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Global Precision Guided Munition Market to reach USD 48.74 billion by the end of 2030

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

Product Code: SSAD-76722391
Publish Date: 5-12-2023
Page: 200

Global Precision Guided Munition Market is valued at approximately USD 34.27 billion in 2022 and is anticipated to grow with a CAGR of more than 4.50% over the forecast period 2023-2030. 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.

Moreover, growing investment in defense and rising geopolitical tension are anticipated as the growth drivers of the market. According to the India Brand Equity Foundation (IBEF) in 2023, The Indian government established a target of achieving a defense production value of USD 25 billion by 2025, which includes USD 5 billion from exports. With a substantial defense expenditure of USD 66 billion, accounting for 13.31% of the total budget, India ranks among the largest defense spenders globally. This allocation signifies a significant increase of USD 5.9 billion compared to the budget estimates for 2021-22. According to Stockholm International Peace Research Institute (SIPRI) in 2020, The precision guided munition market benefits from the positive impact of the global arms trade, which can be estimated by aggregating the financial data disclosed by states regarding their arms exports. By considering both the reported value of arms exports and estimates for countries providing data on arms export licenses, agreements, or orders, it becomes possible to approximate the overall value of the global arms trade. In 2020, the estimated value of the global arms trade reached at least USD 112 billion, indicating substantial market potential. Also, it is expected that this estimate surpasses and reflecting the significant economic influence and growth opportunities within the Precision Guided Munition Market. However, growing ethical & legal concerns and limited operational flexibility is hampering the growth of the market during the forecasted period of 2023-2030.

The key regions considered for the Global Precision Guided Munition Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market players included in this report are:
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

Recent Developments in the Market:
Ø In March 2023, Raytheon Technologies (NYSE: RTX) was granted a contract worth over USD 250 million for the design, development, and delivery of a satellite constellation consisting of seven vehicles for missile tracking. Additionally, the company provides support for launch operations and ground operations in collaboration with the Space Development Agency.

Global Precision Guided Munition Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Speed, Product, Technology, Mode of Operation, Launch Platform, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Speed:

By Product:
Tactical Missiles
Guided Rockets
Guided Ammunition
Loitering Munitions

By Technology:
Inertial Navigation System (INS)
Global Positioning System (GPS)
Radar Homing

By Mode of Operation:

