Exploring Precision Guided Munition Market Opportunity, Latest Trends, Demand, and Development By 2028- MarkNtel Advisors

 According to Markntel Advisors Report, Precision Guided Munition Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

Precision Guided munition (PGM) is defined as an explosive missile, rocket, or bomb that is guided by a seeker control system using a laser guidance beam, a global positioning system (GPS), and an integrated inertial navigation system for highly accurate acquisition of military targets. This includes air & ship-launched missiles, multiple-launched rockets, and guided bombs. PGMs typically use the global positioning system (GPS), laser guidance, or inertial navigation systems to improve a weapon’s accuracy to less than 3 meters. In addition, the increased complexity of air defenses and anti-ship missiles by key global powers has also raised calls for PGMs that could launch from greater distances and operate in denied environments, known as Long Range Precision Fires.

Global Precision Guided Munition Market Research Report & Summary:

The Global Precision Guided Munition Market is projected to grow at a CAGR of around 9.56% during the forecast period 2023-28. 

Time Period Captured in the Report:

·         Historical Years: 2018-21

·         Base Years: 2022

·         Forecast Years: 2023-2028

Who are the Key Players Operating in the Precision Guided Munition Market?

The top companies of the Precision Guided Munition Market ruling the industry are: 

BAE System, General Atomics, Elbit System, General Dynamics Mission Systems, Inc., Northrop Grumman, Lockheed Martin Corporation, Raytheon Technology Corporation, Israel Aerospace Industries, Thales, MBDA, Leonardo S.p.A, Denel Dynamics, Rafael Advanced Defense Systems Ltd., Saab AB, Roketsan, Bharat Dynamics Limited, Others

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Precision Guided Munition Market Recent Development:

·         In year 2023, the US Army Combat Capabilities Development Command Armaments Center (DEVCOM AC) has awarded BAE Systems with around USD72.5 Million, a three-year contract for continued research & development efforts in the advancement of Precision Guided Munition (PGM) to support the Army’s long-range precision fire modernization efforts.

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The Precision Guided Munition Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Speed

-Subsonic- Market Size & Forecast 2018-2028, (USD Million)

-Supersonic- Market Size & Forecast 2018-2028, (USD Million)

-Hypersonic- Market Size & Forecast 2018-2028, (USD Million)

-By Product Type

-Tactical Missiles- Market Size & Forecast 2018-2028, (USD Million)

-Surface-to-surface

-Surface-to-air

-Air-to-air

-Air-to-surface

-Guided Rockets- Market Size & Forecast 2018-2028, (USD Million)

-Surface-to-surface

-Surface-to-air

-Air-to-surface

-Guided Ammunition- Market Size & Forecast 2018-2028, (USD Million)

-Motor

-Bomb

-Bullets

-Torpedoes- Market Size & Forecast 2018-2028, (USD Million)

-Surface-to-subsea

-Subsea-to-subsea

-Air-to-subsea

-Loitering Munitions- Market Size & Forecast 2018-2028, (USD Million)

-By Technology

-Infrared- Market Size & Forecast 2018-2028, (USD Million)

-Laser- Market Size & Forecast 2018-2028, (USD Million)

-Inertial Navigation System (INS)- Market Size & Forecast 2018-2028, (USD Million)

-Global Positioning System (GPS)- Market Size & Forecast 2018-2028, (USD Million)

-Others (Radar Homing, Anti-Radiation, etc.)- Market Size & Forecast 2018-2028, (USD Million)

-By Mode of Operation

-Autonomous- Market Size & Forecast 2018-2028, (USD Million)

-Semi-Autonomous- Market Size & Forecast 2018-2028, (USD Million)

-By Launch Platform

-Land- Market Size & Forecast 2018-2028, (USD Million)

-Airborne- Market Size & Forecast 2018-2028, (USD Million)

-Naval- Market Size & Forecast 2018-2028, (USD Million)

-By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia Pacific

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Market Dynamics -Global Precision Guided Munition Market:

Advancing Military Modernization Ignites Precision Guided Munition Demand– During the historical years, military modernization drove the adoption of Precision Guided Munition by addressing the need for accuracy, flexibility, reduced collateral damage, and enhanced strategic capabilities. As armed forces worldwide seek to upgrade their arsenals and adapt to evolving security challenges, the requirement for Precision Guided Munition remains a vital factor in elevating the market size during the historical years. In addition, rising flexibilities in the mission profiles involve the development of multi-role platforms and weapons.

These weapons could be integrated across different types of platforms such as aircraft, naval vessels, and ground vehicles, allowing armed forces to adapt to various mission profiles without needing specialized Munition for each scenario, which is further expected to escalate the market share in the forthcoming years.

Furthermore, the modernization of the Defense Armed Forces involves the acquisition of platforms, technologies, and weapon systems to upgrade defense capabilities. This ensures that the Armed Forces are prepared to address a wide range of security challenges across the spectrum. The government attaches the highest priority to ensuring that the Armed Forces are sufficiently equipped to meet any operational requirement, which is achieved through the induction of new equipment and technological upgradation of capabilities. So, this factor is estimated to escalate the market size during 2023-2028.

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