Market Overview

The Precision Guided Munition market is predicted to develop at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2034, when it is projected to reach USD 63,624.74 Million in 2034, based on an average growth pattern. The market is estimated to reach a value of USD 35,554.94 Million in 2024.

SOURCE: We Market Research

The global Precision Guided Munition (PGM) market refers to the worldwide industry involved in the research, development, production, and distribution of precision-guided munitions. Precision-guided munitions are advanced weapons designed to strike specific targets with high accuracy, minimizing collateral damage and maximizing effectiveness. These munitions can include a range of weapon types such as missiles, bombs, and artillery shells that are equipped with guidance systems to ensure they hit their intended targets with high precision.

The Precision Guided Munition (PGM) market is driven by the need for highly accurate and effective weaponry that minimizes collateral damage and maximizes combat effectiveness. Precision-guided munitions use various guidance systems to home in on their targets with high accuracy, making them crucial for modern military operations.

Market Scope

Precision Guided Munition Industry: Dynamics & Restrains

Market opportunity:

We Market Research: Precision Guided Munition Dashboard

Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.

Precision Guided Munition Segmentation

Market- By Product Analysis

By Product, the Precision Guided Munition Market is Categories into Tactical Missiles, Guided Rockets, Guided Ammunition and Loitering Munition. The Tactical Missiles segment currently dominates the Precision Guided Munition market share, accounting for around 55% as of 2024. Tactical missiles constitute a significant portion of the PGM market due to their versatility and effectiveness in various military operations. These include surface-to-air, air-to-surface, anti-ship, and anti-tank missiles.

Further, guided rockets, often used for shorter-range and more precise strikes compared to traditional unguided rockets, have been gaining popularity for their cost-effectiveness and improved accuracy.

Guided ammunition, including artillery shells and mortar rounds, offers precision targeting for indirect fire support. This category is growing as militaries seek to increase the accuracy of their artillery capabilities.

The following segments are part of an in-depth analysis of the global Precision Guided Munition market:

 Precision Guided Munition Industry: Regional Analysis

North America Market Forecast

North America dominate the Precision Guided Munition Market with the highest revenue generating market with share of more than 42%. North America has been a significant market for precision-guided munitions (PGMs) due to the strong presence of defense contractors, technological advancements, and high defense spending. The United States, in particular, has been a major contributor to the PGM market, both as a producer and a consumer.

Europe Market Statistics

Europe also holds a considerable market share in the precision-guided munition market. Countries like the United Kingdom, France, Germany, and Italy have robust defense industries and invest significantly in military technology. European nations often collaborate on defense projects, further bolstering the region's market share

Asia Pacific Market Forecasts

The Asia Pacific region has seen significant growth in defense spending and technological advancements in recent years. Countries like China, India, South Korea, and Japan have been investing heavily in modernizing their military capabilities, including precision-guided munitions. 

Key Market Players 

• Raytheon Technologies Corporation (USA)

• Boeing Company (USA)

• Northrop Grumman Corporation (USA)

• BAE Systems plc (UK)

• MBDA (European consortium)

• General Dynamics Corporation (USA)

• Thales Group (France)

• Rafael Advanced Defense Systems Ltd. (Israel)

• Saab AB (Sweden)

• Kongsberg Gruppen ASA (Norway)

• L3Harris Technologies, Inc. (USA)

• Leonardo S.p.A. (Italy)

• Textron Inc. (USA)

•       Other                                                                                                                                                   
  

1.      Global Precision Guided Munition Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Precision Guided Munition Market Scope and Market Estimation

1.2.1.Global Precision Guided Munition Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2024 - 2034)

1.2.2.Global Precision Guided Munition Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034

1.3.    Market Segmentation

1.3.1.Product of Global Precision Guided Munition Market

1.3.2.Speed of Global Precision Guided Munition Market

1.3.3.Mode of Operation of Global Precision Guided Munition Market

1.3.4.Launch Platform of Global Precision Guided Munition Market

1.3.5.Technology of Global Precision Guided Munition Market

1.3.6.Region of Global Precision Guided Munition Market

2.      Executive Summary

2.1.    Global Precision Guided Munition Market Industry Trends under COVID-19 Outbreak

2.1.1.Global COVID-19 Status Overview

2.1.2.Influence of COVID-19 Outbreak on Global Precision Guided Munition Market Industry Development

