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Request Now !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 defense 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.
Increase in demand for precision guided munitions to minimize collateral damage, political insurgencies & cross border conflicts, reduction in logistics burden, and growing military modernization programs are some of the factors that drive the precision guided munition market. However, regulations related to arms transfer & high manufacturing costs are hindering the market growth.Increase in R&D in precision guided munition firms may be opportunistic for the growth of the market in the future.
The requirement to replace & upgrade existing systems such as inertial navigation system (INS), global positioning system (GPS), radar homing, semi-active lasers, and anti-radiation is enabling industries to invest heavily in R&D of precision guided munitions. For instance, in February 2020, India announced its efforts to develop tactical ballistic missiles with a range of 200 km. The missile is being developed by “defence research and development organization” (DRDO) of India, and trails of missile system are expected to begin in 2021. Such increase in investments & improving technology will provide ample amount of opportunities in the global precision munition market.
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Key Market Players | Lockheed Martin Corporation, BAE Systems, Northrop Grumman Corporation, Elbit Systems Ltd., Boeing., General Dynamics Corporation, Saab AB, Israel Aerospace Industries Ltd., Raytheon Technologies Corporation, MBDA, KONGSBERG |
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