Guided Munitions Market by Product (Missiles, Rockets, Projectiles, Arms, Loitering Weapons, Others), Technology (Laser, Infrared, Radar, GPS, Others), Platform (Airborne, Land-based, Naval), & Region – Forecast till 2023
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). 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 increased focus on developing autonomous weapons and countering terror activities will offer new growth opportunities for the market players. Some of the factors that are responsible for the growth of the global guided munitions market are the increasing regional conflicts across the globe, rising terrorist activities, and increased use of smart weapons.
Furthermore, there were several contracts and agreements that have resulted in the growth of the market. For example, in 2018, Lockheed Martin signed a contract with the U.S. Navy, for follow-on production of Enhanced Laser Guided Training Rounds to support the Paveway II Laser Guided Bomb (LGB) weapons training. In the same year, Raytheon Company signed a contract with the U.S. Navy to integrate precision-guided standoff weapon into the F-35 Joint Strike Fighter’s C variant. During the same period, L&T MBDA Missile Systems Ltd signed a contract with the Indian Armed Forces, under the ‘Make in India’ initiative to indigenously design, manufacture, and supply highly advanced guided weapon systems. Similarly, in 2014, Boeing signed a contract with the U.S. Air Force, to manufacture arming devices for air-launched cruise missile (ALCM), a long-range subsonic, self-guided missile.
The global guided munitions market is segmented by product, technology, platform, and region. By product, the guided missiles are the most widely used guided munitions, and they accounted for the largest market share in 2017, due to the rising demand for guided missiles for tactical operations. In terms of technology based on guided munitions, the infrared segment is estimated to have the largest demand in the market during the forecast period, because of the rising demand for technologically advanced autonomous weapons. Among the platforms, the land-based guided munitions segment are most widely used and had the largest market share in 2017, due to the high demand for anti-tank missile systems by the military forces, globally.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. North America is expected to dominate the market in 2023, due to the rising counter terrorist activities and various military equipment modernization programs. In Europe, there has been an increased procurement of smart weapons by developed countries, such as Germany, the U.K, and France, as a result of which the region is estimated to trail North America, during the forecast period. Thus, the global guided munitions market is estimated to witness a CAGR of 5%, during 2018 to 2023.
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 Report
The report for Global Guided Munitions Market of Market Research Future comprises extensive primary research, along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts and key opinion leaders; it helps the reader gain a deeper insight into the market and industry performance. 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.