Visiongain Publishes Precision Guided Munitions Market Report 2020-2030
07 June 2020
Visiongain has launched a new report Precision Guided Munitions Market Report 2020-2030: Forecasts by Speed (Hypersonic, Non-Hypersonic), by Product (Tactical Missiles, Guided Ammunitions, Guided Rockets, Loitering Munition), by Technology (Infrared, Semi-Active Lasers, Inertial Navigation Systems, Global Positioning Systems, Radar Homing, Anti-Radiation) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
Precision Guided Munitions will continue to be a central component of various nations’ military doctrines and strategies between 2020 and 2030, particularly the doctrines of those nations who are already advanced military powers, who possess large defence budgets, or those nations who regard themselves as existentially threatened by another geopolitical actor. In particular, Visiongain expects there to be high growth over the next decade within Middle Eastern countries.
The precision-guided weapons are munitions, missiles, or bombs, that contain guidance systems for the purposes of executing a kinetic strike with a high-level of accuracy. The demand for such weapons runs parallel to the demand for reducing collateral damage to both civilians and friendly forces in the aftermath of World War II (WW2), culminating in Texas Instruments developing the first laser-guided bomb in 1964, also known as the Paveway. This precision-guided bomb was first used in combat in 1968 during the Vietnam War. However, Military Precision Guided Munitions enjoyed their ascendency during the First Gulf War, where terms such as ‘surgical strike’ became part of the Military vernacular.
Currently, Military Precision Guided Munitions are the main medium by which advanced military nations wage war, and their deployment is considered by military strategists as a crucial preliminary measure, before invading a territory with ground forces. Military Precision Guided Munitions utilise a wide range of technologies to locate and guide them to a target, including radar, Global Positioning Systems (GPS), Inertial Navigation Systems (INS), infrared, laser, and more rudimentarily by wire. Indeed, the submarkets quantified and analysed throughout this report are defined by the technology used to guide them. These are: radar-guided weapons, GPS/INS-guided weapons, infrared-guided weapons, laser-guided weapons and other-guided weapons which include wire-tracked, sonar-guided, acoustic-homing and electro-optical tracking missiles. More detailed definitions for each of the five submarkets are given below. Visiongain also includes contracts relating to the modification, repair and overhaul (MRO) of Military Precision Guided Munitions, to accurately quantify the global market.
The global Precision Guided Munitions market is highly competitive with many players entering the market in order to cater to the growing consumer demand. Some of the players BAE Systems, Lockheed Martin Corporation, Raytheon Company, MBDA, Northrop Grumman, Kongsberg Gruppen, Leonardo – Società Per Azioni, Elbit Systems, Saab AB, The Boeing Company, KBP Instrument Design Bureau, Hanwha Group, Israel Aerospace Industries (IAI) Ltd, China North Industries Corporation (Norinco), Denel Dynamics LIG Nex 1, and Roketsan A.S. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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