Precision Guided Munition Market size is set to surpass USD 45 billion by 2026, according to a new research report by Global Market Insights, Inc Precision guided munitions (PGM) is renowned for its capability to minimize civilian casualties and collateral damages while delivering enhanced lethality against a target. This makes PGM ideal for surgical missions where the threat of civilian casualty is high. With the integration of advanced Artificial Intelligence (AI), the smart weapon system could hugely improve its accuracy in rough terrains.
The precision guided munition market is anticipated to record momentous growth proceeds owing to soaring defense expenditure worldwide. Numerous countries across the globe are conducting military modernization programs which has led to a substantial hike in military spending. In fact, the Stockholm International Peace Research Institute (SIPRI) claims that military expenditure could touch USD 2 trillion by 2022.
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Taking June 2019 for instance, Rafael Advanced Defense System combined high-tech AI solutions into Spice Bombs that integrate with automatic target recognition. Evidently, it would be operated with the scene matching technology that includes uploading of terrain information over to the Spice Bomb which further integrates with real-time electro-optic imagery, enabling weapons to work in areas where GPS signals are low.
The ability to maximize lethality to intended targets as well as to hit precise targets could drive the demand for guided ammunition. Estimates claim that the segment might observe an exponential growth, recording over 10% CAGR by 2026.
Various defense organizations are working on diversifying their ammunition lineup by constructing domestic defense companies. This would ensure a promising base for the guided ammunition segment as organizations invest heavily in developing this technology.
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One such instance occurred in April 2016, when India built a domestic firm to develop laser bombs and precision guided munition to help its defense forces. Reportedly, France’s Sagem partnered with OIS Advanced Technology (OIS-AT) to develop a range extension kit and a combat-proven, high-precision AASM hammer guidance for Indian Air Force’s aerial munitions.
In terms of system, the precision guided munition market is bifurcated into Inertial Navigation System (INS), infrared, radar homing, Global Positioning System (GPS), anti-radiation and Semi-active Lasers. Among these, the Inertial Navigation System (INS) has managed to dominate the market since 2019, accounting for more than 30% of its share.
This growth can be contributed to its ability to identify a moving vehicle’s orientation, velocity, and position relative to the surface of Earth. Mainly, the guided ammunition navigation data plays a vital role in ammunition control & guidance. INS is placed on top of guided missiles to deliver precise navigation with the help of accelerometers and gyroscopes.
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Companies developing precision guided munitions are constantly focusing on integrating advanced technologies in weapon systems. For this, they prefer to ink long-term partnership deals with defense and technology firms. Usually, transactions in the defense sector occur via long-term agreements or contracts. This could hugely benefit precision guided munition companies.
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