2.2.    Market Dynamics

2.2.1.Drivers

2.2.2.Limitations

2.2.3.Opportunities

2.2.4.Impact Analysis of Drivers and Restraints

2.3.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.    Porter’s Five Forces Analysis

2.5.1.Bargaining Power of Suppliers

2.5.2.Bargaining Power of Buyers

2.5.3.Threat of Substitutes

2.5.4.Threat of New Entrants

2.5.5.Competitive Rivalry

2.6.    Value Chain / Ecosystem Analysis

2.7.    Russia-Ukraine War Impacts Analysis

2.8.    Economic Downturn Analysis

2.9.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Precision Guided Munition Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      Global Precision Guided Munition Market Estimates & Forecast Trend Analysis, by Product

4.1.    Global Precision Guided Munition Market Revenue (US$ Mn) Estimates and Forecasts, by Product, 2019 - 2034

4.1.1.Tactical Missiles

4.1.2.Guided Rockets

4.1.3.Guided Ammunition

4.1.4.Loitering Munition

5.      Global Precision Guided Munition Market Estimates & Forecast Trend Analysis, by Speed

5.1.    Global Precision Guided Munition Market Revenue (US$ Mn) Estimates and Forecasts, by Speed, 2019 - 2034

5.1.1.Subsonic

5.1.2.Hypersonic

5.1.3.Supersonic

6.      Global Precision Guided Munition Market Estimates & Forecast Trend Analysis, by Mode of Operation

6.1.    Global Precision Guided Munition Market Revenue (US$ Mn) Estimates and Forecasts, by Mode of Operation, 2019 - 2034

6.1.1.Autonomous

6.1.2.Semi-Autonomous

7.      Global Precision Guided Munition Market Estimates & Forecast Trend Analysis, by Launch Platform

7.1.    Global Precision Guided Munition Market Revenue (US$ Mn) Estimates and Forecasts, by Launch Platform, 2019 - 2034

7.1.1.Land

7.1.2.Airborne

7.1.3.Naval

8.      Global Precision Guided Munition Market Estimates & Forecast Trend Analysis, by Technology

8.1.    Global Precision Guided Munition Market Revenue (US$ Mn) Estimates and Forecasts, by Technology, 2019 - 2034

8.1.1.Infrared

8.1.2.Semi-Active Lasers

8.1.3.Inertial Navigation System (INS)

8.1.4.Global Positioning System (GPS)

