Precision Guided Munition - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Precision Guided Munition Market is accounted for $27.40 billion in 2018 and is expected to reach $62.01 billion by 2027 growing at a CAGR of 9.5% during the forecast period. Increasing demand for precision-guided munitions to minimize collateral damage, growing military modernization programs and reduction in logistics burden are some of the factors fuelling the market growth. However, regulations related to arms transfer and high manufacturing costs are restricting the market growth.
Precision guided munitions are a shell fitted with a terminal guidance system for missiles, bombings or artillery. It includes electrical equipment in order to guide before the effect in the last stage. The terminal guidance unit is intended for the sensation within its field of perspective of emitted or reflected EMR (electromagnetic radiation). Because the harmful impacts of explosive weapons reduce with distance owing to inverse cube legislation, even small precision improvements allow a target to be assaulted with fewer or smaller bombs. Thus, even if some guided bombs are missing, fewer air crews are put at risk and may reduce the harm to civilians and the amount of collateral damage.
Based on type, the autonomous segment is estimated to have a lucrative growth due to the growing demand for multi-mission, multi-target precision-strike, and air-to-ground precision weapons. By Geography, Asia Pacific is likely to have a huge demand due to the rising demand for precision-guided munition from defence forces of different countries of the region. China, India, Japan, and South Korea are investing heavily in the development of high strike precision weapons.
Some of the key players profiled in the Precision Guided Munition market include BAE Systems, China North Industries Corporation (Norinco), Denel Dynamics, Elbit Systems, Hanwha Group, Israel Aerospace Industries (IAI) Ltd., KBP Instrument Design Bureau, Kongsberg Gruppen, Leonardo - Societ Per Azioni, LIG Nex 1, Lockheed Martin Corporation, MBDA, Northrop Grumman, Raytheon Company, Roketsan A.S., Saab AB and The Boeing Company.
• Guided Ammunition
• Guided Rockets
• Loitering Munitions
• Tactical Missiles
• Global Positioning System (GPS)
• Inertial Navigation System (INS)
• Radar Homing
• Semi-Active Lasers
• Other Technology
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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