PRECISION GUIDED MUNITION MARKET ANALYSIS

Market News

Global Precision Guided Munition Market: Key Developments

• In October 2020, Raytheon Technologies Corporation’s Storm Breaker smart weapon got approval from the U.S. Air Force's Air Combat Command to be installed at F-15 Eagle fighting aircraft for defense use. The approval is expected to increase the product installation on the said fighting aircraft, thereby strengthening the company’s market positioning in the U.S. Airforce and among international players.
• In March 2020, Raytheon Technologies Corporation launched a new variant in its Excalibur precision- guided munition product portfolio by the name of Excalibur S. The newly launched Excalibur variant can switch from GPS guidance to laser guidance, thus following the commands of an operator on the ground to hit a moving target. It is thus expected to strengthen the company’s product portfolio in the U.S. as well as in the international defense market.
• In March 2021, BAE Systems was awarded a contract of USD 16 million by the BAE Office of Secretary of Defense (OSD) / Strategic Capabilities Office (SCO) along with support from the U.S. Army to demonstrate the lethality of its hypervelocity projectile (HPV) munition system. The contract is aimed to improve and enhance the company’s HVP system starting 2021 to 2022.
• In March 2021, BAE Systems acquired Pulse Power and Measurement Limited (PPM), an independent developer and manufacturer of high-end electronics. The acquisition is expected to strengthen the use of radio frequencies systems across a range of applications for commercial and military customers.
• In May 2021, Lockheed Martin Corporation’s precision strike missile completed the longest flight to date. Long-range precision strike missile LrSM demonstrated a flight range of 400 kilometers is one of the three demonstrations that is expected to take place in 2021 as a part of the Enhanced Technology Maturation and Risk Reduction (ETMRR) phase of the development program, which in turn is expected to boost the adoption LrSM in the global market.
• In December 2020, Lockheed Martin Corporation acquired Aerojet Rocketdyne Holdings, Inc., a rocket, and missile propulsion manufacturer. The acquisition is expected to enhance Lockheed Martin Corporation’s support for critical U.S. and allied security missions and strengthening its market positioning in space and hypersonic technology used in missiles and rockets.