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    Guided Bomb Market Report

    Guided Bomb Market Report
    Report code - SR2889 Published On : May,2024 No. of Pages: 120
    Guided Bomb Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportun See more...

    “The overall guided bomb market is estimated to grow at a promising CAGR of 5.4% during the forecast period, to reach a value of US$ 3.1 Billion in 2028.”

    Market Dynamics

    Introduction

    Guided bombs are a type of precision-guided munitions, which are equipped with guidance systems, fin-based actuation systems, and other sub-components, so as to increase the accuracy of their strike. They are dropped from an airplane towards their intended targets, and they are not furnished with any propulsion technology. These bombs help in minimizing collateral damage and simultaneously increase the lethality against the intended targets. As a result, such bombs have almost replaced the traditional unguided “dumb” bombs.

    Market Drivers

    Amid the growing terror threats and border disputes, several countries and defense authorities are engaged in strengthening their overall military and warfare capabilities. This has also led to a rising emphasis on the development and deployment of guided bombs. As a result, the deployment and usage of guided bombs have been rapidly gaining momentum in recent years.

    Recent Market JVs and Acquisitions:

    The defense industry has witnessed a merger and acquisitions in recent years, which has largely affected the market landscape.

    • In April 2020, Raytheon Company and United Technologies Corporation merged their businesses and operations to form Raytheon Technologies Corporation.

    Recent Product Development:

    There have been several investments in the defense industry directed at guided bombs in recent years, which would boost the overall market. Some of them are:

    • In January 2024, Raytheon Technologies Corporation secured a $345 million contract from the U.S. Air Force for the production of over 1,500 Small Diameter Bomb II (SDB II) GBU-53/B munitions, also known as "StormBreaker." This contract, covering the 10th production lot, includes provisions for the U.S. Air Force, U.S. Navy, and Foreign Military Sales customers, with work planned to be completed by August 2028.
    • In June 2022, General Dynamics Ordnance and Tactical Systems signed a contract worth US$ 133.2 million with the US Army, to supply the Tritonal bomb components for the MK-80 series general purpose bombs.
    • In September 2020, Boeing had a seven-year agreement worth US$ 2.24 billion with the US Air Force, $2.24B to produce lot 15 Small Diameter Bombs, along with their containers and carriages, for the US Department of Defense (DoD) and seven foreign military sales (FMS) customers namely, Belgium, Norway, Netherlands, Israel, Japan, Korea, and Australia.

    Market Segments' Analysis

    Segmentations

    List of Sub-Segments

    Segments with High Growth Opportunity

    Guidance-Type Analysis

    GPS-guided Bombs, Laser-guided Bombs, Infrared (IR)-guided Bombs, and Others

    The laser-guided bomb is anticipated to remain the dominant as well as fastest-growing guidance in the years to come.

    Regional Analysis

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

    North America is expected to remain the dominant and Asia-Pacific is the fastest-growing market in the forecast period.

    By Guidance Type

    “Laser-guided bomb is expected to remain the dominant guidance type of the market during the forecast period”.

    • Based on guidance type, the market is classified as GPS-guided bombs, laser-guided bombs, infrared (IR)-guided bombs, and others.
    • Among these sub-segments, laser-guided bombs are most commonly used, thereby accounting for market supremacy.
    • They carry a lesser amount of explosives as compared to unguided bombs and result in limited collateral damage. As a result, laser-guided bombs have generated a large demand in recent years, and they are used by several air forces across the globe.

    Regional Analysis

    North America is expected to remain the largest market for Guided Bomb during the forecast period”.

    • In terms of regions, North America is likely to maintain its dominance in the global guided bomb market, throughout the forecast period.
    • Several market-leading companies such as Boeing, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and Raytheon Technologies Corporation, among others, are headquartered in the region.
    • These companies actively engage in the development of precision guidance kits for general bombs and turning them into laser-guided bombs (LGB).
    • They are also the primary contractors for the US Department of Defense w.r.t guided bombs. Concurrently, Asia-Pacific is an emerging region in the global market as the entire continent is prone to high-tension border conflicts such as that of India-Pakistan, India-China, China-Taiwan, and North Korea-South Korea.

    Key Players

    There is intense competition in the global guided bomb market, with the top six companies holding nearly 60% of the overall market share. There are several numbers of players in the global market, engaged in the production of guided bombs and precision guidance kits. The competitive scenario is directly dependent on the industry conditions and overall investments in the development of guided bombs. Moreover, the defense industry has witnessed a few mergers and acquisitions in recent years, which has largely affected the market landscape. For example, in April 2020, Raytheon Company and United Technologies Corporation merged their businesses and operations to form Raytheon Technologies Corporation.

     The following are the key players in the guided bomb market.

    • Boeing
    • L3Harris Technologies, Inc.
    • Lockheed Martin Corporation
    • Raytheon Technologies Corporation
    • General Dynamics Corporation

     

    Note: The above list does not necessarily include all the top players of 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 most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
    • COVID-19 impact and its recovery curve.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The guided bomb market is segmented into the following categories. 

    Guided Bomb Market, by Guidance Type

    • GPS-guided Bomb (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Laser-guided Bomb (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Infrared (IR)-guided Bomb (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Guided Bomb Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, Ukraine, Italy, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, Australia, Pakistan, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, Iran, Israel, and Others)

    Research Methodology

    • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Guided Bomb market realities and future market possibilities for the forecast period. 
    • The report segments and analyzes the market in the most detailed manner 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: Service 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)

    A guided bomb, also called a smart bomb or guided bomb unit (GBU), is a precisely targeted munition that minimizes the margin of error, ensuring accuracy in hitting its intended target.

    The guided bomb market is estimated to grow at a CAGR of 5.4% in the coming five years. This growth is primarily attributed to the surge in the military expenses of several countries in recent times, along with the continued emphasis on the development and deployment of guided bombs by different military forces, around the world.

    Boeing, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and Raytheon Technologies Corporation are some of the major players in the guided bomb market. These companies stand out among the several companies in the market, as a result of their product offering, regional penetration, and industry experience.

    North American region is estimated to continue as the global leader in the coming years. This is due to the widespread presence of market-leading companies such as Boeing, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and Raytheon Technologies Corporation in the region, which are also among the major guided bomb contractors for the US Department of Defence (DoD). Moreover, the region is the global leader in terms of military budgets and expenses, which is estimated to impeccably fuel the market growth, in the coming years.

    Asia-Pacific is estimated to grow at the fastest pace in the guided munition market 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, focussing on air and naval power projection, and changing threat landscape are some of the key factors driving the growth of the guided bomb market at a faster pace in Asia-Pacific.

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