Market Highlights:
GPS guided munitions Industry Size is expected to reach USD 32.7 Billion by 2030, registering a CAGR of 4.4% during 2020-2030.
Guided munitions, also known as smart weapons, smart munitions, or guided ammunition, can be aimed and directed at single or multiple targets. It relies on external guidance or its own guidance systems. It can be launched from aircraft, ships, submarines, and land vehicles.
The increased focus on developing autonomous weapons and countering terror activities have led to the increasing demand for the development of guided munitions. The increased focus on procurement of smart weapons will enable manufacturers in offering new growth opportunities to the market players.
However, there are some shortcomings such as extremely complicated guidance system and restricted range of manoeuvrability, which will restrain the growth of this GPS guided munitions Industry.
Europe is witnessing high demand for GPS guided munitions Industry Increased procurement of smart weapons by the developed countries such as Germany, the U.K, and France has bolstered the demand for guided munitions in the European region.
Furthermore, in 2018, the Lockheed Martin signed a contract with U.S. Navy for follow-on production of Enhanced Laser Guided Training Rounds to support the Paveway II Laser Guided Bomb (LGB) weapons training. Similarly, in 2014, Boeing signed a contract with the U.S. Air Force to work on manufacturing arming devices for Air-Launched Cruise Missile (ALCM), which is a long-range subsonic, self-guided missile, helping to ensure the readiness of the system.
Key Players:
The key players in global GPS guided munitions Industry are Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), Boeing (U.S.), BAE Systems Plc. (U.K), Israel Aerospace Industries (Israel), MBDA (France), Rafael Advanced Defense Systems Ltd (Israel), Kongsberg Group (Norway), Northrop Grumman Corporation (U.S.), L-3 Technologies Inc. (U.S.), and FN Herstal S.A (Belgium).
Market Segmentation:
The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global GPS guided munitions Industry by its product, technology, platform, and region.
By Product
Missiles
Rockets
Projectiles
Arms
Loitering Weapons
Others
By Technology
Laser
Infrared
Radar
GPS
Others
By Platform
Airborne
Land-based
Naval
By Region
North America
Europe
Asia Pacific
Middle East Africa
South America
Regional Analysis:
On the basis of region, the global market is segmented into North America, Asia Pacific, Europe, the Middle East Africa, and South America. In North America, there are rising counter terrorist activities and various military equipment modernization programs.
This study provides an overview of the Global GPS guided munitions Industry, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC), Middle East Africa and South America.
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