Precision Guided Munition Market

The precision guided munition market is projected to grow from USD 37.24 billion in 2026 to USD 62.53 billion by 2031 at a CAGR of 10.9%. The market is driven by higher defense spending, replacement of older weapon stocks, and growing demand for longer-range and more accurate strike systems. Demand is also supported by air defense needs, wider use of guided weapons and military modernization across land, air and naval forces.

Some of the major market players include RTX (US), Lockheed Martin Corporation (US), Northrop Grumman (US), General Dynamics Corporation (US), and Boeing (US). These players have employed various organic and inorganic growth strategies, including collaborations, acquisitions, product launches, partnerships, agreements, and expansions, to enhance their international footprint and capture a significant share of the precision guided munition market. These organic and inorganic strategies have enabled market players to expand their reach across geographies. 

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RTX is a US-based aerospace and defense company that supplies precision weapons and related systems for land, air and naval forces. Its PGM portfolio includes the Excalibur 155 mm guided artillery projectile, Javelin anti-tank missile and short-range air defense interceptors. These products use guidance, seeker, propulsion and control technologies to support target engagement against armored vehicles, ground positions and aerial threats across different operating environments.

Lockheed Martin Corporation is a US-based defense company that develops missiles, guided rockets, and launch systems for military customers. Its PGM products include GMLRS, Extended-Range GMLRS and the Precision Strike Missile, which are fired from HIMARS and M270 launchers. The company also supplies Javelin and other guided weapons. These systems support surface-to-surface strike, anti-armor missions and longer-range precision fires for US and allied forces worldwide.

Northrop Grumman is a US-based defense company that develops missiles, propulsion systems, warheads, guidance systems, and related weapon components. Its PGM activities include AARGM and AARGM-ER air-launched tactical missiles, along with propulsion and warhead work for GMLRS. The company also develops guidance systems for precision fires. These products support attacks on air defense sites, mobile targets, and other land targets for US and allied forces.

Boeing is a US-based aerospace and defense company that develops guided missile systems for air, surface, and naval use. Its PGM portfolio includes the Harpoon Block II missile, which can be launched from aircraft, ships, submarines, and coastal defense systems. The missile uses GPS-aided inertial navigation and active radar guidance. It is used for anti-ship and land-attack missions against selected surface and coastal targets worldwide.

General Dynamics Corporation is a US-based defense company with activities in munitions, missile subsystems, guidance electronics, and artillery systems. Through General Dynamics Ordnance and Tactical Systems and Mission Systems, it supplies guidance electronic units, assured navigation systems, missile components, and GMLRS launch pod containers. The company also works on 155 mm artillery systems and precision guidance technologies used in long-range fires and military weapon programs.

Related Reports:

Precision Guided Munition Market by Product (Tactical Missiles, Interceptor Missiles, Torpedoes, Rockets, Loitering Munitions), System, Launch Platform, Speed (Subsonic, Supersonic, Hypersonic), Mode of Operation, Range, and Region - Global Forecast to 2031

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