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    Guided Projectile Market Report

    Guided Projectile Market Report
    Report code - SR2890 Published On : May,2024 No. of Pages: 120
    Guided Projectile Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Op See more...

    “The overall 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 in 2028”.

    Market Dynamics

    Introduction

    Projectiles, often known as shells, are non-self-propelled airborne explosive weapons that are propelled by another object (a gun). Similar to 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.

    Recent Market JVs and Acquisitions:

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

    • In April 2020, Raytheon Company merged with United Technologies Corporation, to form Raytheon Technologies Corporation.
    • In June 2019, L3Harris Technologies, Inc. was formed through the all-stock merger of L3 Technologies and Harris Corporation.
    • 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:

    • In May 2024, Lockheed Martin secured a $332 million contract with the US Army to produce the Guided Multiple Launch Rocket System.
    • In Feb 2023, Raytheon Technologies Corporation was awarded a contract worth US$ 219.9 million with the US Department of Defense, for the production of 155 mm Excalibur Increment Ib projectiles.
    • 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.
    • 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.

    Market 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

    Artillery, Rockets, Small Arms Light Weapons (SALW)

    Rocket is estimated to be the dominant as well as the fastest-growing product type in the forecast period.

    Guidance-Type Analysis

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

    The GPS-guided projectile is estimated to remain the dominant and fastest-growing guidance system in the years to come.

    Actuation-Type Analysis

    Fin-Based Actuation System and Thrust-Based Actuation System

    The thrust-based Actuation System is expected to contribute the largest share by actuation type.

    Regional Analysis

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

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

     

    By Platform Type

    Land-based platform is likely to remain the major demand generator for the guided missiles in the foreseeable future.”

    • Based on the platform type, the market is bifurcated into land-based, airborne, and naval-based platforms.
    • Among these sub-segments, the land-based platform is likely to garner the majority of the demand for guided projectiles, in the forthcoming years.
    • Since the onset of the Russia-Ukraine war in 2022, there has been a greater focus of the defense authorities, across the globe, towards strengthen their land-based warfare capabilities via modernizing their defense systems and through the development of guided projectiles.
    • 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”.

    • Based on the product type, the market is segmented as artillery, rockets, and SALW (Small Arms and Light Weapons).
    • Among these projectile types, the rockets contribute to the largest market share as they are able to engage targets at long ranges and considerably reduce collateral damage.
    • 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”.

    • Based on guidance type, the market is segmented as GPS-guided projectiles, infrared (IR)-guided projectiles, laser-guided projectiles, and others.
    • 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.
    • 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.”

    • Based on the actuation type, the market is segmented into thrust-based actuation system and fin-based actuation system.
    • 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.
    • 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.
    • 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”.

    • North America is likely to maintain its supremacy in the global guided projectile market, throughout the forecast period.
    • 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.
    • 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.
    • 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, the companies are likely to focus on increasing and stabilizing their penetration in the 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.

    • General Dynamics Corporation.
    • Northrop Grumman
    • BAE Systems
    • Raytheon Technologies Corporation
    • Boeing

     

    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 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 projectile market is segmented into the following categories. 

    Guided Projectile Market, by Platform Type

    • Land-based Platform (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Airborne Platform (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Naval-based Platform (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Guided Projectile Market, by Product Type

    • Artillery (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Rockets (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Small Arms & Light Weapons (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Guided Projectile Market, by Guidance Type

    • GPS-guided Projectile (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Infrared (IR)-guided Projectile (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Laser-guided Projectile (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 Projectile Market, by Actuation Type

    • Thrust-based Actuation System (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Fin-based Actuation System (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Guided Projectile 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 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: 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 projectile is a type of ammunition that uses guidance systems to precisely steer its trajectory towards a target.

    The guided projectile market is estimated to grow at a CAGR of 5% in the coming five years. This relentless growth is likely a result of the radical increase in military expenses of various countries along with the growing focus on strengthening the warfare capabilities of the defense forces.

    General Dynamics Corporation, Northrop Grumman, BAE Systems, Raytheon Technologies Corporation, and Boeing are some of the major players in the guided projectile market. These companies are also actively contributing to the market growth as a result of their large industry experience, innovative product developments, and geographic penetration.

    North American region is estimated to maintain its market supremacy in the coming years. This is because of the increasing regional military expenses along with the extensive presence of the market-leading companies such as General Dynamics Corporation, Northrop Grumman, Raytheon Technologies Corporation, Boeing, and Lockheed Martin Corporation, which are the major guided projectile contractors for the US Department of Defence (DoD).

    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 projectile market at a faster pace in the region.

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