Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Precision Guided Munition Market Size

The global precision guided munition market attained a value of USD 36.73 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.2% to reach USD 74.62 billion by 2032. The market is expected to be driven by the rising number of military modernisation programs.

 

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

The global precision guided munition market reached a value of USD 36.73 billion in 2023.

The market is projected to grow at a CAGR of nearly 8.2% in the forecast period of 2024-2032.

The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of over USD 74.62 billion by 2032. 

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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