“The Guided Projectile Market is estimated to grow at a promising CAGR of 5% during the forecast period, to reach a value of US$ 2.1 Billion by 2028.”
Market Dynamics
Introduction
Projectiles, often known as shells, are non-self-propelled airborne explosive weapons that are propelled by another object (a gun). Like guided missiles, the projectiles are either launched from land-based, airborne, or naval-based platforms. Their development and usage have been on the rise due to the increasing number of international disputes and terrorism threats.
With a greater demand for accurate strikes and lesser collateral damage over the years, guidance systems have become an integral element of projectiles. However, they rely on the power of their launch platform as they aren’t equipped with an internal propulsion system.
Market Drivers
Ever since the beginning of the Russia-Ukraine war, there have been several new investments, contracts, and agreements in the defense industry directed at guided projectiles in Europe. Similarly, the ongoing border conflicts in the Asian continent, such as that of India-Pakistan, India-China, China-Taiwan, and North Korea-South Korea increase the demand for these sophisticated guided munitions. As a result, there has been a relentless growth in the demand for guided projectiles in recent times.
With the increasing number of global military operations, the guided projectile market has witnessed a colossal improvement over the years. Also, there has been a large procurement and deployment of guided projectiles across the ground, airborne, and naval forces across the globe, thus strengthening the military power of the countries.
Segments Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Platform Type Analysis
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Land-based Platform, Airborne Platform, Naval-based Platform
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Land-based Platform is expected to remain dominant and the fastest-growing platform in the years to come.
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Product Type Analysis
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Artillery, Rockets, Small Arms Light Weapons (SALW)
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Rocket is estimated to be the dominant as well as the fastest-growing product type in the forecast period.
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Guidance Type Analysis
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GPS-guided Projectile, Laser-guided Projectile, Infrared (IR)-guided Projectile, and Others
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The GPS-guided projectile is estimated to remain the dominant and fastest-growing guidance system in the years to come.
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Actuation Type Analysis
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Fin-Based Actuation System and Thrust-Based Actuation System
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The thrust-based Actuation System is expected to contribute the largest share by actuation type.
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Regional Analysis
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North America, Europe, Asia-Pacific, and the Rest of the World
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North America is expected to maintain its reign in the forecast period.
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By Platform Type
“Land-based platform is likely to remain the major demand generator for the guided missiles in the foreseeable future.”
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Based on the platform type, the market is bifurcated into land-based, airborne, and naval-based platforms.
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Among these sub-segments, the land-based platform is likely to garner the majority of the demand for guided projectiles, in the forthcoming years.
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Since the onset of the Russia-Ukraine war in 2022, there has been a greater focus the defense authorities, across the globe, towards strengthening their land-based warfare capabilities via modernizing their defense systems and through the development of guided projectiles.
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Moreover, the demand for such projectiles is expected to increase with the increasing terror threats and border disputes, globally.
By Product Type
“Rocket is expected to remain the dominant and fastest-growing product type in the market during the forecast period.”
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Based on the product type, the market is segmented into artillery, rockets, and SALW (Small Arms and Light Weapons).
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Among these projectile types, the rockets contribute to the largest market share as they can engage targets at long ranges and considerably reduce collateral damage.
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These weapons can also be launched from various platforms and are equally effective against static or mobile targets. As a result, there is a large production and deployment of guided rockets across the armed forces, globally.
By Guidance Type
“GPS-guided projectile is likely to remain the dominant guidance type in the market during the forecast period.”
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Based on guidance type, the market is segmented as GPS-guided projectiles, infrared (IR)-guided projectiles, laser-guided projectiles, and others.
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Among these sub-segments, the GPS-guided projectiles account for the dominant share in the market as these are the most preferred projectile systems, across the globe.
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This is largely because the efficiency and operability of these projectiles are not hampered by the weather conditions. In addition, these weapons are also designed to be resilient to jamming.
By Actuation Type
“Thrust-based actuation is expected to contribute the largest share in the guided projectile market.”
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Based on the actuation type, the market is segmented into a thrust-based actuation system and a fin-based actuation system.
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As the fin-based actuation systems rely majorly on aerial resistance, they require sufficient air density and surface airflow to maintain the requisite control of the projectile.
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However, these actuation systems cannot function in low air density or exo-atmospheric conditions, due to which, they are less preferred by the projectile manufacturers, thereby occupying a small share in the market.
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Moreover, the thrust-based actuation system is even operational at high altitudes and in thin atmospheres, thus, maintaining the smooth performance of the guided projectiles. As a result, these systems generate the largest demand in the market.
Regional Analysis
“North America is expected to remain the largest market for Guided Projectile during the forecast period.”
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North America is likely to maintain its supremacy in the global guided projectile market, throughout the forecast period.
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This is mostly due to the large-scale investments made by the US Department of Defense (DoD) on guided projectiles in recent times coupled with the active presence of major companies such as General Dynamics Corporation, Northrop Grumman, and Raytheon Technologies Corporation, among others, in the region.
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Concurrently, Asia-Pacific is an emerging region in the global market, backed by the immense growth in the military expenses of China and India, the two regional superpowers, in recent years.
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The region is also particularly vulnerable to terrorist attacks and border disputes, which increases the demand for guided projectiles.
Key Players
The guided projectile market is a highly consolidated market, with the top five companies accounting for a large chunk of the overall market share. With the increasing terror threats and the intensifying warfare incidences across the globe, companies are likely to focus on increasing and stabilizing their penetration in emerging markets in the defense industry. In addition, the industry has witnessed a few major mergers and acquisitions in recent years, which has drastically affected the overall competitive scenario and market landscape.
The following are the key players in the guided projectile market.
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 most comprehensively. 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?
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Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth analysis of the Guided Projectile Market
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How lucrative is the future?
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The market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast
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Who are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirements?
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10% free customization
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Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Guided Projectile 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: 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
Recent Market News
The industry has witnessed a few major mergers and acquisitions in recent years, which has drastically affected the overall competitive scenario and market landscape.
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In April 2020, Raytheon Company merged with United Technologies Corporation, to form Raytheon Technologies Corporation.
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In June 2019, L3Harris Technologies, Inc. was formed through the all-stock merger of L3 Technologies and Harris Corporation.
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In June 2018, Northrop Grumman Corporation completed the acquisition of Orbital ATK Inc., a global leader in aerospace and defense technologies.
Recent Product Development:
There has been a relentless growth in the demand for guided projectiles in recent times. Some of the major contracts and agreements for product development are:
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In May 2024, Lockheed Martin secured a $332 million contract with the US Army to produce the Guided Multiple Launch Rocket System.
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In Feb 2023, Raytheon Technologies Corporation was awarded a contract worth US$ 219.9 million with the US Department of Defense, to produce 155 mm Excalibur Increment Ib projectiles.
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In May 2021, Lockheed Martin Corporation signed a contract worth US$ 1.12 billion with the US Army to produce 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.
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In March 2020, Raytheon Technologies Corporation signed a contract worth US$ 86 million with the US Department of Defense, for the engineering services of the M982 Excalibur long-range precision artillery munitions.
