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Precision Guided Munition Market 2020: Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast To 2026

Author : Ronak Bora | Published Date : 2020-08-28 

Robust use of inertial navigation systems to favor precision guided munition market outlook over 2026. Burgeoning military spending and investments endorsed by nations worldwide is anticipated to spur precision guided munition market size. Precision guided munition (PGM) has gained significance over the years. The technology is capable of destroying a specific target with minimum damage to the surrounding environment.

Extensive spending in the defense sector could favor the adoption of PGM. In fact, a report by Stockholm International Peace Research Institute (SIPRI) suggests that military expenditure is likely to surpass over US$2 trillion by the year 2022.

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Incorporation of advanced technologies like AI (Artificial Intelligence) in smart weapon systems could further favor product penetration. In 2019, Rafael Advanced Defense System Ltd. integrated AI into Spice Bombs that communicates with the automatic target recognition system used with scene matching technology. Apparently, the technology uploads terrain data onto the bomb, which is later combined with real-time electro-optic imagery, allowing weapons to operate in environments that lack the availability of GPS.

Escalating defense budget and upgradation of weapons technology could thereby aid new advancement in precision guided munition. A study conducted by Global Market Insights, Inc., meanwhile estimates that the precision guided munition market may surpass US$45 billion by 2026.

Inertial Navigation System (INS) segment is expected to record a major share in the PGM industry. In 2019, the segment registered over 30% of the business share, likely due to its offered features like continuous evaluation of a moving vehicle’s position, orientation, and velocity with respect to the Earth’s surface. Rigged to guided missiles, the system offers enhanced navigation by making use of accelerometers and gyroscopes.

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Meanwhile, as a vital technology for the air defense sector, airborne specific precision guided munition segment is anticipated to amass about 8% CAGR over 2026. Nations worldwide are spending heavily on the development of advanced airborne precision guided weapons that are capable of neutralizing enemy aircraft.

Reports claim that, in 2020, the military of China stated the development of a new airborne laser system that uses directional-emission high-energy laser to destroy aerial targets like drones, guided bombs, photoelectric guidance equipment and mortars.

Alike China, Asia Pacific is anticipated to record a 10% CAGR over 2026. Pouring investments in the defense sector may significantly support regional PGM developers. Active engagements in development and testing operations may help with the procurement of new guided weapon systems that are capable of offering high accuracy with extended features.

In 2018, India developed HELINA helicopter-launched ATGM (Anti-Tank Guided Missile) and SAAW (Smart Anti-Airfield Weapon) that saw successfully testing form the DRDO (the Defense Research and Development Organization).

Meanwhile, on a global scale, Thales Group, Aerojet Rocketdyne, Israel Aerospace Industries, Elbit Systems Ltd., Grumman Corporation, Boeing, Kongsberg, L3Harris Corporation, Hanwha Corporation, Leonardo S.p.A., Lockheed Martin Corp., MBDA, General Dynamics Corporation, Northrop Raytheon Company, Rheinmetall AG, Saab AB, and BAE Systems are some of the leading manufacturers on PGM.

Table Of Content

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definitions

1.1.6. Methodology & forecast parameters

1.2.  Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2.   Executive Summary

2.1.  Precision guided munition industry 360º synopsis, 2015 – 2026

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Munition type trends

2.1.4. System trends

2.1.5. Type trends

2.1.6. End-use trends

Chapter 3.   Precision Guided Munition Industry Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2015 – 2026

3.4.  Market evolution

3.5.  Industry ecosystem analysis

3.6.  Technology & innovation landscape

3.7.  Regulatory landscape

3.8.  Industry impact forces

3.8.1. Growth drivers

3.8.1.1.   Change in investment trends of government

3.8.1.2.   Rise in defense budget

3.8.1.3.   Need of upgrading outdated defense system

3.8.1.4.   Political insurgencies and cross border conflicts

3.8.1.5.   Introduction of new technologies

3.8.2. Industry pitfalls & challenges

3.8.2.1.   Various treaties limiting the market scope

3.8.2.2.   Limited client base and high involvement of government bodies

3.9.  Growth potential analysis, 2019

3.10. Porter’s analysis

3.11. PESTEL analysis

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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