By Launch Platform:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Precision Guided Munition Market, by Region, 2020-2030 (USD Billion)
1.2.2. Precision Guided Munition Market, by Speed, 2020-2030 (USD Billion)
1.2.3. Precision Guided Munition Market, by Product, 2020-2030 (USD Billion)
1.2.4. Precision Guided Munition Market, by Technology, 2020-2030 (USD Billion)
1.2.5. Precision Guided Munition Market, by Mode of Operation, 2020-2030 (USD Billion)
1.2.6. Precision Guided Munition Market, by Launch Platform, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Precision Guided Munition Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Precision Guided Munition Market Dynamics
3.1. Precision Guided Munition Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Growing Investment in Defense Rising Geopolitical Tension
3.1.2. Market Challenges Growing Ethical & Legal Concern Limited Operational Flexibility
3.1.3. Market Opportunities Increasing Manufacturing of Advanced Weapons Cross Border Partnership
Chapter 4. Global Precision Guided Munition Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Precision Guided Munition Market, by Speed
5.1. Market Snapshot
5.2. Global Precision Guided Munition Market by Speed, Performance – Potential Analysis
5.3. Global Precision Guided Munition Market Estimates & Forecasts by Speed 2020-2030 (USD Billion)
5.4. Precision Guided Munition Market, Sub Segment Analysis
5.4.1. Subsonic
5.4.2. Supersonic
5.4.3. Hypersonic
Chapter 6. Global Precision Guided Munition Market, by Product
6.1. Market Snapshot
6.2. Global Precision Guided Munition Market by Product, Performance – Potential Analysis
6.3. Global Precision Guided Munition Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
6.4. Precision Guided Munition Market, Sub Segment Analysis
6.4.1. Tactical Missiles
6.4.2. Guided Rockets
6.4.3. Guided Ammunition
6.4.4. Torpedoes
6.4.5. Loitering Munitions
Chapter 7. Global Precision Guided Munition Market, by Technology
7.1. Market Snapshot
7.2. Global Precision Guided Munition Market by Technology, Performance – Potential Analysis
7.3. Global Precision Guided Munition Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
7.4. Precision Guided Munition Market, Sub Segment Analysis
7.4.1. Infrared
7.4.2. Laser
7.4.3. Inertial Navigation System (INS)
7.4.4. Global Positioning System (GPS)
7.4.5. Radar Homing
7.4.6. Anti-radiation
Chapter 8. Global Precision Guided Munition Market, by Mode of Operation
8.1. Market Snapshot
8.2. Global Precision Guided Munition Market by Mode of Operation, Performance – Potential Analysis
8.3. Global Precision Guided Munition Market Estimates & Forecasts by Mode of Operation 2020-2030 (USD Billion)
8.4. Precision Guided Munition Market, Sub Segment Analysis
8.4.1. Autonomous
8.4.2. Semi-autonomous
Chapter 9. Global Precision Guided Munition Market, by Launch Platform
9.1. Market Snapshot
9.2. Global Precision Guided Munition Market by Launch Platform, Performance – Potential Analysis
9.3. Global Precision Guided Munition Market Estimates & Forecasts by Launch Platform 2020-2030 (USD Billion)
9.4. Precision Guided Munition Market, Sub Segment Analysis
9.4.1. Land
9.4.2. Airborne
9.4.3. Naval
Chapter 10. Global Precision Guided Munition Market, Regional Analysis
10.1. Top Leading Countries
10.2. Top Emerging Countries
10.3. Precision Guided Munition Market, Regional Market Snapshot
10.4. North America Precision Guided Munition Market
10.4.1. U.S. Precision Guided Munition Market Speed breakdown estimates & forecasts, 2020-2030 Product breakdown estimates & forecasts, 2020-2030 Technology breakdown estimates & forecasts, 2020-2030 Mode of Operation breakdown estimates & forecasts, 2020-2030 Launch Platform breakdown estimates & forecasts, 2020-2030
10.4.2. Canada Precision Guided Munition Market
10.5. Europe Precision Guided Munition Market Snapshot
10.5.1. U.K. Precision Guided Munition Market
10.5.2. Germany Precision Guided Munition Market
10.5.3. France Precision Guided Munition Market
10.5.4. Spain Precision Guided Munition Market
10.5.5. Italy Precision Guided Munition Market
10.5.6. Rest of Europe Precision Guided Munition Market
10.6. Asia-Pacific Precision Guided Munition Market Snapshot
10.6.1. China Precision Guided Munition Market
10.6.2. India Precision Guided Munition Market
10.6.3. Japan Precision Guided Munition Market
10.6.4. Australia Precision Guided Munition Market
10.6.5. South Korea Precision Guided Munition Market
10.6.6. Rest of Asia Pacific Precision Guided Munition Market
10.7. Latin America Precision Guided Munition Market Snapshot
10.7.1. Brazil Precision Guided Munition Market
10.7.2. Mexico Precision Guided Munition Market
10.8. Middle East & Africa Precision Guided Munition Market
10.8.1. Saudi Arabia Precision Guided Munition Market
10.8.2. South Africa Precision Guided Munition Market
10.8.3. Rest of Middle East & Africa Precision Guided Munition Market

Chapter 11. Competitive Intelligence
11.1. Key Company SWOT Analysis
11.1.1. Company 1
11.1.2. Company 2
11.1.3. Company 3
11.2. Top Market Strategies
11.3. Company Profiles
11.3.1. Lockheed Martin Global, Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
11.3.2. Atlas Elektronik GmbH
11.3.3. Raytheon Technologies Corporation
11.3.4. Thales Group
11.3.5. BAE Systems plc
11.3.6. Northrop Grumman Corporation
11.3.7. General Dynamics Corporation
11.3.8. Elbit Systems Ltd
11.3.9. The Boeing Company
11.3.10. MBDA
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

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Data Collection:
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To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
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To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
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Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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