Guided Munition Market Analysis | 2023-2028

Guided Munition Market Analysis | 2023-2028

Guided Munition Market Analysis | 2023-2028
Report code - SR2888 Published On : May,2024 No. of Pages: 120
Guided Munition Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

“The Guided Munition Market is estimated to grow at a significant CAGR of 5.9% during the forecast period, to reach a value of US$ 28.9 billion in 2028.”

Market Dynamics

Introduction

The guided munitions (missiles, projectiles, and bombs) are intended to increase the precision of the strike, minimize the collateral damage, and increase the lethality against intended targets. Ever since the 2nd World War, their development and usage have witnessed a momentous surge, primarily because of the increasing number of terror threats and international disputes.

There are several components and sub-systems in the guided munitions, and each of these sub-systems carries out a distinct task that enables the guided munitions to execute specific operations, such as propulsion and flight, navigation, target recognition, and detonation. As a result of the greater demand for accurate strikes and lesser collateral damage during warfare, guidance systems have become an integral element of munitions over the years.

Market Drivers

The surge in defense spending, growing hostilities among different countries, and increasing anti-terrorist operations are some of the primary factors responsible for the swift growth of the guided munitions market. In addition, several governments across the globe, are extensively investing in their military modernization and overall warfare capabilities. As a result, several weapon manufacturers are focusing on developing advanced guided munitions.

Recent Market JVs and Acquisitions

The industry has witnessed a few major mergers and acquisitions in recent years, which have drastically affected the overall competitive scenario and market landscape:

  • In April 2020, Raytheon Technologies Corporation announced the successful completion of the all-stock merger of equals between Raytheon Company and United Technologies Corporation.
  • In June 2018, Northrop Grumman Corporation announced the successful acquisition of Orbital ATK Inc., a global leader in aerospace & defense technologies.

Recent Product Development

In recent years, there has been a marked increase in the overall development and deployment of guided munitions, across the globe. There have been several investments and developments in the defense industry, directed at guided munitions, which have greatly affected the global market landscape. Some of them are:

  • In May 2024, Lockheed Martin secured a $332 million contract with the US Army to produce the Guided Multiple Launch Rocket System.
  • In Feburary 2023, Lockheed Martin Corporation signed a contract worth more than US$ 2 billion with the US Navy, to integrate hypersonic strike capability onto surface ships and to integrate the Conventional Prompt Strike (CPS) weapon system onto ZUMWALT-class guided missile destroyers.
  • In April 2023, Raytheon Technologies Corporation signed a contract worth US$ 1.2 billion with the US Army, to provide Switzerland with the Patriot™ air defense system. Five Patriot fire units and several GEM-T guidance-enhanced missiles are included in the contract. The missile has a track record of taking down enemy aircraft, cruise missiles, and tactical ballistic missiles.
  • In May 2022, Raytheon Technologies Corporation signed a contract worth US$ 217 million with the US Navy, to manufacture and provide 154 Tomahawk missiles for the US Navy, US Army, and US Marine Corps.
  • In December 2021, it was reported that Raytheon Technologies Corporation signed a contract worth US$ 250 million with the US Air Force, for the design, development, integration, test, and production engineering for modifications in the GBU-53/B Storm Breaker small diameter bomb II (SDB II).
  • In May 2021, Lockheed Martin Corporation signed a contract worth US$ 1.12 billion with the US Army for the production of over 9,000 Guided Multiple Launch Rocket System (GMLRS) rockets and associated equipment. These guided munitions would be delivered to the US Marine Corps, US Army, and international customers.

Segments Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Platform-Type Analysis

Land-Based Platform, Airborne Platform, Naval-Based Platform.

Land-based Platform is expected to remain dominant and the fastest-growing platform in the years to come.

Product-Type Analysis

Guided Missile, Guided Projectile, and Guided Bombs.

Guided Missile is expected to be the demand generator for the guided munition market and is likely to grow at the fastest rate in the coming years.

Guidance-Type Analysis

GPS-Guided Munition, Laser-Guided Munition, Infrared (IR)-Guided Munition, and Others.

GPS-guided munition is anticipated to contribute the largest share of the guided munition market.

Actuation-Type Analysis

Fin-Based Actuation System and Thrust-Based Actuation System.

The thrust-based actuation system is likely to remain the dominant and faster-growing actuation type in the years to come.

Regional Analysis

North America, Europe, Asia-Pacific, and The Rest of the World.

North America is expected to maintain its reign over the forecast period.

 

By Platform Type

Land-based platform is expected to remain the dominant platform for the guided munition in the foreseeable future.”

