The precision guided munition market was estimated to be worth USD 35.6 billion globally in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% over the course of the forecast period. The market is expanding at a substantial rate due to improvements in military operations and combat method advancements. The market is expected to rise rapidly as a result of the increased deployment of security measures in recent years.

Precautionary tactics for tactical and military operations have become more prevalent as a result of political and territorial disputes between major economies. The use of this technology can significantly reduce collateral damage. The epidemic has presented numerous obstacles to this industry's expansion. The defense business suffered during the epidemic, just like every other industry.

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Growth Drivers

The market is expanding as a result of rising geopolitical tensions and wars. Countries are investing in precision weaponry as part of their efforts to modernize their military capabilities in response to border disputes, regional wars, and growing international tensions. Due to their accuracy and lower dangers to infrastructure and civilians, precision and minimally destructive weapons—used in counterterrorism operations and urban warfare—are in high demand.

incorporating network-centric warfare, AI, and ML capabilities into guidance systems. The market is expanding because to advancements in semi-active laser navigation, GPS, INS, and infrared homing technologies. Demand is raised by increased deployment flexibility across domains. Exporters of defense products are increasing their sales to developing countries looking to improve their capabilities.

Segmentation

Precision Guided Munition Market by Product

·         Tactical Missiles

·         Guided Rockets

·         Guided Ammunition

·         Loitering Munition

Precision Guided Munition Market by Technology

·         Infrared

·         Semi-Active Lasers

·         Inertial Navigation System (INS)

·         Global Positioning System (GPS)

·         Radar Homing

·         Anti-Radiation

·         Others

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Key Players

·         Lockheed Martin

·         Atlas Elektronik

·         Raytheon

·         Thales Group

·         BAE Systems

·         Northrop Grumman

·         General Dynamics

·         Elbit Systems

·         Other Players

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