Precision has always been recognized as an important attribute of weapon development. Precision guided munition belongs to a category of weapons, which can be aimed & directed against a single target. Such weapons rely on external guidance system or their own guidance system. Precision guided munition can be launched from aircrafts, submarines, ships, land vehicles, and even from individual soldiers from the ground. Air launched precision munition includes hellfire missile, JAGM, paveway laser guided bomb, long range anti-ship missile, and more. Ground launched precision munitions are army tactical missile system (ATACMS), guided multiple rocket launch system (GMLRS), and precision strike missiles (PrSM). Such systems are being extensively adopted and upgraded by defence forces across the world. For instance, in October 2018, Raytheon Company and Saab AB signed a contract with the US Army to demonstrate a laser-guided munition to be used with the Carl-Gustaf man-portable shoulder-fired launcher.
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Major Market Players:
Increase in demand for precision guided munitions to minimize collateral damage, procurement of indigenous precision guided munition systems, political insurgencies & cross border conflicts, reduction in logistics burden, and growing military modernization programs are the factors which drive the semi-autonomous precision guided munition market. However, regulations related to arms transfer & high manufacturing costs are hindering the market growth. On the contrary, increasing research & development in precision guided munition firms will contribute further in the growth of global semi-autonomous precision guided munition market in future.
Due to the regional conflicts and global interests, countries are focusing in the modernization plan of their defence forces. Such plan has also resulted in the increment of defence budget of countries. At instance, in 2018-19, the defence budget of India was around USD 57 billion which was 5.66% higher from the previous year. Similarly, China’ defence budget rose by 8.1% in 2018 to USD 175 billion. Such increment of defence budgets enables defence forces to procure advance precision guided munitions; thereby, driving the growth of the global semi-autonomous precision guided munition market.
- Tactical Missiles
- Surface to Surface Missile
- Air to Air Missile
- Air to Surface Missile
- Surface to Air Missile
- Subsea to Surface Missile
- Guided Rockets
- Surface to Surface
- Air to Surface
- Surface to Air
- Guided Ammunition
- Guided Mortar
- Guided Artillery Shells
- Guided Bombs
- Guided Bullets
- Loitering Munition
- IIR Homing
- IR Homing
- Semi Active Laser
- Inertial Navigation System (INS)
- Global Positioning System (GPS)
- Radar Homing
- Active Homing
- Semi Active Homing
COVID-19 Scenario analysis:
- Due to COVID-19 situation, the research & development in semi-autonomous precision guided munition companies across the globe has been hampered due to declared lockdowns and government restrictions on public gatherings.
- As governments spending shift toward economic recovery due to COVID-19 pandemic, industries may experience reduction in quantity of order for semi-autonomous precision guided munitions.
- Production rate of precision semi-autonomous guided munition making companies have been affected adversely due to COVID-19 situation.
- Precision guided munition companies facing the temporary operational issues due to the restrictions on site access, imposed by government authorities to contain the spread of virus.
- Post COVID-19, the global semi-autonomous precision guided munition market will witness a significant growth as several countries have either already ordered or planning to procure precision guided munitions for their forces.
Questions answered in the semi-autonomous precision guided munition market research report:
- Which are the leading market players active in the semi-autonomous precision guided munition market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
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