Market Leader - Precision Guided Munition Market
The precision guided munition market is projected to grow from USD 32.8 billion in 2021 to USD 41.0 billion by 2026, at a CAGR of 4.5% from 2021 to 2026. The rising need for precision weapons to minimize collateral damage, the increasing number of conflicts, and high defense spending are some of the major factors driving the market globally.
Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon Technologies (US), Northrop Grumman Corporation (US), and Saab AB (Sweden) are some of the leading players operating in the precision guided munition market. These companies secure contracts from governments of different countries to carry out various precision guided munition programs.
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Northrop Grumman develops and builds some of the world’s most advanced precision guided munition technologies from command systems to advanced interceptors, powerful space sensors, and directed energy weapons, as well as systems that test and verify their efficacy. The company is a leading provider of interceptors and seekers used in the test and verification of precision guided munition and interceptor boosters employed in the defense.
The Lockheed Martin’s Missile and Fire Control (MFC) segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions. Its major programs include Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) air and missile defense programs.
General Dynamics Corporation is a leading provider of aircraft flight control systems, auxiliary ships, business jets, combat vehicles, communications systems, IT systems, ships munitions, nuclear-powered submarines, stealth ship tanks, vision systems, and watercraft weapon systems. General Dynamics has a very good global presence as well, and Its scientists and engineers are continuously working on enabling technologies in guided-missile destroyers for sea defense.
Related Reports:
Precision Guided Munition Market by Speed (Subsonic, Supersonic, and Hypersonic), Product, Technology, Mode of Operation (Semi-autonomous and Autonomous), Launch Platform (Land, Airborne and Naval) and Region - Forecast to 2026
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