Precision Guided Munition market Extensive Growth Opportunities to be Witnessed by 2022-2032
The market for precision guided munition was valued at US$ 30 Bn in 2021 and is anticipated to grow by 5% per year between 2022 and 2032. The market is expected to reach a global valuation of US$ 56.44 Bn by 2032. In the next ten years, the market will experience significant growth due to enhanced changes in military operations and the adoption of enhanced techniques in warfare.
Furthermore, security measures around the world could encourage the use of precision-guided munitions. Conflicts between major economies have made military and tactical operations more cautious. For national security, the majority of major economies purchase advanced war equipment for precise operation. Precision Guided Munition Market is anticipated to be driven by some of these factors during the forecast period.
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Asia Pacific is expected to grow at the fastest CAGR between 2022 and 2032, accounting for more than 31% of global revenue. At the same time, the presence of high-profile manufacturers in Europe and the heavy investments made by different countries in military operations are expected to expand the European market.
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.
Competitive Landscape
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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