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Precision Guided Munition Market Size

Report ID: GMI4597
Published Date: Sep 2023
Report Format: PDF

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Precision Guided Munition Market Size

Precision Guided Munition Market size was valued at over USD 33.2 billion in 2022 and is estimated to register a CAGR of over 6% between 2023 and 2032 due to the expanding defense budgets worldwide. The increase in defense spending by governments is being driven by rising geopolitical tensions and the need to modernize military capabilities. The accuracy and efficiency provided by Precision Guided Munition (PGM) have become a strategic priority for armed forces.

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Precision Guided Munition (PGM) refers to advanced military ordnance equipped with precise guidance systems, enabling the accurate targeting of specific objectives such as enemy vehicles or facilities. PGMs significantly enhance military effectiveness by reducing collateral damages and increasing mission success rates, making them a crucial component of modern warfare strategies.

Precision Guided Munition Market Report Attributes
Report Attribute	Details
Base Year:	2022
Precision Guided Munition Market Size in 2022:	USD 33.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6%
2032 Value Projection:	USD 60 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	388
Segments covered:	Munition Type, System, Type, Speed, End Use & Region
Growth Drivers:	Changing government investment trends Expansion in defense budgets The need to upgrade outdated defense systems Political insurgencies and cross-border conflicts Introduction of new technologies
Pitfalls & Challenges:	Various treaties limiting the markets scope Limited client base and the growing involvement of government bodies

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Various international treaties and agreements, such as arms control & non-proliferation pacts, place restrictions on the sale, transfer, and use of Precision Guided Munitions (PGMs). These limitations can hinder the industry gains by reducing the potential export opportunities and imposing strict regulations on technology transfers.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Global market size for precision guided munition crossed USD 33.2 billion in 2022 and will register over 6% CAGR from 2023-2032 due to the increasing defense spending by governments, driven by rising geopolitical tensions and the higher need to modernize military capabilities worldwide.

The inertial navigation system (INS) segment recorded over USD 10 billion in 2022 on account of advantages, such as high accuracy & reliability.

The semi-autonomous type segment held over 80% revenue share of the industry in 2022 owing to the ability to offer balance between human control and automation, enhancing precision while maintaining flexibility.

Aerojet Rocketdyne, Bharat Dynamics Limited, Elbit Systems Ltd., General Dynamics Corporation, Hanwha Corporation, Israel Aerospace Industries, Kongsberg, and L3Harris Technologies Inc. are some of the major precision guided munition companies worldwide.