With the emergence and long-term Impact of COVID-19, Global Precision Guided Munition Market to reach USD XXX Million by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Precision Guided Munition Market points towards a potential rise to USD XXX Million by 2030. Precision Guided Munitions (PGMs) are innovative weapons intended for targeting precise targets with the least amount of collateral damage. These munitions utilize guidance systems such as GPS, lasers, or radar to enhance their precision. Examples of PGMs include guided bombs, cruise missiles, precision artillery munitions, and anti-ship missiles. By incorporating these guidance systems, PGMs greatly improve accuracy, reduce the risk of hitting unintended targets, and enhance the effectiveness of military operations. Furthermore, increasing manufacturing of advanced weapons and cross-border partnership fuels the market space during the forecasted period of 2023-2030.
Geographically, the global Precision Guided Munition market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America holds a dominant position in the Precision Guided Munition Market due to its advanced technology, robust defense sector, and strong industrial base. The region, particularly the United States, has been at the forefront of developing cutting-edge military technologies and investing in research and development. Additionally, North America is a major exporter of defense equipment, supplying precision guided munitions to allies worldwide.
With a strong defense-industrial complex and strategic alliances, North America’s leadership in the Precision Guided Munition Market is well-established. The Asia Pacific region is the fastest-growing market for precision guided munitions due to increasing defense spending, modernization initiatives, territorial disputes, and technological advancements. Countries in the region are investing in advanced munitions to enhance their military capabilities and protect their national interests. The focus on indigenous defense production and collaborations with global suppliers further contribute to the market’s growth in the Asia Pacific region.
The global Precision Guided Munition market is highly competitive owing to the presence of several key players such as Lockheed Martin Global, Inc. Atlas Elektronik GmbH Raytheon Technologies Corporation Thales Group BAE Systems plc Northrop Grumman Corporation General Dynamics Corporation Elbit Systems Ltd The Boeing Company MBDA, and others.
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Global Precision Guided Munition Market Size Study & Forecast, by Speed (Subsonic, Supersonic, Hypersonic), by Product (Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions), by Technology (Infrared, Laser, Inertial Navigation System, Global Positioning System, Radar Homing, Anti-radiation), by Mode of Operation (Autonomous, Semi-autonomous), by Launch Platform and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Precision Guided Munition Market is anticipated to grow with a healthy growth rate of more than 4.50% over the forecast period 2023-2030.
- In the Speed segment, Subsonic emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth North America holds a dominant position in the Precision Guided Munition Market due to its advanced technology, robust defense sector, and strong industrial base. The region, particularly the United States, has been at the forefront of developing cutting-edge military technologies and investing in research and development.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Material Type:
- Tactical Missiles
- Guided Rockets
- Guided Ammunition
- Loitering Munitions
- Inertial Navigation System (INS)
- Global Positioning System (GPS)
- Radar Homing
By Mode of Operation:
By Launch Platform:
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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