Market Research Future (MRFR) predicts that the global guided munitions market could achieve a CAGR of 5% during the forecast period (2018-2023).
Growth Drivers and Top Challenges:
Guided ammunition is also known as precision-guided munition and refers to a directed ammunition that precisely hits a specific target. It helps minimize collateral damage and at the same elevates lethality against the targets. It is dependent on either its own guidance or an external guidance system. It is generally launched from submarines, aircraft, land vehicles, ships, or by an individual soldier on ground. These are also referred to as smart weapon, and smart munition. Sensing the issues when it comes to hitting the targets that move, this technology has been developed using wire guidance, radio control, and others.
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The guided ammunition market benefits from the growing regional conflicts and surging terrorist activities along with tactical innovations. With that said, restricted range of maneuverability is an aspect that could work against the market growth in the coming years. On the bright side, consistently developing technologies backed by surge in research and development (R&D), and mounting demand for guided ammunition all across the world could provide a host of growth opportunities for the market in the years to come.
The market has also grown in response to several contracts and agreements that have been taking place in the past few years. To illustrate, in 2018, Lockheed Martin entered a contract with the U.S. Navy, with respect to the production of Enhanced Laser Guided Training Rounds to back up the Paveway II Laser Guided Bomb (LGB) weapons training.
The global guided munitions market has been categorized depending on the product, technology and platform.
With respect to the product, the guided munitions market has been split into missiles, rockets, projectiles, arms, loitering weapons and others. Between these, missiles note the highest demand, which led to the segment’s dominance in the market in 2017. The segment’s top position is the result of the surging demand for the product for tactical operations.
Technology-wise, the market can be narrowed down to laser, infrared, radar, GPS and others. The infrared segment is projected to accumulate the largest share during the review period, on account of the soaring demand for technologically advanced autonomous weapons.
The platforms-based segments in the market are airborne, land-based and naval. The land-based guided munitions segment led the market in 2017, owing to the robust demand for anti-tank missile systems in the military across the globe.
The global market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.
North America has witnessed a surge in counter terrorist activities in recent years, which has given rise to a number of military equipment modernization programs. Additionally, the increasing instances of asymmetric warfare coupled with augmented demand for miniaturized weapons works in favor of the regional market.
Europe market benefits from the surging procurement of smart weapons in countries like the United Kingdom (U.K), Germany and France. In addition, soaring demand for highly precise strike munition, geopolitical conflicts, military modernization programs and rising asymmetric warfare are doing wonders for the regional market.
In Asia Pacific, countries like India, China, Japan, Australia and South Korea are the top contributors in the market. In terms of defense expenditure, India and China stand the top five countries in the world where China came second while India ranked fourth. The surge in defense spending by developing countries has been a significant reason behind the substantial market growth in the region.
Prominent companies making a mark in the worldwide guided munitions market include L-3 Technologies Inc. (U.S.), Northrop Grumman Corporation (U.S.), Boeing (U.S.), MBDA (France), Lockheed Martin Corporation (U.S.), Rafael Advanced Defense Systems Ltd (Israel), Kongsberg Group (Norway), Israel Aerospace Industries (Israel), Raytheon Company (U.S.), BAE Systems Plc. (U.K), FN Herstal S.A (Belgium), among others.
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