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Precision guided munitions (PGMs) are airborne or missile-borne weapons that can accurately hit targets using their own guidance systems instead of simple unguided ballistics. Advancements in navigation and sensor technologies have allowed PGMs to significantly reduce collateral damage and enhance military effectiveness. PGMs provide strategic, operational, and tactical advantages to armed forces around the world.
The global Precision Guided Munition Market is estimated to be valued at US$ 29.2 billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in missile navigation technology have been a key driver of growth in the precision guided munition market. Modern PGMs feature Miniature Inertial Measurement Units (IMUs) and Global Positioning System (GPS) receivers that provide highly accurate positioning and navigation capabilities. This allows missiles to correctly identify and track targets even in complex battlefield conditions. Recently developed IMUs have error rates as low as 0.05 degrees per hour, representing a massive improvement over older gyroscope-based systems. Additionally, next-generation GPS receivers can operate in GPS-denied environments using alternative navigation satellites. Such technological enhancements have significantly boosted the reliability and effectiveness of PGMs, leading more military forces to adopt precision munitions.
Key players: Key players operating in the precision guided munition market are Lockheed Martin Corporation, Raytheon Technologies, Northrop Grumman Corporation, Boeing, BAE Systems, General Dynamics, L3Harris Technologies, Textron, Rafael Advanced Defense Systems and Rheinmetall Defence. Lockheed Martin has established its leadership with offerings like guided multiple launch rocket systems and precision attack munitions. Raytheon is a prominent supplier of precision GPS and laser guided rockets/missiles.
SWOT Analysis
Strength: Precision guided munitions offer highly accuracy and precision which minimizes collateral damage. Weakness: Extensive research and development is required for continual technological advancements which increases overall costs. Opportunity: Growing defense budgets of major countries and ongoing geopolitical tensions are fueling demand. Threats: Campaigns for banning armed drones and adoption of alternative non-lethal weapons pose challenges.
Regional analysis: North America region currently dominates the market due to heavy investments by US and Canada in advanced weaponry. The Asia Pacific region is expected to witness fastest growth due to rising defense spending of China and India. Countries are actively pursuing development of indigenous precision weapon systems.
Key Takeaways
The global Precision Guided Munition Market is expected to witness high growth. The global precision guided munition market is estimated to be valued at US$ 29.2 billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
