
Precision Guided Munition Market
Precision Guided Munition Market Forecasts to 2030 - Global Analysis By Product Type (Tactical Missiles, Guided Bombs, Guided Rockets and Other Product Types), Warhead Type (Fragmentation, High Explosive and Other Warhead Types), Mode of Operation, Platform, Propulsion Speed, Technology and By Geography

According to Stratistics MRC, the Global Precision Guided Munition Market is accounted for $37.7 billion in 2023 and is expected to reach $57.4 billion by 2030 growing at a CAGR of 6.2% during the forecast period. Precision guided munition are advanced military weapons equipped with guidance systems that enable precise targeting and delivery of ordnance to designated objectives. Utilizing technologies such as GPS, laser, or inertial guidance, PGMs significantly enhance accuracy and effectiveness while minimizing collateral damage. These munitions are crucial for modern warfare, offering increased precision and reduced risk to civilians and friendly forces.
According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure reached $1.98 trillion in 2020, reflecting a 2.6% increase from 2019. The United States, China, and India emerged as the top three countries in terms of military spending.
Market Dynamics:
Driver:
Increasing defense budgets globally
Increasing defense budgets globally are a significant driver for the precision guided munition market. As countries allocate more funds towards military modernization and procurement, the demand for advanced precision-guided weapons rises. These munitions offer enhanced accuracy, minimize collateral damage, and enable strategic strikes. The growing investments in defense capabilities, particularly in regions with heightened security concerns, fuel the adoption of precision-guided munitions, thereby contributing to market growth.
Restraint:
Accuracy of autonomous systems
While advancements have been made in guidance and navigation technologies, ensuring consistent precision remains a challenge. Factors such as signal interference, environmental conditions, and countermeasures can affect the accuracy of autonomous munitions. Stringent testing and validation processes are required to guarantee reliable performance, which can prolong development timelines and increase costs, thereby restraining market growth.
Opportunity:
Rising geopolitical tensions
Conflicts, territorial disputes, and regional instability create a demand for advanced weaponry, including precision-guided munitions. Countries seek to strengthen their military capabilities to deter threats and maintain strategic advantages. The escalating tensions drive the procurement of precision-guided munitions, as they provide a means to strike targets with high accuracy and minimize the risk of escalation, thereby opening up growth opportunities in the market.
Threat:
Volatile defense budgets
Volatile defense budgets pose a threat to the precision guided munition market. Economic uncertainties, shifting political priorities, and competing domestic demands can lead to fluctuations in defense spending. Sudden budget cuts or reallocations can impact the procurement and development of precision-guided munitions. The unpredictability of defense budgets makes long-term planning and investment decisions challenging for manufacturers and suppliers, potentially hindering market stability and growth prospects.
Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the precision guided munition market. While defense budgets faced pressure due to economic challenges, the need for advanced weaponry persisted. Supply chain disruptions and production delays affected the delivery of components and systems. However, the pandemic also accelerated the adoption of unmanned and remote-controlled platforms, driving demand for compatible precision-guided munitions.
The global positioning system (GPS) segment is expected to be the largest during the forecast period
The Global Positioning System (GPS) segment is expected to dominate the precision guided munition market during the forecast period. GPS technology provides accurate positioning and guidance capabilities, enabling precise targeting and navigation of munitions. The widespread availability and reliability of GPS infrastructure make it a preferred choice for many precision-guided weapon systems. The integration of GPS receivers into munitions enhances their accuracy and effectiveness, making them suitable for a wide range of military applications. As countries modernize their arsenals and seek reliable guidance solutions, the GPS segment is poised to capture a significant market share.
The airborne segment is expected to have the highest CAGR during the forecast period
The airborne segment is anticipated to exhibit the highest compound annual growth rate in the precision guided munition market during the forecast period. Airborne platforms, such as fighter jets, bombers, and unmanned aerial vehicles (UAVs), are increasingly employing precision-guided munitions for strategic strikes and close air support missions. The growing demand for air-launched precision weapons, coupled with advancements in airborne guidance systems and the miniaturization of components, is driving the rapid growth of this segment.
