What is Precision Guided Munition Market?
The global precision guided munitions market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The rising global defense expenditure, the growing demand to minimise collateral damage caused by missiles & rockets, and the rising demand for short-range porecision guided munitions are some of the major factors aiding into the growth for the market.
The market study is being classified by Type (Tactical Missiles, Guided Rockets, Guided Ammunition and Loitering Munition), by Application (Air-to-Air, Surface-to-Surface, Surface-to-Air, Air-to-Surface, Sea-to-Surface and Sea-to-Sea) and major geographies with country level break-up.
Lockheed Martin Corporation (United States), MBDA (France), Raytheon Technologies (United States), Thales Group (France), The Boeing Co. (United States), Rafael Advanced Defense Systems Ltd (Israel), BAE Systems (United Kingdom), Northrop Grumman Corporation (United States), Saab AB (Sweden), Israel Aerospace Industries (IAI) Ltd (Israel), Elbit Systems (Israel) and Denel Dynamics (South Africa) are some of the key players profiled in the study.
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Precision Guided Munition market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Precision Guided Munition market by Type, Application and Region.
On the basis of geography, the market of Precision Guided Munition has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Global Defense Expenditure
- The Growing Demand to Minimise Collateral Damage Propelling the Demand for Precision Guided Munitions
- The Rising Demand for Short-Range Precision Guided Missiles
Market Trend
- Modernization of Military Programs & Operations
Restraints
Opportunities
- Development of Hybrid Precision Guided Munitions
Challenges
In August 2019, the Pentagon announced that it has awarded a multi-million contract to Lockheed Martin Corporation to develop the AGM-183A Air-Launched Rapid Response Weapon, or ARRW, hypersonic missile which is expected to be completed on 2022.
Regulations Regarding the Use of Missiles