The precision guided munition (PGM) market is witnessing rapid growth, driven by the increasing demand for more accurate, efficient, and cost-effective weapons in modern defense operations. PGMs, which use GPS, laser, and infrared guidance systems to enhance targeting accuracy, are transforming how military forces engage targets. These technologies offer significant advantages in precision strikes, minimizing collateral damage, and improving operational effectiveness.

According to Stratview Research, the precision guided munition market was estimated at USD 33.1 billion in 2021 and is likely to grow at a CAGR of 5.85% during 2022-2028 to reach USD 49.11 billion in 2028. Several key factors are driving this growth:

1. Rising Military Expenditure: Increasing global defense budgets are fueling the demand for advanced weapons systems, including PGMs. Countries are increasingly investing in PGMs for both precision strikes and counter-terrorism operations. The ability to strike with high accuracy from a distance, without causing extensive damage to surrounding infrastructure, makes PGMs a preferred option in modern warfare.

2. Technological Advancements in Guidance Systems: The evolution of guidance systems is a major driver of the PGM market. GPS-guided bombs, laser-guided missiles, and infrared-guided rockets are becoming more precise and versatile. Advancements in miniaturization, sensor technologies, and improved targeting algorithms are making PGMs even more reliable. The development of autonomous PGMs that can identify and engage targets without human intervention is also contributing to the growth of the market.

3. Increasing Focus on Counterterrorism Operations: PGMs are increasingly being used in counterterrorism operations due to their high accuracy and low collateral damage. These munitions enable military forces to neutralize high-value targets such as terrorist leaders and enemy installations with minimal risk to civilian infrastructure. The ongoing conflicts in the Middle East and Africa, along with the rise of non-state actors, are driving the demand for PGMs in these regions.

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North America is expected to dominate the PGM market, driven by the United States' strong defense capabilities and continued investment in advanced munitions. Europe and Asia-Pacific are also experiencing growth, with countries like Russia, China, and India increasing their focus on modernizing their defense arsenals.

In conclusion, the PGM market is poised for strong growth, driven by technological advancements, increasing military expenditures, and the need for more precise and effective weapons in modern warfare. As the defense industry continues to evolve, PGMs will play an increasingly critical role in shaping the future of military operations.