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Market AnalysisGlobal Guided Munitions Market is likely to grow at a 5% CAGR between 2020- 2023, as per the recent report by Market Research Future (MRFR). Guided munitions which are also called guided ammunition, smart munitions, or smart weapons are directed and aimed at multiple or single targets. This relies on its own guidance systems or external guidance. Loitering weapons, arms, projectiles, pockets, missiles, and others are the different types of guided munitions which work on different technologies such as GPS, radar, infrared, laser, and others.
Various factors are adding to the global guided munitions market growth. Such factors, according to the new MRFR report, include military modernization programs, geopolitical conflicts, rising asymmetric warfare, and surging need for highly precise strike munitions. Additional factors propelling the guided munitions market growth include a reduction in logistics burden, increasing use of smart weapons, rising terrorist activities, growing regional conflicts, countering terror activities, and growing focus on developing autonomous weapons.
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On the contrary, high manufacturing costs and regulations associated with arms transfer are factors that may limit the global guided munitions market growth over the forecast period.
Key Players
Eminent players profiled in the Global Guided Munitions Market Report include FN Herstal S.A (Belgium), L-3 Technologies Inc. (U.S.), Northrop Grumman Corporation (U.S.), Kongsberg Group (Norway), Rafael Advanced Defense Systems Ltd (Israel), Israel Aerospace Industries (Israel), BAE Systems Plc. (U.K), Boeing (U.S.), Raytheon Company (U.S.), and Lockheed Martin Corporation (U.S.). Industry players have encompassed strategies such as geographic expansions, mergers, product launches, and partnerships to stay ahead in the competition.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global guided munitions market report based on platform, product, and technology.
By product, the global guided munitions market is segmented into loitering weapons, arms, projectiles, pockets, missiles, and others. Of these, the missiles segment will lead the market over the forecast period. The burgeoning demand for missiles for tactical operations is adding to the growth of the segment.
By technology, the global guided munitions market is segmented into GPS, radar, infrared, laser, and others. Of these, the infrared segment will dominate the market over the forecast period. The surging demand for autonomous weapons that are technologically advanced is adding to the growth of the segment.
By platforms, the global guided munitions market is segmented into naval, land-based, and airborne. Of these, the land-based segment is predicted to have a major share in the market over the forecast period. Of these, the land-based segment will spearhead the market over the forecast period. Burgeoning demand for anti-tank missile systems worldwide by military forces is adding to the growth of the segment.
Regional Analysis
Based on the region, the Global Guided Munitions Market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. Different military equipment modernization and an increasing number of counter-terrorist activities are factors that are adding to the market growth in the region.
The global guided munitions market in Europe is predicted to have healthy growth over the forecast period. Burgeoning demand for guided munitions and the rising procurement of smart weapons by developed countries, namely France, the UK, and Germany, are adding to the growth of the market in the region.
The global guided munitions market is predicted to grow at a fast pace over the forecast period. Efforts undertaken by governments towards R&D and manufacturing of guided ammunition are adding market growth in the region.
The global guided munitions market in Latin America and the MEA is predicted to have sound growth over the forecast period.
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