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Missile Guidance System Market Trends

Report ID: GMI8687
Published Date: Mar 2024
Report Format: PDF

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Missile Guidance System Market Trends

Defense agencies worldwide are increasingly investing in military modernization programs aimed at upgrading their weapon systems and capabilities to maintain strategic superiority and addressing the evolving security challenges. As a result, advanced guided munitions that offer enhanced lethality, versatility, and reliability are gaining traction. For instance, in June 2021, Saab AB, in cooperation with the U.S. Army and Raytheon Missiles & Defense, demonstrated the new Guided Multipurpose Munition (GMM). This enabled the defense to accurately target and engage various threats including armored vehicles, buildings, bunkers, and personnel.

The integration of missile systems into network-centric warfare architectures enables seamless communication, coordination, and interoperability with other weapon systems, sensors, and control assets. Network-centric warfare integration enhances situational awareness, responsiveness, and effectiveness of missile operations by leveraging real-time data sharing and collaborative engagement capabilities. For instance, in June 2021, Rafael Advanced Defense Systems Ltd. unveiled Sea Breaker, a fifth-generation long-range, autonomous, precision-guided missile system, enabling significant attack performance against a variety of high-value maritime and land targets.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of missile guidance system reached USD 925 Million in 2023 and is set to witness 5% CAGR between 2024 and 2032, led by the rising focus on missile technology development.

Beam rider guidance system from guidance system segment dominated with a market share of over 45% in 2023, as it allows for versatility in engagement scenarios and expands the overall operational flexibility of the weapon platform.

Asia Pacific market is expected to maintain a robust CAGR of over 6.5% from 2024 to 2032, driven by rapid economic growth, along with increasing military expenditures.

Thales, Boeing, Lockheed Martin Corporation, Elbit Systems Ltd., General Dynamics Mission Systems, Inc., Raytheon Technologies (RTX), BAE Systems, Honda Motor Co., Ltd. are some of the major industry contenders.