing to their extended range and their ability to have a powerful impact on designated targets. With respect to the ‘Technology’ segmentation of this market, the ‘Global Positioning System’ sub-segment is projected to account for the majority share of this market in the coming years. This can be attributed to the fact that targets can be easily identified and found using this technology in combat situations.
Insights into Regional Analysis
While North America will account for a sizeable chunk of the global precision guided munition market, owing to the presence of industry players, higher military budgets, established infrastructure, as well as the fact that the nations here have extensive portfolios of projectiles and long-range missiles. However, the Asia Pacific is expected to account for the majority share of this market over the forecast period. This can be accredited to the increase in military budgets for nations such as China, India, Japan, South Korea, Pakistan, North Korea, etc., as well as brewing geopolitical tensions between some of these countries.
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Key Players in the Precision Guided Munition Market
Apart from Lockheed Martin, Atlas Elektronik, Thales Group, and Raytheon, this report will also cover other prominent players in the precision-guided munition market, particularly detailing their respective key strategic developments that lend a competitive edge. Some of these other major profiled companies include BAE Systems, Northrop Grumman, General Dynamics, and Elbit Systems.
Global Precision Guided Munition Market is Segmented as Below:
By Speed
- Subsonic
- Supersonic
- Hypersonic
By Product
- Tactical Missiles
- Guided Rockets
- Guided Ammunition
- Torpedoes
- Loitering Munitions
By Technology
- Infrared
- Laser
- Inertial Navigation System (INS)
- Global Positioning System (GPS)
- Rader Homing
- Anti-radiation
By Mode of Operation
- Autonomous
- Semi-autonomous
By Launch Platforms
- Land
- Airbone
- Naval
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
Key Elements Included In The Study: Global Precision Guided Munition Market
- Precision Guided Munition Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value, 2018 - 2021
- Market Value at Regional and Country Level, 2022 - 2029
- Market Dynamics and Economic Overview
- Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/precision-guided-munition-market/more-information
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