Precision has always been recognized as an important attribute of weapon development. Precision guided munition belongs to a category of weapons which can be aimed & directed against a single target. Such weapons rely on external guidance system or their own guidance system. Precision guided munition can be launched from aircrafts, submarines, ships, land vehicles, and even from individual soldiers from the ground. Air launched precision munition includes hellfire missile, JAGM, paveway laser guided bomb, long range anti-ship missile, and more. Ground launched precision munitions are army tactical missile system (ATACMS), guided multiple rocket launch system (GMLRS), and precision strike missiles (PrSM). Such systems are being extensively adopted and upgraded by defence forces across the world. For instance, in October 2018, Raytheon Company and Saab AB signed a contract with the US Army to demonstrate a laser-guided munition to be used with the Carl-Gustaf man-portable shoulder-fired launcher.
COVID-19 Scenario analysis:
- Due to COVID-19 situation, the research & development in autonomous precision guided munition companies across the globe has been hampered due to declared lockdowns and government restrictions on public gatherings.
- As governments spending shift toward economic recovery due to COVID-19 pandemic, industries may experience reduction in quantity of order for autonomous precision guided munitions.
- Production rate of autonomous precision guided munition making companies have been affected adversely due to COVID-19 situation.
- Autonomous precision guided munition companies facing the temporary operational issues due to the restrictions on site access, imposed by government authorities to contain the spread of virus.
- Post COVID-19, global autonomous precision guided munition market will witness a significant growth as several countries have either already ordered or planning to procure precision guided munitions for their forces.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Increasing demand for guided munitions to minimize collateral damage, rising demand of autonomous precision guided munitions, political insurgencies & cross border conflicts, reduction in logistics burden, and growing military modernization programs are the factors which drive the autonomous precision guided munition market. However, regulations related to arms transfer & high manufacturing costs are hindering the market growth. On the contrary, increasing research & development in precision guided munition firms will be opportunistic for the growth of global autonomous precision guided munition market in the future.
Rise in demand of autonomous precision guided munitions
Autonomous precision guided munitions are capable of taking attack decisions autonomously. At instance, fire & forget missiles autonomously lock & destroys the target after reaching near to the target. Such systems are very useful in an area where enemy activity is only probable, and this system is capable of autonomously searching of target for hours from its launching position. Hence, due to its high efficiency & unique features, the demand of such systems has been increased significantly; hence, driving the global autonomous precision guided munition market.
Key benefits of the report:
- This study presents the analytical depiction of the autonomous precision guided munition industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global autonomous precision guided munition market share.
- The current market is quantitatively analysed to highlight the global autonomous precision guided munition market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global autonomous precision guided munition market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the autonomous precision guided munition market research report:
- Which are the leading market players active in the global autonomous precision guided munition market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Autonomous Precision Guided Munition Market Report Highlights
Key Market Players
Northrop Grumman Corporation, MBDA, Boeing., Israel Aerospace Industries Ltd., Saab AB, General Dynamics Corporation, Raytheon Technologies Corporation, KONGSBERG, BAE Systems, Elbit Systems Ltd., Lockheed Martin Corporation