Precision Guided Munition Market worth $41.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 26, 2021 /PRNewswire/ -- According to the new research report, the "Precision Guided Munition Market by Speed (Subsonic, Supersonic, and Hypersonic), Product, Technology, Mode of Operation (Semi-autonomous and Autonomous), Launch Platform (Land, Airborne and Naval) and Region - Forecast to 2026", published by MarketsandMarkets™, is projected to grow from USD 32.8 billion in 2021 to USD 41.0 billion by 2026, at a CAGR of 4.5% from 2021 to 2026. The growing demand for surveillance activities along the attack-prone borders, rising defense spending of emerging economy, increasing incidences of terror attacks and rising number of ongoing inter-country conflicts have led to the growth of Precision guided munitions market.
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The precision guided munition market includes major players Lockheed Martin Corporation (US), Boeing Company (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), and BAE (Uk). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected missile defense system production and services globally in 2020.
Increasing need for defense programs to defend nations against various threats
The performance of US weapon systems is unmatched, ensuring that the US defense forces have a tactical combat advantage over any adversary in any weather condition. The Fiscal Year (FY) 2020 acquisition (Procurement and Research, Development, Test, and Evaluation (RDT&E)) funding requested by the US Department of Defense (DoD) totals USD 247.3 billion, which includes funding in the Base budget and the Overseas Contingency Operations (OCO) fund, totaling USD 143.1 billion for Procurement and USD 104.3 billion for RDT&E. The funding in the budget request represents a balanced portfolio approach to implement the military force objective established by the National Defense Strategy. Of the USD 247.3 billion in the request, USD 83.9 billion finances Major Defense Acquisition Programs (MDAPs), which are acquisition programs that exceed a cost threshold established by the Under Secretary of Defense for Acquisition and Sustainment.
According to the Missile Defense Agency, there has been an increase of over 1,200 additional ballistic missiles over the last 5 years. The total of ballistic missiles outside the US, the North Atlantic Treaty Organization, Russia, and China has risen to over 5,900. Hundreds of launchers and missiles are currently within the range of US deployed forces.
Hence, the increasing need for defense programs by nations to defend against various threats is driving the precision guided munition market.
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260 – Tables
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The weapon system technology segment is projected to grow at the highest CAGR rate for the precision guided munition market during the forecast period.
A weapon system plays an important role in precision guided munition majorly for land, air, and marine platforms. The weapon system segment has been further sub-segmented into interceptors, gun/turret systems, and missile launchers. The weapon system segment is projected to reach USD 40,967 million by 2026. In the Asia Pacific region, this segment is projected to register the highest CAGR of 5.4% during the forecast period.
The hypersonic segment is projected to register the highest CAGR of 5.7% during the forecast period
Based on speed, the precision guided munition market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic precision-guided munitions are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.
The hypersonic missiles threat type segment is projected to grow at the highest CAGR rate for the precision guided munition market during the forecast period.
Based on speed, the precision guided munition market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic precision-guided munitions are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.
By product, the tactical missiles segment is estimated to account for the largest share (41.4%) of the precision guided munition market in 2021
Based on product, the precision guided munition market has been segmented into tactical missiles, guided rockets, guided ammunition, torpedoes, and loitering munitions. Tactical missiles are used for a shorter range and can carry a variety of warheads that can be used for various purposes. They are very versatile and can be fired in various modes, angles, and platforms. These weapons are equipped with guidance technologies that enable them to hit targets with precision.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of precision guided munition market during the forecast period. Major companies such Northrop Grumman Corporation, Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
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