Precision Guided Munition Market Size Worth $51.2 Billion By 2028

Precision Guided Munition Market Growth & Trends

The global precision guided munition market size is expected to reach USD 51.2 billion in 2028, expanding at a CAGR of 6.1% from 2020 to 2028, according to a new report by Grand View Research Inc. Growing need for extremely accurate munitions for target attacking is anticipated to increase the demand for precision guided munitions. Moreover, enhancements in precision attacking are likely to support the market growth.

Growing political and territorial conflicts between major economies are likely to encourage the enhancements of their respective military and army operations. Precision attacking techniques are used in the army, air force, and naval forces, thus are likely to drive the market for precision guided munitions over the forecast period.

Technological advancements in attacking components including missiles, rockets, mortars, artillery shells, bombs, and bullets to incorporate advanced positioning technologies are expected to enhance the market growth. Global Positioning System (GPS) and semi-active lasers systems are popular positioning techniques to keep track of the targeted location for the attack.

Prominent players are investing heavily in R&D activities to develop advanced technology war equipment. Moreover, ammunition manufacturers are focusing on the installation of a guiding mechanism in the components.

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Precision Guided Munition Market Report

Precision Guided Munition Market Report Highlights

• By product, tactical missiles are projected to witness significant growth over the forecast period on account of their increasing usage in all types of attacking mechanism. Surface to surface and air to air tactical missiles are gaining popularity in the warfare equipment
• In U.S., the market size was valued at USD 4.80 billion in 2019 and is expected to witness considerable growth over the forecast period owing to increasing expenditures on military upgrade and enhancement in the attack equipment
• Based on technology, the Global Positioning System (GPS) led the market in 2019 and is expected to witness the highest growth over the forecast period on account of its prominent location tracking for the war equipment
• In 2019, semi-active laser positioning technology accounted for the second largest share owing to its prominence in the target positioning. Modern missiles and rockets are installed with these positioning mechanisms for guidance to the exact location
• Conflicts between U.S. and Iran are anticipated to enhance the military capabilities of the respective economies. This is expected to drive the market for precision guided munition in the foreseeable future.