8.1.5.Radar Homing

8.1.6.Anti-Radiation

8.1.7.Others

9.      Global Precision Guided Munition Market Estimates & Forecast Trend Analysis, by Region

9.1.    Global Precision Guided Munition Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 - 2034

9.1.1.North America

9.1.2.Europe

9.1.3.Asia Pacific

9.1.4.Middle East & Africa

9.1.5.South America

10.  North America Precision Guided Munition Market: Estimates & Forecast Trend Analysis

10.1.      North America Precision Guided Munition Market Assessments & Key Findings

10.1.1.    North America Precision Guided Munition Market Introduction

10.1.2.    North America Precision Guided Munition Market Size Estimates and Forecast (US$ Million) (2019 - 2034)

10.1.2.1.    By Product

10.1.2.2.    By Speed

10.1.2.3.    By Mode of Operation

10.1.2.4.    By Launch Platform

10.1.2.5.    By Technology

10.1.2.6.    By Country

10.1.2.6.1. The U.S.

10.1.2.6.2. Canada

10.1.2.6.3. Mexico

11.  Europe Precision Guided Munition Market: Estimates & Forecast Trend Analysis

11.1. Europe Precision Guided Munition Market Assessments & Key Findings

11.1.1.   Europe Precision Guided Munition Market Introduction

11.1.2.   Europe Precision Guided Munition Market Size Estimates and Forecast (US$ Million) (2019 - 2034)

11.1.2.1.    By Product

11.1.2.2.    By Speed

11.1.2.3.    By Mode of Operation

11.1.2.4.    By Launch Platform

11.1.2.5.    By Technology

11.1.2.6.    By Country

11.1.2.6.1. Germany

11.1.2.6.2. U.K.

11.1.2.6.3. France

11.1.2.6.4. Italy

11.1.2.6.5. Spain

11.1.2.6.6. Russia

11.1.2.6.7. Rest of Europe

12.  Asia Pacific Precision Guided Munition Market: Estimates & Forecast Trend Analysis

12.1. Asia Pacific Market Assessments & Key Findings

12.1.1.    Asia Pacific Precision Guided Munition Market Introduction

12.1.2.    Asia Pacific Precision Guided Munition Market Size Estimates and Forecast (US$ Million) (2019 - 2034)

12.1.2.1.    By Product

12.1.2.2.    By Speed

12.1.2.3.    By Mode of Operation

12.1.2.4.    By Launch Platform

12.1.2.5.    By Technology

12.1.2.6.    By Country

12.1.2.6.1. China

12.1.2.6.2. Japan

12.1.2.6.3. India

12.1.2.6.4. Australia

12.1.2.6.5. South Korea

12.1.2.6.6. ASEAN

12.1.2.6.7. Rest of Asia Pacific

13.  Middle East & Africa Precision Guided Munition Market: Estimates & Forecast Trend Analysis

13.1. Middle East & Africa Market Assessments & Key Findings

13.1.1.   Middle East & Africa Precision Guided Munition Market Introduction

13.1.2.   Middle East & Africa Precision Guided Munition Market Size Estimates and Forecast (US$ Million) (2019 - 2034)

13.1.2.1.    By Product

13.1.2.2.    By Speed

13.1.2.3.    By Mode of Operation

13.1.2.4.    By Launch Platform

13.1.2.5.    By Technology

13.1.2.6.    By Country

13.1.2.6.1. U.A.E.

13.1.2.6.2. Saudi Arabia

13.1.2.6.3. Egypt

13.1.2.6.4. South Africa

13.1.2.6.5. Rest of Middle East & Africa

14.  South America Precision Guided Munition Market: Estimates & Forecast Trend Analysis

14.1. South America Market Assessments & Key Findings

14.1.1.   South America Precision Guided Munition Market Introduction

14.1.2.   South America Precision Guided Munition Market Size Estimates and Forecast (US$ Million) (2019 - 2034)

14.1.2.1.    By Product

14.1.2.2.    By Speed

14.1.2.3.    By Mode of Operation

14.1.2.4.    By Launch Platform

14.1.2.5.    By Technology

14.1.2.6.    By Country

14.1.2.6.1. Brazil

14.1.2.6.2. Argentina

14.1.2.6.3. Colombia

14.1.2.6.4. Rest of South America

15.  Competition Landscape

15.1. Global Precision Guided Munition Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

15.2. Global Precision Guided Munition Market Competition White Space Analysis, By End-user

15.3. Global Precision Guided Munition Market Competition Heat Map Analysis, By End-user

15.4. Global Precision Guided Munition Market Concentration & Company Market Shares (%) Analysis, 2023

16.  Company Profiles

16.1.                     Lockheed Martin Corporation

16.1.1.    Company Overview & Key Stats

16.1.2.    Financial Performance & KPIs

16.1.3.    Product Portfolio

16.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

16.2.      Lockheed Martin Corporation (USA)

16.3.      Raytheon Technologies Corporation (USA)

16.4.      Boeing Company (USA)

16.5.      Northrop Grumman Corporation (USA)

16.6.      BAE Systems plc (UK)

16.7.      MBDA (European consortium)

16.8.      General Dynamics Corporation (USA)

16.9.      Thales Group (France)

16.10.  Rafael Advanced Defense Systems Ltd. (Israel)

16.11.  Saab AB (Sweden)

16.12.  Kongsberg Gruppen ASA (Norway)

16.13.  L3Harris Technologies, Inc. (USA)

16.14.  Leonardo S.p.A. (Italy)

16.15.  Textron Inc. (USA)

16.16.  Others

17.  Research Methodology

17.1. External Transportations / Databases

17.2. Internal Proprietary Database

17.3. Primary Research

17.4. Secondary Research

17.5. Assumptions

17.6. Limitations

17.7. Report FAQs

18.  Research Findings & Conclusion