250 Pages Precision Guided Munition Market Survey by Fact MR, A Leading Business and Competitive Intelligence Provider
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The report offers actionable and valuable market insights of Precision Guided Munition. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Precision Guided Munition Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Precision Guided Munition market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Precision Guided Munition
This newly published and insightful report sheds light on Market Insights of Precision Guided Munition, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Precision Guided Munition Market.
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|Market Value of Precision Guided Munitions in 2021||US$ 30 Bn|
|Projected Value of the Precision Guided Munition Market in 2022||US$ 34.65 Bn|
|Expected Value of the Precision Guided Munition Market in 2032||US$ 56.44 Bn|
|CAGR during the forecast period, 2022-2032||5%|
|Key Players offering Precision Guided Munitions||General DynamicsNorthrop GrummanBAE SystemsThales GroupRaytheonAtlas ElektronikLockheed Martin|
In 2021, Asia Pacific accounted for more than 31% of the global market and is expected to continue its dominance over the forecast period. Increasing tensions between countries in this region and the immediate need to improve the defense capabilities are likely to foster the development of precision-guided munitions.
The maximum share in this market is occupied by the GPS (Global Positioning System) segment as it is expected to provide real time location and movements which will help in various war activities.
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Key Takeaways from the Market Study
- The global precision guided munition market is expected to reach a market size worth US$ 34.65 Bn at the end of 2022.
- Asia-Pacific to contribute 30% of global precision guided munition market revenue
- U.S. market is expected to grow at a significant rate, accounting for 2 out of 5 precision guided munition sales
- The tactical missile segment is expected to generate 70% of global revenue during the forecast period.
- Over 69% of global revenue in 2021 came from Global Positioning System (GPS).
As geopolitical and border tensions continue to mount, countries worldwide are beefing up spending on defense and military budgets, paving way for incorporating more advanced weapons systems. This is providing precision guided munition manufacturers with an opportunity to expand their market presence, remarks a Fact.MR analyst.
Global markets are dominated by several giants, resulting in intense competition. In order to develop precision-guided weapons, several large corporations and defense agencies invest heavily in research and development. As a result of these activities, market players have been able to expand their customer base and business. Market players are expected to profit from lucrative growth opportunities as the global market for precision guided munitions develops.
- A contract was signed between BAE Systems and the U.S. Navy to refurbish the guided-missile destroyer USS Bulkeley (DDG 84).
- The contract for the 2100 F-Model missiles was awarded to Lockheed Martin and Raytheon’s joint venture company, Javelin, in January 2019.
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More Valuable Insights on Precision Guided Munition Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Precision Guided Munition, Sales and Demand of Precision Guided Munition, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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