Region with largest share:
North America, particularly the United States, is expected to hold the largest share in the precision guided munition market during the forecast period. The region's dominance can be attributed to its significant defense expenditures, technological advancements, and the presence of major defense contractors. The U.S. military's emphasis on precision strikes and minimizing collateral damage has driven the development and procurement of advanced precision-guided munitions. Moreover, the region's ongoing military modernization programs and its involvement in global security operations further contribute to its market leadership.
Region with highest CAGR:
The Asia Pacific region is projected to experience the highest CAGR in the precision guided munition market during the forecast period. The region's growth can be attributed to increasing defense spending by countries such as China, India, Japan, and South Korea. The modernization of military forces and the pursuit of advanced weapon systems are key drivers for the adoption of precision-guided munitions in the region. Additionally, ongoing territorial disputes and regional security concerns are fueling the demand for precise strike capabilities. Asia's expanding defense industry, technological advancements, and the presence of emerging players further contribute to its rapid market growth.
Key players in the market
Some of the key players in Precision Guided Munition Market include Atlas Elektronik, BAE Systems plc, EDGE Group, Elbit Systems Ltd., General Atomics, General Dynamics Corporation, Hanwha Group, Israel Aerospace Industries Ltd., Kongsberg Gruppen, L3 Technologies Inc., Leonardo S.p.A., Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Rheinmetall AG, RTX Corporation, Saab AB, Thales Group and The Boeing Company.
Key Developments:
In November 2023, GA-ASI partnered with EDGE to integrate UAE-made smart weapons like the Desert Sting, Thunder and Al Tariq precision munitions onto the MQ-9B SkyGuardian drone platform.
In November 2023, EDGE signed deals with the Brazilian Navy and UAE Armed Forces to supply their MANSUP anti-ship PGMs.
In October 2023, the U.S. Navy awarded Northrop Grumman a development contract for their newly designed 57mm guided high explosive ammunition. This PGM has the ability to continuously maneuver in-flight towards a target using on-board seekers and fuzes.
Product Types Covered:
• Tactical Missiles
• Guided Bombs
• Guided Rockets
• Loitering Munitions
• Other Product Types
Warhead Types Covered:
• Fragmentation
• High Explosive
• Penetrator
• Thermobaric
• Other Warhead Types
Mode of Operations Covered:
• Autonomous
• Semi-Autonomous
Platforms Covered:
• Airborne
• Naval
• Land-based
Propulsion Speeds Covered:
• Subsonic
• Supersonic
• Hypersonic
Technologies Covered:
• Infrared
• Anti-Radiation
• Global Positioning System (GPS)
• Inertial Navigation System (INS)
• Radar Homing
• Semi-Active Laser
• Other Technologies
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Precision Guided Munition Market, By Product Type
