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3. Raytheon (US) and Lockheed Martin (US) are two major players in the Precision Guided Munition Market

The precision guided munition market is projected to grow from USD 30.0 billion in 2019 to USD 47.5 billion by 2025, at a CAGR of 8.0% from 2019 to 2025. The growing military modernization programs and increasing demand for precision guided munitions to minimize collateral damage are some of the factors expected to drive the growth of the precision guided munition market.

Key players in the precision guided munition market include Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon Company (US), Northrop Grumman (US), Elbit Systems Ltd. (Israel), and Saab AB (Sweden), among others. Contracts was the key strategy adopted by the leading market players to strengthen and sustain their position in the precision guided munition market. Additionally, these players have been focusing on securing contracts from governments of different countries for their organic growth. For instance, in February 2019, BAE Systems received a contract worth USD 114.5 million from the US Navy to modernize the guided-missile destroyer, USS Bulkeley (DDG 84) in its Norfolk shipyard.  In January 2019, Lockheed Martin received a contract worth USD 172 million from the US Navy and Air Force for second production lot of Long Range Anti-Ship Missile (LRASM).

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BAE Systems (UK) is a major player in the precision guided munition market. The company develops, delivers, and supports aerospace & defense systems. The company operates through 5 business segments, namely, electronic systems, cyber & intelligence, platforms & services (US), platforms & services (UK), and platforms & services (international). It offers electro-optical sensors, electronic warfare systems, next-generation military communication systems, hybrid electric drive systems, military & commercial digital engines, precision guided munition, and flight controls through its electronic systems segment. The company is focusing on developing highly advanced precision strike munition for military forces and has secured various contracts. For instance, in May 2018, it received a contract worth USD 175 million from the US Navy to provide more than 7,000 Advanced Precision Kill Weapon System (APKWS) laser-guided rockets.

Raytheon (US) and Lockheed Martin (US) are two major players in the precision guided munition market. Both the companies are US-based, and they offer tactical missiles, guided rockets, and air-to-ground precision strike weapon systems for all platforms. They are mainly focused on R&D investments and next-generation weapon technologies.  Javelin, which is produced by a joint venture between Raytheon and Lockheed Martin received a contract worth USD 14 million for the modernization of Javelin Weapon System in 2018. In January 2019, it also received a production contract for 2,100 F-Model (FGM-148F) missiles, following a successful and rigorous system qualification test program that included 21 successful flight tests. The contract launches the initial full-rate production agreement for the Javelin F-Model missile, replacing the Javelin FGM-148E (Block I).

Related Reports:

Precision Guided Munition Market by Product (Tactical Missiles, Guided Rockets, Guided Ammunition, and Loitering Munition), Technology (Infrared, Semi-active Lasers, Radar Homing, GPS, INS, Anti-radiation), Type, Speed, Region - Global Forecast to 2025

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