Alike China, Asia Pacific precision guided munition market is anticipated to record a 10% CAGR over 2026. Pouring investments in the defense sector may significantly support regional PGM developers. Active engagements in development and testing operations may help with the procurement of new guided weapon systems that are capable of offering high accuracy with extended features.
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Burgeoning military spending and investments endorsed by nations worldwide is anticipated to spur precision guided munition market size. Precision guided munition (PGM) has gained significance over the years. The technology is capable of destroying a specific target with minimum damage to the surrounding environment. Extensive spending in the defense sector could favor the adoption of PGM. In fact, a report by Stockholm International Peace Research Institute (SIPRI) suggests that military expenditure is likely to surpass over US$2 trillion by the year 2022.
Incorporation of advanced technologies like AI (Artificial Intelligence) in smart weapon systems could further favor product penetration. In 2019, Rafael Advanced Defense System Ltd. integrated AI into Spice Bombs that communicates with the automatic target recognition system used with scene matching technology. Apparently, the technology uploads terrain data onto the bomb, which is later combined with real-time electro-optic imagery, allowing weapons to operate in environments that lack the availability of GPS.
Meanwhile, as a vital technology for the air defense sector, airborne specific precision guided munition segment is anticipated to amass about 8% CAGR over 2026. Nations worldwide are spending heavily on the development of advanced airborne precision guided weapons that are capable of neutralizing enemy aircraft.
Reports claim that, in 2020, the military of China stated the development of a new airborne laser system that uses directional-emission high-energy laser to destroy aerial targets like drones, guided bombs, photoelectric guidance equipment and mortars.
Meanwhile, on a global scale, Thales Group, Aerojet Rocketdyne, Israel Aerospace Industries, Elbit Systems Ltd., Grumman Corporation, Boeing, Kongsberg, L3Harris Corporation, Hanwha Corporation, Leonardo S.p.A., Lockheed Martin Corp., MBDA, General Dynamics Corporation, Northrop Raytheon Company, Rheinmetall AG, Saab AB, and BAE Systems are some of the leading manufacturers on PGM.
Some Point from Table of Contents:
Chapter 7. Precision Guided Munition Market, By Type
7.1. Key trends, by type
7.2.1. Market estimates and forecast, 2015 – 2026
7.3.1. Market estimates and forecast, 2015 – 2026
Chapter 8. Precision Guided Munition Market, By End-Use
8.1. Key trends, by end-use
8.2.1. Market estimates and forecast, 2015 – 2026
8.3.1. Market estimates and forecast, 2015 – 2026
8.4.1. Market estimates and forecast, 2015 – 2026
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