What Are The Future Predictions For The Precision Guided Munition Market In Terms Of Size And Projected Growth Rates?
Escalating innovation in technology and the ongoing expansion in global defense budgets is driving growth in the precision guided munition market. The market size grew from $39.07 billion in 2024 to $43.12 billion in 2025 with a CAGR of 10.4%. Predictions suggest a growth to $63.1 billion in 2029 at a CAGR of 10.0%. Emerging trends include integration of artificial intelligence, modular munition systems for multi-role capabilities, and growth in asymmetric warfare, among others.
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What Is The Main Market Driver For The Fast Growth of The Precision Guided Munition Market?
Primary drivers include increasing military expenditure focused on modernization programs and need for precision-guided munitions to minimize collateral damage and increase lethality. For example, the UK’s defence budget for 2023/24 amounting £54.2 billion ($68.8 billion) is projected to increase to £57.1 billion (70.74 billion) in 2024/25, reflecting a 4.5% rise in real terms.
What Does The Market Segmentation Tell Us About The Precision Guided Munition Market?
The market report is segmented by:
1) Product: Tactical Missiles, Guided Rockets, Guided Ammunition, Torpedoes, Loitering Munitions
2) Technology: Infrared, Semi Active Laser, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation
3) Launch Platform: Land, Airborne, Naval
4) Mode of Operation: Semi-Autonomous, Autonomous
5) Speed: Subsonic, Supersonic, Hypersonic
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Which Are The Major Players Shaping The Precision Guided Munition Market?
Market leaders include Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company, BAE Systems plc, General Dynamics Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., and others.
What Trends Are Emerging In The Precision Guided Munition Market?
Recent trends highlight the focus on developing new technological solutions, such as guided high-explosive ammunition. In October 2023, Northrop Grumman Corporation was contracted by US Navy to develop its recently developed 57mm guided high explosive ammunition for the Mk110 Naval Gun Mount.
Which Is The Largest Region In The Precision Guided Munition Market?
Asia-Pacific was the dominant region in 2024. Other regions include Western Europe, Eastern Europe, North America, South America, and Middle East and Africa.
What Does The Precision Guided Munition Market Report 2025 Offer?
The term ‘precision-guided munition’ refers to weapons that detect electromagnetic energy reflected from a target for precise destruction and minimized collateral damage. Global positioning systems (GPS), laser guidance beams, or an integrated inertial navigation system guide these weapons. The Precision Guided Munition Market research report from The Business Research Company offers global market size, growth rates, regional shares, competitor analysis, segments, trends, and opportunities.
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