The precision guided munition market is projected to grow from USD 30.0 billion in 2019 to USD 47.5 billion by 2025, at a CAGR of 8.0% from 2019 to 2025. The increasing need for highly precise strike munition, rising asymmetric warfare, geopolitical conflicts, and military modernization programs, among others, are some of the factors fueling the growth of precision guided munition market.
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Based on product, the loitering munition segment is projected to grow at the highest CAGR from 2019 to 2025. The loitering munition can function autonomously searching and launching attacks without human intervention. This has drastically reduced the number of rounds required to defeat a particular target
Based on technology, the precision guided munition market has been segmented into infrared, semi-active lasers, radar homing, Global Positioning System (GPS), Inertial Navigation System (INS), anti-radiation, and others. The semi-active laser segment is estimated to account for the largest share of the market in 2019. The GPS segment is projected to grow at the highest CAGR during the forecast period. GPS is a satellite-based navigation system that offers navigation capability with accurate velocity information. Hence, various vendors focus on producing precision guided munition equipped with GPS technology.
The Asia Pacific market is projected to grow at the highest CAGR from 2019 to 2025. Countries such as China, India, Australia, Japan, South Korea, and Rest of Asia Pacific are considered in this regional market analysis. In 2018, China and India were among the top five countries in the world in terms of defense expenditure. While China ranked second, India ranked fourth in defense expenditure, globally. The increased defense spending by emerging countries of Asia Pacific is one of the major factors expected to drive the growth of the market in this region.
Key Market Players
Major companies profiled in the report are Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon (US), Northrop Grumman (US), Elbit Systems (Israel), Saab AB (Sweden), General Dynamics (US), Israel Aerospace Industries (Israel), Rheinmetall AG (Germany), LIG Nex1 (South Korea), NORINCO (China), and Bharat Dynamics (India), among others.
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