PUBLISHER: Aviation & Defense Market Reports (A&D) | PRODUCT CODE: 1486540
PUBLISHER: Aviation & Defense Market Reports (A&D) | PRODUCT CODE: 1486540
Global Precision Guided Munitions Market 2024-2034
The precision-guided munition market is expected to grow from USD 31.03 billion in 2024 to USD 42.00 billion in 2034 at a Compound Annual Growth Rate (CAGR) of 3.07%. This market reflects steady expansion driven by technological advancements and increasing defense expenditures worldwide. Factors such as enhanced accuracy, minimized collateral damage, and the growing demand for efficient military solutions contribute to the growth of this market. This trajectory underscores the enduring importance and evolution of precision-guided munitions in modern defense strategies.
Introduction to Precision Guided Munition Market
The precision-guided munitions (PGMs) market experienced robust growth and innovation, driven by escalating global security threats, technological advancements, and the imperative for militaries to enhance their operational effectiveness while minimizing collateral damage. Precision-guided munitions represent a critical component of modern warfare, offering unparalleled accuracy, lethality, and versatility in engaging both stationary and moving targets with precision. The global proliferation of asymmetric threats, insurgency warfare, and the emergence of non-state actors has underscored the strategic importance of precision-guided munitions in contemporary military operations. These advanced weapons enable militaries to conduct precise and discriminate strikes against high-value targets, terrorist hideouts, and critical infrastructure, while minimizing the risk of civilian casualties and collateral damage. As a result, precision-guided munitions have become indispensable tools for achieving tactical and strategic objectives in a wide range of military operations, including counterterrorism, counterinsurgency, and conventional warfare.
Technology Impact in Precision Guided Munition Market
Technological advancements have played a pivotal role in driving the evolution of precision-guided munitions, enabling manufacturers to develop increasingly sophisticated and capable platforms with enhanced precision, range, and lethality. Significant investments were made in advanced guidance systems, navigation technologies, and target recognition algorithms, enabling precision-guided munitions to operate effectively in complex and contested environments. One of the key trends shaping the precision-guided munitions market is the integration of autonomous and semi-autonomous capabilities into munitions systems. Advancements in artificial intelligence (AI), machine learning (ML), and sensor technologies have enabled precision-guided munitions to autonomously identify, track, and engage targets with minimal human intervention. Autonomous PGMs can adapt to dynamic battlefield conditions, assess collateral damage risks, and optimize mission execution in real-time, thereby enhancing operational flexibility and effectiveness.
Key Drivers in Precision Guided Munitions Market
Several key drivers fuel the growth of the precision-guided munitions market:
1. Military Modernization Initiatives: Increasing military modernization efforts worldwide, particularly in emerging economies, stimulate procurement of advanced weaponry, including precision-guided munitions.
2. Minimized Collateral Damage: Precision-guided munitions offer the advantage of reduced collateral damage compared to conventional munitions, aligning with global efforts to minimize civilian casualties and infrastructure destruction.
3. Enhanced Operational Efficiency: The ability of precision-guided munitions to accurately hit targets with minimal resources improves operational efficiency, reducing the need for large-scale troop deployments and lowering overall mission costs.
4. Air and Naval Platforms: Increased integration of precision-guided munitions into various air and naval platforms, including fighter jets, unmanned aerial vehicles (UAVs), and naval vessels, expands the usage of PGMs.
5. Shift Towards Network-Centric Warfare: The transition towards network-centric warfare emphasizes the importance of precision-guided munitions for achieving synchronized and coordinated military operations, further driving market demand.
Regional Trends in Precision guided Munitions Market
In North America, particularly in the United States, the precision-guided munitions market is characterized by significant investments in research, development, and deployment of advanced weaponry. With extensive defense budgets and a strong emphasis on technological innovation, the U.S. maintains its position as a global leader in precision-guided munitions. The country's defense industrial base, comprising a network of government agencies, defense contractors, and research institutions, drives the development of cutting-edge guidance systems, seekers, and munitions. Collaborative efforts between the public and private sectors ensure the continuous advancement of precision-guided munitions technology, enabling the U.S. military to maintain its strategic edge in modern warfare.
