Precision-guided munitions market projected to grow from $30 billion in 2019 to $47.5 billion by 2025News
June 24, 2019
NORTHBROOK, Ill. The global market for precision-guided munitions is projected to grow from $30 billion in 2019 to $47.5 billion by 2025, a combined annual growth rate (CAGR) of 8% from 2019 to 2025, according to a study from MarketsandMarkets, "Precision Guided Munition Market -- Global Forecast to 2025."
Several of the major factors fueling demand for precision-guided munitions, according to the market study, are the fact that a number of countries are focusing on increasing their R&D spending and are initiating programs for the development of lightweight, portable, and efficient next-generation precision weapons. Also fueling demand for these munitions are demand for miniaturized weapons and countries' increasing use of satellite networks, navigation aids, and drones in engagement.
Based on technology, the study found that the GPS segment is expected to grow at the highest CAGR during the forecast period; GPS -- a satellite-based navigation system that offers navigation capability with accurate velocity information -- is popular with vendors and users of precision-guided munitions.
Among the makers of precision-guided munitions mentioned in the report are Lockheed Martin, BAE Systems, Raytheon , MBDA, Israel Aerospace Industries, Elbit Systems, Saab, General Dynamics, Northrop Grumman, Rheinmetal, and Leonardo.
For additional information on this report visit the MarketsandMarkets website.