Precision Guided Munition Market 2030: 5.7% Accuracy Boom

Precision Guided Munition Market Overview

The global precision guided munition market was valued at USD 35.53 billion in 2022 and is expected to reach USD 55.16 billion by 2030, expanding at a CAGR of 5.7% from 2023 to 2030. Market growth is primarily supported by continuous enhancements in military operations and the increasing adoption of advanced warfare techniques across defense forces worldwide.

In recent years, the rising deployment of security measures across multiple regions has significantly increased the adoption of precision-guided munitions. These systems offer higher accuracy and operational efficiency, which is driving their penetration across modern defense infrastructures. The growing need to minimize collateral damage while improving mission effectiveness has further strengthened demand for precision-based weapon systems.

Demand for advanced warfare equipment among major economies is a key factor contributing to market growth, as nations strive to maintain strategic and technological superiority on a global scale. Additionally, heightened concerns related to national security, driven by increasing terrorist activities, are expected to boost the demand for precision-guided munitions over the forecast period. Governments are placing greater emphasis on strengthening defense capabilities to address evolving security threats.

Ongoing political and territorial conflicts between major economies have led to the implementation of precautionary and tactical military measures. Defense agencies are increasingly focused on procuring advanced weapon systems capable of delivering precise and targeted operations. These developments are anticipated to have a positive influence on the growth of the precision guided munition market through 2030.

In the United States, the precision guided munition market was valued at USD 5.61 billion in 2022 and is expected to grow at a notable pace during the forecast period. Rising geopolitical tensions, including ongoing conflicts between the U.S. and Iran, are anticipated to increase defense expenditures, thereby supporting demand for guided warfare equipment in the coming years.

Order a free sample PDF of the Precision Guided Munition Market Intelligence Study, published by Grand View Research.

Key Market Trends & Insights

  • Asia Pacific dominated the global precision guided munition market, accounting for approximately 31.4% of total revenue in 2022.
  • The Asia Pacific region is witnessing rapid growth in defense modernization initiatives.
  • By product, the tactical missiles segment led the market, capturing 70.8% of global revenue in 2022.
  • By technology, semi-active laser guidance technology accounted for a significant revenue share of 25.8% in 2022.

Market Size & Forecast

  • 2022 Market Size: USD 35.53 Billion
  • 2030 Projected Market Size: USD 55.16 Billion
  • CAGR (2023–2030): 5.7%
  • Asia Pacific: Largest market in 2022

Key Companies & Market Share Insights

The precision guided munition market is characterized by the presence of several global defense contractors that focus on advanced weapon systems and continuous innovation. Major players are actively collaborating with defense organizations and investing in research and development to enhance targeting accuracy and system performance.

Key companies operating in the market include General Dynamics, Lockheed Martin Corporation, Raytheon, Northrop Grumman, and Elbit Systems. In February 2019, BAE Systems secured a contract worth USD 114.5 million from the U.S. Navy to modernize the guided-missile destroyer USS Bulkeley (DDG 84) at its Norfolk shipyard. Additionally, in January 2019, Javelin—a joint venture between Lockheed Martin and Raytheon—was awarded a contract for 2,100 F-Model missiles, highlighting strong government investment in precision-guided weaponry.

Prominent companies in the global precision guided munition market include:

  • Lockheed Martin
  • Atlas Elektronik
  • Raytheon
  • Thales Group
  • BAE Systems
  • Northrop Grumman
  • General Dynamics
  • Elbit Systems

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Conclusion

The precision guided munition market is set for steady growth driven by rising defense spending, increasing geopolitical tensions, and the growing need for accurate and efficient warfare solutions. Advancements in guidance technologies, coupled with heightened national security concerns, continue to support market expansion across major economies. As defense forces prioritize precision, reliability, and reduced collateral impact, the demand for advanced guided munitions is expected to remain strong through 2030.

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