Precision Guided Munition Market Analysis, Size, Growth, Share, Outlook & Forecast to 2027
The global precision guided munition market size is expected to reach USD 46.7 billion in 2027, expanding at a CAGR of 5.6% from 2020 t-2027, according t-a new report by Grand View Research Inc. Growing need for extremely accurate munitions for target attacking is anticipated t-increase the demand for precision guided munitions. Moreover, enhancements in precision attacking are likely t-support the market growth. Growing political and territorial conflicts between major economies are likely t-encourage the enhancements of their respective military and army operations. Precision attacking techniques are used in the army, air force, and naval forces, thus are likely t-drive the market for precision guided munitions over the forecast period. Technological advancements in attacking components including missiles, rockets, mortars, artillery shells, bombs, and bullets t-incorporate advanced positioning technologies are expected t-enhance the market growth. Global Positioning System (GPS) and semi-active lasers systems are popular positioning techniques t-keep track of the targeted location for the attack. Prominent players are investing heavily in R&D activities t-develop advanced technology war equipment. Moreover, ammunition manufacturers are focusing on the installation of a guiding mechanism in the components.