  • Based on the platform type, the market is classified as land-based, airborne, and naval-based platforms.
  • Among these sub-segments, the land-based platform is expected to maintain its dominance, throughout the foreseen future.
  • With the increasing terror threats and border disputes, across the globe, several countries are boosting their land-based warfare capabilities through the development and procurement of land-based munitions.

By Product Type

Guided-missile is expected to be the demand generator and fastest-growing product of the market during the forecast period.

  • The market is segmented as guided missiles, guided projectiles, and guided bombs.
  • Among these product types, guided missiles are the most commonly used munitions for defense forces, around the globe.
  • These munitions have a longer range as compared to their counterparts and they can be launched from multiple platforms as well.
  • Also, these munitions are integrated with propulsion systems, i.e. they develop their own power for their launch.

By Guidance Type

GPS-guided munition is anticipated to contribute largest market share during the forecast period.

  • The market is segmented as GPS-guided munitions, infrared (IR)-guided munitions, laser-guided munitions, and others.
  • Among these sub-segments, GPS-guided munitions are the most commonly used munitions, across the globe, and contribute to the major market share.
  • This is largely because these weapons are designed to be jamming-resistant, and their efficiency is not hampered by extreme weather conditions.
  • Hence, with the increasing hostilities across the globe, the demand for guided munitions is likely to increase manifold, thereby fuelling the market growth substantially.

By Actuation Type

Thrust-based actuation system is likely to remain the dominant and faster-growing actuation type in the forecasted period.

  • The market is segmented into a fin-based actuation system and a thrust-based actuation system.
  • Among the sub-segments, the thrust-based actuation system is considered apt for the functioning of the munitions, as the actuation system remains effective even at high altitudes and during thin atmospheric conditions.
  • As a result, these systems generate the largest market demand. On the other hand, the fin-based actuation systems lag as they cannot operate in low air density or exo-atmospheric conditions.
  • With the advancement of guided missiles that leave the Earth's atmosphere, such actuation systems are becoming increasingly prevalent in missile systems, across the globe.

Regional Analysis

North America is expected to maintain its reign during the forecast period.

  • In terms of region, North America is estimated to remain the largest market for the guided munition market, over the forecast period.
  • The region is home to market leaders such as Lockheed Martin Corporation, Raytheon Technologies Corporation, Boeing, and Northrop Grumman, among others, which are also active contractors for the US Department of Defense (DoD) for guided munitions.
  • In addition, the region accounts for over 40% of the global military expenses, as it is an extensive investor in the military industry.
  • Concurrently, Asia-Pacific is an emerging region in the global guided munition market, fuelled by the increasing regional military expenses, particularly from powerful countries such as India and China, in recent times. Also, the frequency of terror threats and border conflicts in the region is very high, which boosts the demand for guided munitions.

Key Players

Over the years, there has been strong competition in the global guided munition market. The top five players in this highly consolidated market, occupy a much larger slice of the pie, as a result of their technological expertise, industry experience, financial position, and government support. There have also been some mergers and acquisitions in the defense industry, in recent years, which have reshaped the overall competitive scenario.

The following are the key players in the Guided Munition Market:

Here is the list of the Top Players (Based on Dominance)

  • Lockheed Martin Corporation
  • Raytheon Technologies Corporation
  • Northrop Grumman
  • Boeing
  • General Dynamics Corporation

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth Analysis of the Guided Munition Market

How lucrative is the future?

The market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country-level historical data and forecasts

Which are the most attractive market segments?

Market segment analysis and Forecast

Which are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirement?

10% free customization

Research Methodology

  • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Guided Munition Market realities and future market possibilities for the forecast period. 
  • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
  • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
  • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
  • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
  • We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research:

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

Guided munition refers to missiles, projectiles, or bombs equipped with a guidance system, enabling precision targeting.

The guided munition market is likely to grow at a strong CAGR of 5.9% in the coming five years.

The forecasted value of the guided munition market is US$ 28.9 billion in 2028.

This growth is majorly attributed to factors such as rising military expenses and increasing border conflicts, across the globe, in recent times, coupled with the continued emphasis on the development and deployment of modern guided munitions by the different military forces.

The North American region is estimated to maintain its dominance in the global guided munition market, in the coming years. This is primarily attributed to the large year-on-year regional military expenses along with the extensive investments by the US Department of Defense (DoD) in the development of advanced guided munitions.

Asia-Pacific is estimated to grow at the fastest pace in the coming years, as a result of increasing defense expenditure of countries mainly China and India. Rising geopolitical tensions, technological advancement in guided munition technologies, focusing on air and naval power projection, and changing threat landscape are some of the key factors driving the growth of the market.

Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman, Boeing, and General Dynamics Corporation are some of the major players in the guided munition market.

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