In Europe, regional trends in precision-guided munitions are shaped by collaborative defense initiatives and geopolitical dynamics. Countries within the European Union, such as the United Kingdom, France, and Germany, leverage their defense industrial capabilities and expertise to develop and produce precision-guided munitions. Collaborative efforts, including joint research programs and procurement initiatives, enhance interoperability and standardization across allied forces. Furthermore, initiatives such as the European Defence Fund aim to strengthen Europe's defense industrial base and promote innovation in precision-guided munitions technology. As European countries seek to enhance their collective defense capabilities in response to evolving security challenges, precision-guided munitions play a crucial role in deterring potential adversaries and safeguarding regional stability.
In the Middle East, ongoing conflicts and geopolitical rivalries drive demand for precision-guided munitions among regional actors. Countries such as Saudi Arabia, Israel, and the United Arab Emirates are among the largest buyers of precision-guided munitions in the region, seeking to enhance their military capabilities and counter emerging threats. The proliferation of advanced weaponry, including ballistic missiles, unmanned aerial vehicles (UAVs), and cruise missiles, underscores the critical role of precision-guided munitions in addressing asymmetric threats and safeguarding national security interests. Furthermore, the integration of precision-guided munitions into existing defense systems and platforms reflects the region's commitment to leveraging advanced technology for strategic advantage in a complex and volatile security environment.Overall, regional trends in precision-guided munitions reflect the diverse security priorities and defense capabilities of different regions, shaping the global landscape of modern warfare and strategic competition.
Key Loitering Munitions Program
1. US Loitering Munition: The Marine Corps has granted positions to three companies in a prospective eight-year, $249 million contract for constructing new loitering munition systems for infantry rifle squads. AeroVironment, Anduril Industries, and Teledyne FLIR will vie for delivery orders to produce, test, and supply precision strike capabilities for Marines, extending beyond their lines of sight.
2. Teledyne: Teledyne FLIR's recently launched Rogue 1 loitering munition has been under contract with SOCOM for two years. The company has been engaged in a training and evaluation contract with SOCOM since 2022, fulfilling the Ground Organic Precision Strike System Echelon 0-Air (0A) requirement.
3. Elbit System: Elbit Systems has secured a $95 million contract to provide canister-configured SkyStriker loitering munitions to a European nation.
Table of Contents
Precision Guided Munitions Market Report Definition
Precision Guided Munitions Market Segmentation
By Product
By Technology
By Region
Precision Guided Munitions Market Analysis for next 10 Years
The 10-year precision guided munitions market analysis would give a detailed overview of precision guided munitions market growth, changing dynamics, technology adoption overviews and the overall market attractiveness is covered in this chapter.
Market Technologies of Precision Guided Munitions Market
This segment covers the top 10 technologies that is expected to impact this market and the possible implications these technologies would have on the overall market.
Global Precision Guided Munitions Market Forecast
The 10-year precision guided munitions market forecast of this market is covered in detailed across the segments which are mentioned above.
Regional Precision Guided Munitions Market Trends & Forecast
The regional precision guided munitions market trends, drivers, restraints and Challenges of this market, the Political, Economic, Social and Technology aspects are covered in this segment. The market forecast and scenario analysis across regions are also covered in detailed in this segment. The last part of the regional analysis includes profiling of the key companies, supplier landscape and company benchmarking. The current market size is estimated based on the normal scenario.
North America
Drivers, Restraints and Challenges
PEST
Market Forecast & Scenario Analysis
Key Companies
Supplier Tier Landscape
Company Benchmarking
Europe
Middle East
APAC
South America
Country Analysis of Precision Guided Munitions Market
This chapter deals with the key defense programs in this market, it also covers the latest news and patents which have been filed in this market. Country level 10 year market forecast and scenario analysis are also covered in this chapter.
US
Defense Programs
Latest News
Patents
Current levels of technology maturation in this market
Market Forecast & Scenario Analysis
Canada
Italy
France
Germany
Netherlands
Belgium
Spain
Sweden
Greece
Australia
South Africa
India
China
Russia
South Korea
Japan
Malaysia
Singapore
Brazil
Opportunity Matrix for Precision Guided Munitions Market
The opportunity matrix helps the readers understand the high opportunity segments in this market.
Expert Opinions on Precision Guided Munitions Market Report
Hear from our experts their opinion of the possible analysis for this market.
