Precision Guided Munition Market Size, Share, Industry Trends and Forecast to 2033
This report provides an extensive analysis of the Precision Guided Munition (PGM) market, exploring current trends, market size, growth forecasts, and technological advancements between 2023 and 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $30.00 Billion |
| CAGR (2023-2033) | 6.5% |
| 2033 Market Size | $57.25 Billion |
| Top Companies | Lockheed Martin, Raytheon Technologies, Northrop Grumman, Thales Group |
| Last Modified Date | 27 February 2025 |
Precision Guided Munition Market Overview
What is the Market Size & CAGR of Precision Guided Munition market in 2023?
Precision Guided Munition Industry Analysis
Precision Guided Munition Market Segmentation and Scope
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Precision Guided Munition Market Analysis Report by Region
Europe Precision Guided Munition Market Report:
The European market is anticipated to grow from $10.54 billion in 2023 to $20.12 billion by 2033. The ongoing tensions in Eastern Europe and emphasis on NATO defense capabilities drive substantial investments in PGMs among member countries.Asia Pacific Precision Guided Munition Market Report:
In the Asia Pacific region, the Precision Guided Munition market is expected to grow from $5.70 billion in 2023 to $10.87 billion in 2033. This growth is propelled by increasing military spending in countries like India, China, and Japan, along with a focus on modernizing defense forces.North America Precision Guided Munition Market Report:
North America remains the largest market, with an expected growth from $9.96 billion in 2023 to $19.01 billion in 2033. The U.S. continues to lead innovations in PGMs, significantly influencing market trends through contracts and military collaborations.South America Precision Guided Munition Market Report:
The South American market is projected to expand from $2.31 billion in 2023 to $4.41 billion by 2033. The growth is supported by rising defense budgets, particularly in Brazil and Colombia, as they seek enhanced military capabilities.Middle East & Africa Precision Guided Munition Market Report:
The Middle East and Africa region is set to expand from $1.49 billion in 2023 to $2.83 billion by 2033. The demand is fueled by conflicts in the region, with countries like Saudi Arabia and the UAE investing heavily in precision-guided technologies.Request a custom research report for industry.
Precision Guided Munition Market Analysis By Product Type
Global Precision-Guided Munitions Market, By Product Type Market Analysis (2024 - 2033)
The market for guided bombs is sizable, estimated at $18.49 billion in 2023, growing to $35.28 billion by 2033. Guided missiles follow with sizes of $7.43 billion in 2023, expected to rise to $14.17 billion. Other varieties like naval and aerial systems also show significant expansion, reflecting the diverse nature of military needs.
Precision Guided Munition Market Analysis By Platform
Global Precision-Guided Munitions Market, By Platform Market Analysis (2024 - 2033)
Land platforms are robust, representing a significant share of the market with $18.49 billion in 2023, expected to hit $35.28 billion by 2033. Air-based platforms also carry a notable market presence, projected to scale from $7.43 billion to $14.17 billion, highlighting the demand for aerial superiority in contemporary warfare.
Precision Guided Munition Market Analysis By Launching System
Global Precision-Guided Munitions Market, By Launching System Market Analysis (2024 - 2033)
The ground launch systems segment is projected to enjoy healthy growth, moving from $18.49 billion in 2023 to $35.28 billion by 2033. This reflects broader trends favoring land-based attack systems. Air launch systems, though smaller in size, will see significant growth as well, from $7.43 billion to $14.17 billion.
Precision Guided Munition Market Analysis By End User
Global Precision-Guided Munitions Market, By End User Market Analysis (2024 - 2033)
The end-user segment predominantly comprises defense agencies, making up an overwhelming share at 81.18% in 2023 and projected to remain steady. Commercial users are a smaller segment, growing from $5.65 billion in 2023 to $10.77 billion by 2033, indicating diversified applications in civilian contexts.
Precision Guided Munition Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Precision Guided Munition Industry
Lockheed Martin:
A leading American aerospace and defense company known for its advanced missile and weapon systems, Lockheed Martin plays a vital role in the development of PGMs.Raytheon Technologies:
Renowned for its precision weapon systems, Raytheon is a key player in the PGM market, providing innovative solutions with a focus on guided missiles.Northrop Grumman:
With a strong emphasis on advanced defense technologies, Northrop Grumman significantly contributes to the PGM sector, particularly in unmanned systems.Thales Group:
A French multinational that specializes in electrical systems for aerospace and defense, Thales offers state-of-the-art munitions with high accuracy.We're grateful to work with incredible clients.
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FAQs
What is the market size of precision Guided Munition?
The precision-guided munition market is projected to grow exponentially, reaching $30 billion by 2033, with a CAGR of 6.5% over the next decade. This growth is indicative of the rising demand and advancements in military technology.
What are the key market players or companies in this precision Guided Munition industry?
Key players in the precision-guided munition industry include Lockheed Martin, Raytheon Technologies, Northrop Grumman, Boeing, and BAE Systems. These companies are instrumental in driving innovation and enhancing the capabilities of precision-guided munitions.
What are the primary factors driving the growth in the precision Guided munition industry?
Growth in the precision-guided munition industry is driven by the increasing demand for advanced military technologies, the emphasis on defense modernization, geopolitical tensions, and the need for accurate targeting systems in complex operational environments.
Which region is the fastest Growing in the precision Guided munition?
The fastest-growing region in the precision-guided munition market is expected to be North America, with projected growth from $9.96 billion in 2023 to $19.01 billion by 2033. Other regions like Europe and Asia Pacific also show significant growth potential.
Does ConsaInsights provide customized market report data for the precision Guided munition industry?
Yes, ConsaInsights offers customized market report data tailored to the precision-guided munition industry, allowing clients to access specific insights and analytics that meet their unique business needs and strategic objectives.
What deliverables can I expect from this precision Guided munition market research project?
From this precision-guided munition market research project, you can expect detailed reports that include market size analysis, growth forecasts, competitive landscape assessments, regional breakdowns, and insights into key trends and consumer behavior.
What are the market trends of precision Guided munition?
Current market trends in precision-guided munitions include rising investments in R&D, increasing integration of artificial intelligence, shifts towards unmanned systems, and emphasis on cost-effective technologies to enhance operational capabilities.