Precision Guided Munition Market (By Product: Tactical Missile, Guided Rockets, Guided Ammunition, Loitering Munition; By Technology: Infrared, Semi-Active Lasers, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030

Published Date : Feb 2022 | No. of Pages : 150+ Pages | Category : Chemical and Material

The global precision guided munition market size was valued at USD 32.67 billion in 2020, and is predicted to be worth around USD 54.17 billion by 2030, registering a CAGR of 5.4% during the forecast period 2022 to 2030.

Precision Guided Munition Market Size 2021 to 2030

Growth Factors

The growing need for extremely accurate munitions for target attacking is anticipated to increase the demand for precision-guided munitions. Moreover, enhancements in precision attacking are likely to support the market. Growing political and territorial conflicts between major economies are likely to encourage the enhancements of their respective military and army operations. Precision attacking techniques are used in the army, air force, and naval forces, thus are likely to influence the market for precision-guided munitions over the forecast period.

Enhancements in military operations and the adoption of advanced war techniques are anticipated to support the market growth in the projected time. Moreover, security measures across the globe are likely to increase the penetration of precision-guided munition. Political and territorial conflicts between major economies have increased the precautionary measures for tactical and military operations. Defense systems in the major economies are focusing on the procurement of advanced war equipment with precise operations. Thus, are likely to have a positive impact on the market over the forecast period.

Report Coverage

Report Scope Details
Market Size US$ 54.17 billion by 2030
Growth Rate CAGR of 5.4% From 2022 to 2030
Largest Market North America
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Technology, Product
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Lockheed Martin; Atlas Elektronik; Raytheon; Thales Group; BAE Systems; Northrop Grumman; General Dynamics; Elbit Systems

By Product Analysis

The tactical missiles segment led the market and accounted for more than 70.5% share of the global revenue. This trend is attributed to tactical missiles’ long-range travel and ability to damage the targets significantly. 

Guided rockets are anticipated to witness moderate growth in the estimated time owing to their low cost and lightweight properties. However, limited or short-range travel by the rockets is anticipated to pose a challenge for the segment growth.

Developments in the guided systems in rockets are expected to increase its penetration in the market during the projected time. The loitering munition product category is anticipated to accelerate at a significant rate owing to its unique feature of loitering around the target and hitting at a precise location.

Guided ammunition including bombs, bullets, mortars, artillery shells is anticipated to grow moderately in the coming period owing to less adoption in the defense systems. Short-range and less destruction at the target location is expected to pose challenging factors for the segment growth over the estimated period.

By Technology Analysis

The Global Positioning System (GPS) segment accounted for the maximum share of more than 70.5% of the global revenue in 2021. The semi-active laser guidance technology segment followed the GPS segment in 2021 due to the high demand.

The technology is used for locating the targets. Fast coordination by illuminating the target for aerial attack is the primary factor for its growing demand for guided weapons. However, semi-active laser guidance for war weapons is likely to be replaced by GPS technology in the estimated time. 

Detection of exact target location with the provision of real-time movement of the targets is likely to increase the popularity of GPS-enabled guided munition for war activities at long range.

Radar homing guidance systems are majorly used for missile guidance that allows missiles to locate the targets autonomously. These systems are attached with radar transceivers and necessary electronics that simplify their locating operations. This guidance system is popular in tactical ballistic missiles.

The infrared-enabled guided munition is expected to grow at a significant rate owing to its low cost and precise location detection. Infrared components attached to the war equipment occupy less space and are light in weight, thus are widely installed in missiles, rockets, and artillery.

By Regional Analysis

Asia Pacific dominated the global market in 2021 with a revenue share of more than 31%. The region is anticipated to continue the same trend growing at the fastest CAGR over the forecast period. China, South Korea, India, North Korea, Pakistan, and Japan are among the largest players ordering tactical warfare.

The growing tensions between the countries in the region and the need to strengthen the defense capabilities are likely to create scope for the precision-guided munition. The growing tension between India and Pakistan has led India to strengthen its defense capabilities with the addition of enhanced missiles including Prithvi, Agni, Brahmos, and others.

The presence of prominent manufacturers in Europe coupled with high investments in the military operation by economies including the U.K., Germany, France, Italy, and Russia are anticipated to upscale the market in Europe. Moreover, military developments in Russia are further likely to develop improved artillery and missiles, thus, is expected to have a positive impact on the regional market.

Key Players

  • Lockheed Martin

  • Atlas Elektronik

  • Raytheon

  • Thales Group

  • BAE Systems

  • Northrop Grumman

  • General Dynamics

  • Elbit Systems

Market Segmentation

  • By Product 

    • Tactical Missile

    • Guided Rockets

    • Guided Ammunition

    • Loitering Munition

  • By Technology 

    • Infrared

    • Semi-Active Lasers

    • Inertial Navigation System (INS)

    • Global Positioning System (GPS)

    • Radar Homing

    • Anti-Radiation

    • Others

  • Regional

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Russia

    • Asia Pacific

      • China

      • India

      • South Korea

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

      • Iran

The precision guided munition market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of precision guided munition market for the base year 2021 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global precision guided munition market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the precision guided munition market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted precision guided munition market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the precision guided munition capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of precision guided munition by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global precision guided munition market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major precision guided munition market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of precision guided munition market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the precision guided munition industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

precision guided munition market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to precision guided munition market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of precision guided munition market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new precision guided munition market. These factors have benefited the growth of the global market for precision guided munition. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for precision guided munition. The global market is segmented on the basis of region, application, end-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of precision guided munition are as follows:

  • History Year: 2019-2020
  • Base Year: 2021
  • Forecast Year 2022  to 2030

Reasons to Purchase this Report:


- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2019-2021) and forecast (2022-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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