Conclusions
About Aviation and Defense Market Reports
List of Tables
- Table 1: 10 Year Market Outlook, 2024-2034
- Table 2: Drivers, Impact Analysis, North America
- Table 3: Restraints, Impact Analysis, North America
- Table 4: Challenges, Impact Analysis, North America
- Table 5: Drivers, Impact Analysis, Europe
- Table 6: Restraints, Impact Analysis, Europe
- Table 7: Challenges, Impact Analysis, Europe
- Table 8: Drivers, Impact Analysis, Middle East
- Table 9: Restraints, Impact Analysis, Middle East
- Table 10: Challenges, Impact Analysis, Middle East
- Table 11: Drivers, Impact Analysis, APAC
- Table 12: Restraints, Impact Analysis, APAC
- Table 13: Challenges, Impact Analysis, APAC
- Table 14: Drivers, Impact Analysis, South America
- Table 15: Restraints, Impact Analysis, South America
- Table 16: Challenges, Impact Analysis, South America
- Table 17: Scenario Analysis, Scenario 1, By Region, 2024-2034
- Table 18: Scenario Analysis, Scenario 1, By Product, 2024-2034
- Table 19: Scenario Analysis, Scenario 1, By Technology, 2024-2034
- Table 20: Scenario Analysis, Scenario 2, By Region, 2024-2034
- Table 21: Scenario Analysis, Scenario 2, By Product, 2024-2034
- Table 22: Scenario Analysis, Scenario 2, By Technology, 2024-2034
List of Figures
- Figure 1: Global Precision Guided Munitions Market Forecast, 2024-2034
- Figure 2: Global Precision Guided Munitions Market Forecast, By Region, 2024-2034
- Figure 3: Global Precision Guided Munitions Market Forecast, By Product, 2024-2034
- Figure 4: Global Precision Guided Munitions Market Forecast, By Technology, 2024-2034
- Figure 5: North America, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 6: Europe, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 7: Middle East, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 8: APAC, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 9: South America, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 10: United States, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 11: United States, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 12: Canada, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 13: Canada, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 14: Italy, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 15: Italy, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 16: France, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 17: France, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 18: Germany, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 19: Germany, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 20: Netherlands, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 21: Netherlands, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 22: Belgium, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 23: Belgium, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 24: Spain, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 25: Spain, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 26: Sweden, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 27: Sweden, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 28: Brazil, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 29: Brazil, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 30: Australia, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 31: Australia, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 32: India, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 33: India, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 34: China, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 35: China, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 36: Saudi Arabia, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 37: Saudi Arabia, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 38: South Korea, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 39: South Korea, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 40: Japan, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 41: Japan, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 42: Malaysia, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 43: Malaysia, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 44: Singapore, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 45: Singapore, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 46: United Kingdom, Precision Guided Munitions Market, Technology Maturation, 2024-2034
- Figure 47: United Kingdom, Precision Guided Munitions Market, Market Forecast, 2024-2034
- Figure 48: Opportunity Analysis, Precision Guided Munitions Market, By Region (Cumulative Market), 2024-2034
- Figure 49: Opportunity Analysis, Precision Guided Munitions Market, By Region (CAGR), 2024-2034
- Figure 50: Opportunity Analysis, Precision Guided Munitions Market, By Product (Cumulative Market), 2024-2034
- Figure 51: Opportunity Analysis, Precision Guided Munitions Market, By Product (CAGR), 2024-2034
- Figure 52: Opportunity Analysis, Precision Guided Munitions Market, By Technology (Cumulative Market), 2024-2034
- Figure 53: Opportunity Analysis, Precision Guided Munitions Market, By Technology (CAGR), 2024-2034
- Figure 54: Scenario Analysis, Precision Guided Munitions Market, Cumulative Market, 2024-2034
- Figure 55: Scenario Analysis, Precision Guided Munitions Market, Global Market, 2024-2034
- Figure 56: Scenario 1, Precision Guided Munitions Market, Total Market, 2024-2034
- Figure 57: Scenario 1, Precision Guided Munitions Market, By Region, 2024-2034
- Figure 58: Scenario 1, Precision Guided Munitions Market, By Product, 2024-2034
- Figure 59: Scenario 1, Precision Guided Munitions Market, By Technology, 2024-2034
- Figure 60: Scenario 2, Precision Guided Munitions Market, Total Market, 2024-2034
- Figure 61: Scenario 2, Precision Guided Munitions Market, By Region, 2024-2034
- Figure 62: Scenario 2, Precision Guided Munitions Market, By Product, 2024-2034
- Figure 63: Scenario 2, Precision Guided Munitions Market, By Technology, 2024-2034
- Figure 64: Company Benchmark, Precision Guided Munitions Market, 2024-2034
