The Precision-Guided Munition (PGM) Market size is projected to reach a CAGR of 5.9% from 2022 to 2028.
A precision-guided munition (PGM, smart weapon, smart munition, smart bomb) is a guided munition intended to precisely hit a specific target, to minimize collateral damage and increase lethality against intended targets.[1] During the First Gulf War guided munitions accounted for only 9% of weapons fired, but accounted for 75% of all successful hits. Despite guided weapons generally being used on more difficult targets, they were still 35 times more likely to destroy their targets per weapon dropped.
Consistent increase in defense budget across the globe and the need for advanced precision guided munition to counter the modern combat around the country’s border are some of the factors that have supported long-term expansion for Precision-Guided Munition (PGM) Market.
The COVID-19 outbreak has led to multiple challenges for the defense industry. Though the industry was not severely affected but still has faced many economic problems post the COVID-19 outbreak. Since the beginning of the outbreak, the defense industry has been hit globally.
North America is projected to be the largest regional share of precision guided munitions market during the forecast period. Major companies such Northrop Grumman Corporation, Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
Insights are provided for each region and major countries within the regions
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Report Feature |
Descriptions |
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Growth Rate |
CAGR of 5.9% during the forecasting period, 2022-2028 |
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Historical Data |
2019-2020 |
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Forecast Years |
2022-2028 |
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Base Year |
2021 |
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Units Considered |
Revenue in USD billion and CAGR from 2022 to 2028 |
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Report Segmentation |
speed, product, technology, mode of operation, launch operation and region. |
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Report Attribute |
Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
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Regional Level Scope |
North America, Europe, Asia-Pacific, South America, and Middle East and Africa |
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Country Level Scope |
U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe) |
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Companies Profiled |
Lockheed Martin Corporation, BAE Systems Plc., Raytheon, MBDA, Israel Aerospace Industries, Elbit Systems Ltd., Saab AB, General Dynamics Corporation, Northrop Grumman, Rheinmetall AG and Leonardo SpA. |
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Available Customization |
In addition to the market data for Precision-Guided Munition (PGM) Market, Delvens offers client-centric report and customized according to the company’s specific demand and requirement. |
Precision-Guided Munition (PGM) Market is segmented into speed, product, technology, mode of operation, launch operation and region.
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