The precision guided munition market is anticipated to record momentous growth proceeds owing to soaring defense expenditure worldwide. Numerous countries across the globe are conducting military modernization programs which has led to a substantial hike in military spending. In fact, the Stockholm International Peace Research Institute (SIPRI) claims that military expenditure could touch USD 2 trillion by 2022.
Precision guided munitions (PGM) is renowned for its capability to minimize civilian casualties and collateral damages while delivering enhanced lethality against a target. This makes PGM ideal for surgical missions where the threat of civilian casualty is high. With the integration of advanced Artificial Intelligence (AI), the smart weapon system could hugely improve its accuracy in rough terrains.
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Requirements of modern warfare has prompted manufacturers to develop precision guiding mechanisms including electronics, better aerodynamics and laser technology, that supports air power with surgical strike capabilities.
Incorporation of artificial intelligence for the development of smart weapon system has changed warfare outlook. For instance, Rafael Advanced Defense System integrated AI into Spice Bombs in 2019. The bomb offers automatic target recognition that can be used along with scene matching technology. The technology allows weapons to operate even in GPS-denied environments.
Several countries are engaged in innovating advanced airborne precision guided weapons that can potentially destroy enemy aircraft within seconds. In 2020, the military in China intended to develop a new airborne laser system that would deploy directional-emission high-energy laser to destroy aerial targets such as photoelectric guidance equipment, guided bombs, mortars and drones.
Airborne precision guided munition segment is estimated to showcase growth rate of nearly 8% through 2026 owing to the consistently growing development and installation of ammunition in fighter jets to boost air force units for national defense.
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APAC precision guided munition market size is forecast to showcase exceptional growth rate of about 10% over the projected timeframe on account of rising defense expenditure by several countries across the region. Counties including China, India, Japan are actively engaged in developing and testing new guided weapon systems in a bid to gain high accuracy with extended capabilities within their defense systems.
Major Key Points from Table of Content:
Chapter 7. Precision Guided Munition Market, By Type
7.1. Key trends, by type
7.2.1. Precision guided munition 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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