The Precision Guided Munition Market has experienced significant growth, with a size of USD 31.89 billion in 2021 and a projected CAGR of 6.8% during the forecast period. This can be attributed to a variety of factors, including a rising demand for more accurate and effective weapons, an increase in terrorism worldwide, and ongoing efforts to modernize military forces.
Precision guided munitions, also known as smart weapons, offer a higher degree of accuracy, effectiveness against enemy targets, and reduced risk of collateral damage. This has led to a growing need for these types of weapons in the defense industry worldwide.
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Market revenue growth is also driven by ongoing modernization efforts in defense forces, particularly in developed countries. The goal of these initiatives is to upgrade existing military systems to meet present and future defense needs. Precision guided munitions offer cutting-edge capabilities and improved accuracy, making them an increasingly popular choice.
The use of precision guided weapons is expected to reduce casualties and unintended collateral damage during military operations, particularly in airstrikes, naval battles, and land battles. This is crucial in modern combat, where minimizing harm to civilians and civilian infrastructure is essential.
Driving factors of Precision Guided Munition Market
- Increasing demand for weapons with greater accuracy and effectiveness in battle.
- Rising terrorism threats around the world.
- Ongoing modernization initiatives in armed forces.
- The ability of precision guided munitions to reduce collateral harm and unintended casualties.
- Increasing defense spending by governments to combat terrorism.
- The need for higher levels of accuracy to thwart terrorist activities.
- Growing use of precision guided munitions in military operations, such as airstrikes, naval battles, and land battles.
- The ability of precision guided munitions to reduce the potential for accidental injury to civilians and civilian infrastructure.
- Increasing popularity of precision guided munitions due to their cutting-edge capabilities and improved accuracy.
- The need to upgrade existing military systems to meet present and future defense needs.
Some of the notable innovations in the Precision Guided Munition Market
- Increasing demand for weapons with greater accuracy and effectiveness in battle.
- Rising terrorism threats around the world.
- Ongoing modernization initiatives in armed forces.
- The ability of precision guided munitions to reduce collateral harm and unintended casualties.
- Increasing defense spending by governments to combat terrorism.
- The need for higher levels of accuracy to thwart terrorist activities.
- Growing use of precision guided munitions in military operations, such as airstrikes, naval battles, and land battles.
- The ability of precision guided munitions to reduce the potential for accidental injury to civilians and civilian infrastructure.
- Increasing popularity of precision guided munitions due to their cutting-edge capabilities and improved accuracy.
- The need to upgrade existing military systems to meet present and future defense needs.
Major Companies and Competitive Landscape:
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- General Dynamics Corporation
- BAE Systems plc
- MBDA
- Northrop Grumman Corporation
- Thales Group
- Boeing
- Israel Aerospace Industries (IAI)
- Roketsan
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