- In May 2021, Lockheed Martin Corporation's Long-Range Precision Strike Missile (LRSM) achieved its longest flight to date, covering a distance of 400 kilometers. This flight was one of three demonstrations scheduled for 2021 as part of the Enhanced Technology Maturation and Risk Reduction (ETMRR) phase of the development program. The successful demonstration is expected to accelerate the global adoption of the LRSM, showcasing its capabilities and enhancing its position in the global defense market
- In March 2021, BAE Systems received a USD 16 million contract from the U.S. Office of the Secretary of Defense (OSD) and the Strategic Capabilities Office (SCO), with support from the U.S. Army, to demonstrate the effectiveness of its hypervelocity projectile (HVP) munition system. The contract focuses on enhancing and refining the HVP system from 2021 to 2022. This collaboration aims to strengthen the system's lethality and performance, further positioning BAE Systems as a leader in advanced munition technologies
- In March 2021, BAE Systems acquired Pulse Power and Measurement Limited (PPM), a leading developer and manufacturer of high-end electronics. This acquisition is set to enhance BAE Systems’ capabilities in radio frequency systems, expanding their use across both commercial and military applications. The integration of PPM's expertise will bolster BAE's portfolio, enabling the company to offer advanced solutions to a broader range of customers
- In October 2020, Raytheon Technologies Corporation's StormBreaker smart weapon received approval from the U.S. Air Force's Air Combat Command for installation on F-15 Eagle fighter aircraft. This approval is anticipated to boost the deployment of StormBreaker on the F-15, enhancing its role in defense operations. The move strengthens Raytheon’s market position within the U.S. Air Force and bolsters its competitive standing among international defense players
- In March 2020, Raytheon Technologies Corporation introduced the Excalibur S, a new variant in its precision-guided munition portfolio. This advanced version features the capability to switch between GPS and laser guidance, allowing it to track and target moving objects based on operator commands. The launch of Excalibur S is expected to enhance Raytheon's product offering, strengthening its position in both the U.S. and international defense markets
Frequently Asked Questions
The market is segmented based on Segmentation, By Speed (Hypersonic and Non-Hypersonic), Product (Tactical Missiles, Guided Rockets, Guided Ammunition, and Loitering Munition), Technology (Infrared, Semi-Active Lasers, Inertial Navigation System (INS), Global Positioning System (GPS), Radar Homing, Anti-Radiation, and Others), Type (Autonomous and Semi-Autonomous), End Use (Airborne, Land-base, and Naval) - Industry Trends and Forecast to 2032
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The Global Precision Guided Munition Market size was valued at USD 44.20 USD Billion in 2024.
The Global Precision Guided Munition Market is projected to grow at a CAGR of 7.45% during the forecast period of 2025 to 2032.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
