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Precision-Guided Missiles Market by Growth Analysis, Regional Trends, Opportunities and Forecast To 2026

North America dominates the precision-guided missiles market by demonstrating the largest ancillary inventory across the globe. The presence of major defense players, such as Lockheed Martin and Raytheon, is supporting the North American market.

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Precision-Guided Missiles Market by Growth Analysis, Regional Trends, Opportunities and Forecast To 2026

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  1. Precision-Guided Missiles Market by Growth Insights, Regional Trends, Opportunities and Forecast To 2026

  2. KeyInsights Precision-Guided Missiles Market : • Various government organizations and industry participants are undergoing long-term R&D agreements to elevate the pace of innovations in the precision-guided missiles market. Furthermore, joint ventures and collaborations help industry players to capture more market share. • Advancements and improvements in various defense vehicles and fighter jets are positively impacting the precision-guided missiles market. New defense vehicles introduced in the market are not capable of integrating with old missiles, making them obsolete. To cater to this market, industry players require to redesign the existing precision-guided missiles, improving their trade cycle. • Raytheon demonstrated a new air-to-air missile design, Peregrine, which is half the size of the existing weapon and has an increased speed &maneuverability. Peregrine will be capable of intercepting drones, manned aircraft, and cruise missiles.

  3. Continued… • Ground launched segment in launch platforms will demonstrated maximum growth potential in precision-guided missiles market. The major market acquisition can be attributed to rapid technological advancements happening within the segment supported by rising demand for missile defense systems. • Saudi Arabia suffered a fatal drone attack on its oil refineries that temporarily halved the oil output, impacting Saudi Arabia’s economy. The missile defense system was unable to intercept the incoming drones, raising significant questions about the technological capabilities of air defense system. In response to this attack, in January 2020, the Saudi Arabia Military Industries announced that they are in the process of developing and testing ground-based counter-drone systems.

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  5. Regional Precision-Guided Missiles Market : • North America dominates the precision-guided missiles market by demonstrating the largest ancillary inventory across the globe. The presence of major defense players, such as Lockheed Martin and Raytheon, is supporting the North American market. • Developed countries including the U.S., Russia, and the UK are majorly focusing on upgrading the existing PGM systems by gaining technological advancements, whereas developed countries including India, China, and Japan are engaged in developing indigenous manufacturing capabilities. This will elevate in-house manufacturing capabilities of the developing countries, positively impacting the precision-guided missiles market. For instance, in December 2019, India successfully tested the indigenously designed & developed ballistic missile, Prithvi.

  6. Major Companies In Precision-Guided Missiles Market : • Major industry players in the precision-guided missiles market are Almez-Antey, BAE Systems, China North Industries Corporation (Norinco), Denel Dynamics, Elbit Systems, Hanwha Group, Israel Aerospace Industries (IAI) Ltd, KBP Instrument Design Bureau, Kongsberg Gruppen, Leonardo S.p.A, LIG Nex 1, Lockheed Martin Corporation, MBDA, Northrop Grumman, Raytheon Company, Roketsan A.S., Saab AB, and The Boeing Company.

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