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Report Overview
The precision guided munition market size reached around USD 36.73 Billion in 2024. The market is projected to grow at a CAGR of 8.20% between 2025 and 2034 to reach nearly USD 80.78 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Precision Guided Munition Market Analysis
The rising demand for highly accurate strike ammunition, increased asymmetric warfare, geopolitical tensions, and the rising number of programmes are some of the main drivers of the expansion of the guided precise munitions industry. Most countries focus on increasing their R&D budgets and introducing projects to create the next-generation lightweight, compact, and effective precision weapons. The increasing use of satellite, navigational and drone networks to kill high-value, long-range targets, and the demand for miniature weapons are the key factors that fuel the demand for precision-guided munitions. Autonomous precision-guided munitions are equipped with high-resolution, electro-optical cameras, which help to identify as well as guide the car. The growing demand for multi-target accuracy and multi-mission weapons is expected to fuel the market growth during the forecast period. However, such weapons are limited in scope and have extremely complex guidelines that can prevent the global market from growing.
Precision Guided Munition Market Report Snapshots
Precision Guided Munition Market Size
Precision Guided Munition Market Analysis
Precision Guided Munition Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market attained a value of nearly USD 36.73 Billion.
The market is assessed to grow at a CAGR of 8.20% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach about USD 80.78 Billion by 2034.
The major drivers of the market include rising disposable incomes, increasing population, rising number of military modernisation programs, growing demand for highly accurate strike ammunition, and the rising demand for multi-target accuracy and multi-mission weapons.
Increased research and development activities, rising demand for next-generation lightweight, compact, and effective precision weapons, increased asymmetric warfare, and rising geopolitical tensions are key trends guiding the growth of the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions in the market.
The speeds of precision guided munition in the market are hypersonic and non-hypersonic.
The significant products in the market are tactical missiles, guided rockets, guided ammunition, and loitering munition.
The major technologies of precision guided munition in the market are infrared, semi-active lasers, inertial navigation system (INS), global positioning system (GPS), radar homing, and anti-radiation, among others.
The leading players in the global precision guided munition market are BAE Systems plc, Lockheed Martin Corporation, Leonardo S.p.A, Elbit Systems Ltd., Hanwha Corporation, Raytheon Technologies Corporation, and The Boeing Company, among others.
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