According to the research report titled ‘Precision Guided Munition Market Size By Munition Type, By System, By Type, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report, global precision guided munition market is poised to showcase exponential growth during 2020-2026.
 

Shifting trends in government investments, increase in defense budget, and the need to replace the outdated defense system are the major factors impelling the growth of global precision guided munitions market. Also, surging cross border conflicts, political insurgencies, and emergence of new technologies are contributing to the market growth.
 

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For the unfamiliar, precision guided munitions including bomb, artillery shell, and missiles equipped with terminal guided system are utilized in the air, ground, and naval operations. On the downside, factors like high involvement of government bodies, limited client base, and several treaties for world peace hampering the industry growth during the forecast period.
 

With respect to munition type, global precision guided munition industry is segmented into guided ammunition, tactical missiles, loitering munition, and guided rockets. Among these, guided rockets segment is poised to witness modest growth over the analysis timeframe, owing to inclination of nations towards presenting dominance during global conflicts. Meanwhile, loitering munition segment is estimated to record substantial traction mainly due to its ability to loiter within area and hit target with better accuracy.
 

With regards to the system, the industry is segmented into semi-active lasers, global positioning system (GPS), anti-radiation, radar homing, infrared, and inertial navigation system (INS). The report cites that infrared segment of precision guided munition industry is expected to record strong growth rate through 2026, due to growing preference for acquiring targets in low/negligible light using heat signatures. Whereas, better accuracy of GPS mainly due to technological developments, is poised to positively impact the market growth.
 

Based on type, the market is classified into semi-autonomous and autonomous. The semi-autonomous segment is predicted to propel in the ensuing years, as they provide high degree of control over munitions.
 

Speaking of end-use scope, the market is divided into airborne, naval, and land based. As per the report, naval end-use segment is estimated to grow tremendously during 2020-2026, on account of focus to safeguard international waters among nations.
 

With regards to the regional overview, Europe precision guided munition market is poised to witness momentous growth through 2026, owing to presence of various defense manufacturers in the region and robust government support. Meanwhile, Latin America market is estimated to showcase exponential rise, driven by rising cross border weapons trade with North America.
 

Key players operating in global precision guided munition market are Roketsan A.S., MBDA, Thales Group, Bharat Dynamics Limited, Leonardo S.p.A., Israel Aerospace Industries, BAE Systems, Denel Dynamics, LIG Nex1, China North Industries Corporation (Norinco), Saab AB, Lockheed Martin Corporation, KBP Instrument Design Bureau, Rheinmetall AG, Boeing, Raytheon Company, Elbit Systems Ltd., Northrop Grumman Corporation, Aerojet Rocketdyne, L3Harris Technologies Inc., Kongsberg, Hanwha Corporation, and General Dynamics Corporation.