Precision Guided Munition (PGM) is a category of weapons that can be directed and aimed against a single target. PGMs use guidance systems that can either be external or internal. Depending on the weapon, they can be air- or ground-launched and can change their flight path according to new information inputs. PGMs serve two important goals: to degrade or destroy a specific target and to minimize collateral damage to noncombatants, materiel, and facilities near the targeted location. These munitions use advanced global positioning systems, laser guidance, and inertial navigation systems to achieve these goals.

Market Dynamics:

The precision guided munition market is anticipated to exhibit lucrative growth over the forecast period due to the increasing need for accurate strikes, rise in asymmetric warfare, and increasing program for military modernization. The growing use of satellite networks, navigation aids, and drones to destroy high-value targets is another key factor driving the demand for these weapons. Moreover, rising need for advanced weapons systems that deliver precise and accurate strikes on specific targets, the growing asymmetric warfare and geopolitical tensions, and the growing adoption of GPS technology by armed forces across the world are further projected to propel market growth.

However, this growth can be hampered by several restraints, such as the cost of development and production and high maintenance and support costs.

Key features of the study:

• This report provides in-depth analysis of the global precision guided munition market, and provides market size (US$ billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global precision guided munition market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Lockheed Martin Corporation, Northrop Grumman Corporation , Raytheon Technologies Corporation , General Dynamics Corporation, BAE Systems, Rheinmetall AG, SAAB, Elbit Systems Ltd, MBDA, and Israel Aerospace Industries
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global precision guided munition market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global precision guided munition market

Detailed Segmentation:

• Global Precision Guided Munition Market, By Product
  • Tactical Missiles
  • Guided Rockets
  • Guided Ammunition
  • Loitering Munition
• Global Precision Guided Munition Market, By Technology
  • Infrared
  • Semi-Active Laser
  • Inertial Navigation System (INS)
  • Global Positioning System (GPS)
  • Radar Homing
  • Anti-Radiation
  • Others
• Global Precision Guided Munition Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles
  • Lockheed Martin Corporation
  • Northrop Grumman Corporation
  • Raytheon Technologies Corporation
  • General Dynamics Corporation
  • BAE Systems
  • Rheinmetall AG
  • SAAB
  • Elbit Systems Ltd
  • MBDA
  • Israel Aerospace Industries