Precision Guided Munitions Market - Introduction

Precision guided munitions is a shell fitted with a terminal guidance system for missiles, bombings or artillery. It includes electrical equipment in order to guide before 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 harm impacts of explosive weapons reduce with distance owing to an 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.

Precision Guided Munitions Market – Competitive Landscape

  • In February 2019, at the Aero India Exhibition in Bangalore, India, IAI introduced Mini Harpy, a newly developed loitering munitions. The Mini Harpy is a field or marine unit tactical scheme. It can be introduced from platforms on land, sea and air.
  • In November 2018, Lockheed Martin established a contract worth USD 25.5 million from the Missile Defense Agency in order to develop its Low Power Laser Demonstrator (LPLD) missile interceptor concept.
  • In October 2018, Raytheon Company and Saab signed a contract with the US Army to show a laser based munitions which is to be used with the Carl-Gustaf shoulder-fired man-portable launcher.

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Lockheed Martin Corporation

Established in 1995, Lockheed Martin Corporation headquartered in Bethesda, Maryland, the U.S. is a global defense, aerospace, security and advanced technologies company which is principally engaged in the research, development, design, manufacture, integration and sustainment of advanced technology products, systems and services.

BAE Systems Plc.

Established in 1999, BAE Systems plc, headquartered in London, U.K., is a multinational defense, security, and aerospace company. The company is the largest defense contractor in Europe. BAE Systems is the successor to various shipbuilding, aircraft, armaments, armored vehicle and defense electronics companies.

Northrop Grumman

Founded in 1994, Northrop Grumman is headquartered in Virginia, the U.S. Northrop Grumman is a global aerospace and defense technology company that manufactures aircraft, spacecraft, high-energy laser systems and microelectronics. This includes protected communications, intelligence, strike operations, electronic warfare, battle management, surveillance and reconnaissance, and missile defense to space science, Earth observation and space exploration.

Some of the significant players in the global precision guided munitions marker are Raytheon Company, Boeing, Israel Aerospace Industries, Rafael Advanced Defense Systems Ltd., Northrop Grumman, BAE Systems Plc., MBDA, L-3 Technologies Inc., Lockheed Martin Corporation, Kongsberg Group, and FN Herstal S.A among others.

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Precision Guided Munitions Market - Dynamics

The growing need for extremely accurate strike ammunition, rising asymmetric warfare, geopolitical disputes, and growing programs for military modernization are some of the primary factors that are driving the growth of precision-guided munitions industry. Many nations focus on raising their R&D expenditure & initiating programs to develop lightweight, portable, and effective precision guns of the next generation. The growing use of satellite networks, navigation aids, and drones to destroy high-value, long-distance objectives and demand for miniaturized guns are some of the key factors that are fueling the demand for precision guided munitions. Autonomous precision guided munitions are fitted with electro-optical and high-resolution cameras that assist identify and guide the car to the goal. It is estimated that the increasing demand for multi-target precision strike, multi-mission guns will boost market growth during the forecast period. However, these weapons are restricted in range and have very complex guidance systems, which can hinder the growth of the global market.

Asia Pacific is anticipated to grow at highest growth rate throughout the forecast period. The growth in this region can be attributed to the increasing demand for precision guided munitions from the defense forces of the various nations such as China, India, Japan, and South Korea. These countries are investing strongly in high-precision munitions growth. 

Precision Guided Munitions Market – Segmentation

The precision guided munitions market can be segmented based on:

  • Product
  • Type
  • Technology
  • Application
  • Geography

Precision Guided Munitions Market Segmentation - By Product

Based on the product, the precision guided munitions market can be fragmented into:

  • Guided Rockets
  • Tactical Missiles
  • Guided Ammunition
  • Loitering Munitions

Precision Guided Munitions Market Segmentation - By Type

Based on the type, the precision guided munitions market can be fragmented into:

  • Autonomous
  • Semi-Autonomous

Precision Guided Munitions Market Segmentation – By Technology

Based on the technology, the precision guided munitions can be fragmented into:

  • Infrared
  • Semi-active Lasers
  • Inertial Navigation System (INS)
  • Radar Homing
  • Global Positioning System (GPS)
  • Anti-radiation
  • Others

Precision Guided Munitions Market Segmentation - By Application

Based on the application, the precision guided munitions market can be fragmented into:

  • Airborne
  • Land-Based
  • Naval

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