5.1 Introduction
5.2 Tactical Missiles
5.3 Guided Bombs
5.4 Guided Rockets
5.5 Loitering Munitions
5.6 Other Product Types
6 Global Precision Guided Munition Market, By Warhead Type
6.1 Introduction
6.2 Fragmentation
6.3 High Explosive
6.4 Penetrator
6.5 Thermobaric
6.6 Other Warhead Types
7 Global Precision Guided Munition Market, By Mode of Operation
7.1 Introduction
7.2 Autonomous
7.3 Semi-Autonomous
8 Global Precision Guided Munition Market, By Platform
8.1 Introduction
8.2 Airborne
8.2.1 Fixed-wing Aircraft
8.2.2 Rotary-wing Aircraft
8.2.3 UAVs/Drones
8.3 Naval
8.3.1 Surface Vessels
8.3.2 Submarines
8.4 Land-based
9 Global Precision Guided Munition Market, By Propulsion Speed
9.1 Introduction
9.2 Subsonic
9.3 Supersonic
9.4 Hypersonic
10 Global Precision Guided Munition Market, By Technology
10.1 Introduction
10.2 Infrared
10.3 Anti-Radiation
10.4 Global Positioning System (GPS)
10.5 Inertial Navigation System (INS)
10.6 Radar Homing
10.7 Semi-Active Laser
10.8 Other Technologies
11 Global Precision Guided Munition Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Atlas Elektronik
13.2 BAE Systems plc
13.3 EDGE Group
13.4 Elbit Systems Ltd.
13.5 General Atomics
13.6 General Dynamics Corporation
13.7 Hanwha Group
13.8 Israel Aerospace Industries Ltd.
13.9 Kongsberg Gruppen
13.10 L3 Technologies Inc.
13.11 Leonardo S.p.A.
13.12 Lockheed Martin Corporation
13.13 MBDA
13.14 Northrop Grumman Corporation
13.15 Rheinmetall AG
13.16 RTX Corporation
13.17 Saab AB
13.18 Thales Group
List of Tables
1 Global Precision Guided Munition Market Outlook, By Region (2021-2030) ($MN)
2 Global Precision Guided Munition Market Outlook, By Product Type (2021-2030) ($MN)
3 Global Precision Guided Munition Market Outlook, By Tactical Missiles (2021-2030) ($MN)
4 Global Precision Guided Munition Market Outlook, By Guided Bombs (2021-2030) ($MN)
5 Global Precision Guided Munition Market Outlook, By Guided Rockets (2021-2030) ($MN)
6 Global Precision Guided Munition Market Outlook, By Loitering Munitions (2021-2030) ($MN)
7 Global Precision Guided Munition Market Outlook, By Other Product Types (2021-2030) ($MN)
8 Global Precision Guided Munition Market Outlook, By Warhead Type (2021-2030) ($MN)
9 Global Precision Guided Munition Market Outlook, By Fragmentation (2021-2030) ($MN)
10 Global Precision Guided Munition Market Outlook, By High Explosive (2021-2030) ($MN)
11 Global Precision Guided Munition Market Outlook, By Penetrator (2021-2030) ($MN)
12 Global Precision Guided Munition Market Outlook, By Thermobaric (2021-2030) ($MN)
13 Global Precision Guided Munition Market Outlook, By Other Warhead Types (2021-2030) ($MN)
14 Global Precision Guided Munition Market Outlook, By Mode of Operation (2021-2030) ($MN)
15 Global Precision Guided Munition Market Outlook, By Autonomous (2021-2030) ($MN)
16 Global Precision Guided Munition Market Outlook, By Semi-Autonomous (2021-2030) ($MN)
17 Global Precision Guided Munition Market Outlook, By Platform (2021-2030) ($MN)
18 Global Precision Guided Munition Market Outlook, By Airborne (2021-2030) ($MN)
19 Global Precision Guided Munition Market Outlook, By Fixed-wing Aircraft (2021-2030) ($MN)
20 Global Precision Guided Munition Market Outlook, By Rotary-wing Aircraft (2021-2030) ($MN)
21 Global Precision Guided Munition Market Outlook, By UAVs/Drones (2021-2030) ($MN)
22 Global Precision Guided Munition Market Outlook, By Naval (2021-2030) ($MN)
23 Global Precision Guided Munition Market Outlook, By Surface Vessels (2021-2030) ($MN)
24 Global Precision Guided Munition Market Outlook, By Submarines (2021-2030) ($MN)
25 Global Precision Guided Munition Market Outlook, By Land-based (2021-2030) ($MN)
26 Global Precision Guided Munition Market Outlook, By Propulsion Speed (2021-2030) ($MN)
27 Global Precision Guided Munition Market Outlook, By Subsonic (2021-2030) ($MN)
28 Global Precision Guided Munition Market Outlook, By Supersonic (2021-2030) ($MN)
29 Global Precision Guided Munition Market Outlook, By Hypersonic (2021-2030) ($MN)
30 Global Precision Guided Munition Market Outlook, By Technology (2021-2030) ($MN)
31 Global Precision Guided Munition Market Outlook, By Infrared (2021-2030) ($MN)
32 Global Precision Guided Munition Market Outlook, By Anti-Radiation (2021-2030) ($MN)
33 Global Precision Guided Munition Market Outlook, By Global Positioning System (GPS) (2021-2030) ($MN)
34 Global Precision Guided Munition Market Outlook, By Inertial Navigation System (INS) (2021-2030) ($MN)
35 Global Precision Guided Munition Market Outlook, By Radar Homing (2021-2030) ($MN)
36 Global Precision Guided Munition Market Outlook, By Semi-Active Laser (2021-2030) ($MN)
37 Global Precision Guided Munition Market Outlook, By Other Technologies (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY

We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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