Significant investments have been made on the development of technological advancements with ongoing R&D, which should lead to rapid growth of the market during the forecast period. However, major restraints of the market are the extremely complicated weapon guidance systems and restricted range of maneuverability.
The market for guided munitions market is estimated to witness a CAGR of 5% during the forecast period.
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Guided munitions, also known as smart weapons, smart munitions, or guided ammunition, can be aimed and directed at single or multiple targets. It relies either on external guidance or its own guidance systems. It can be launched from aircraft, ships, submarines, and land vehicles. Many military programs are focusing on precision ammunition, especially on PG (precision guided) kits, artillery munitions, and other anti-tank and standoff weapons with a Low Rate Initial Production (LRIP).
On the basis of region, the global market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America. In North America, there are rising counter terrorist activities and various military equipment modernization programs. Europe is witnessing high demand for guided munitions. Increased procurement of smart weapons by the developed countries such as Germany, the U.K, and France has bolstered the demand for guided munitions in the European region. Furthermore, in 2018, the Lockheed Martin signed a contract with U.S. Navy for follow-on production of Enhanced Laser Guided Training Rounds to support the Paveway II Laser Guided Bomb (LGB) weapons training. Similarly, in 2014, Boeing signed a contract with the U.S. Air Force to work on manufacturing arming devices for Air-Launched Cruise Missile (ALCM), which is a long-range subsonic, self-guided missile, helping to ensure the readiness of the system.
The key players in global guided munitions market are Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), Boeing (U.S.), BAE Systems Plc. (U.K), Israel Aerospace Industries (Israel), MBDA (France), Rafael Advanced Defense Systems Ltd (Israel), Kongsberg Group (Norway), Northrop Grumman Corporation (U.S.), L-3 Technologies Inc. (U.S.), and FN Herstal S.A (Belgium).
Scope of the Report:
This study provides an overview of the Global Guided Munitions Market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC), Middle East & Africa and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global guided munitions market by its product, technology, platform, and region.
The report gives a clear picture of current market scenario, including historical and projected market size in terms of value and volume, technological advancement, macroeconomic and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also contains a broad study of the different market segments and regions.
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