The global guided projectile market is projected to witness a growth rate of 5% annually from 2023 to 2028, with an anticipated size of US$ 2.1 Billion by 2028, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global guided projectile market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Market Statistics:
Market Size in 2028: US$ 2.1 Billion
Growth (CAGR): 5% during 2023-2028
Leading Platform Type: Land-based Platform
Leading Guidance Type: GPS-guided projectile
Leading Actuation Type: thrust-based Actuation System
Leading Region: North America
Forecast Period: 2023-2028
Trend Period: 2018-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights & Market Share Analysis of the Guided Projectile Market:
The global guided projectile market is segmented based on platform type, product type, stage type, guidance type, actuation type and region.
Based on Platform type –
- 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 strengthening 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.
Based on the Product type-
- Based on the product type, the market is segmented into artillery, rockets, and SALW (Small Arms and Light Weapons).
- 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.
- 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.
Based on the Guidance type –
- 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.
Based on the Actuation type –
- Based on the actuation type, the market is segmented into a thrust-based actuation system and a 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.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
“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.
Guided Projectile Market Drivers:
Some of the key drivers listed in the report are given below.
- 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.
Competitive Landscape: Top Companies in the Guided Projectile Market:
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.
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
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