Guided Munitions Market By Product (Missiles, Rockets, Projectiles, Arms, Loitering Weapons, Others), Technology (Laser, Infrared, Radar, GPS, Others), Platform (Airborne, Land-Based, Naval), & Region – Forecast Till 2023,MRFR Offering Latest Research Report With Size,Share,Analysis,Trend,Growth According To Global Industry SWOT Amalysis
Increased global turmoil has laid the foundation for increased defense spending on munitions and firearms. Reports that review the energy and power industry have been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The global guided munitions market is assessed to observe a CAGR of 5 % in the forecast period by 2023.
Augmented emphasis on building autonomous weapons and countering terror operations are among the important factors motivating the guided munitions market. The growing number of guided missiles for tactical operations is estimated to motivate the guided munitions market. Also, the technologically advanced nature of guided munitions being produced by top manufacturers is estimated to spur the market in the forecast period.
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The fundamental companies shaping the guided munitions market are Raytheon Company (U.S.), Boeing (U.S.), BAE Systems Plc. (U.K), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries (Israel), Rafael Advanced Defense Systems Ltd (Israel), MBDA (France), Kongsberg Group (Norway), L-3 Technologies Inc. (U.S.), Northrop Grumman Corporation (U.S.), and FN Herstal S.A (Belgium).
Competitive Analysis : Guided Munitions Market
The market has established a proper tone for the development that is to be undertaken in the upcoming period. The market players are crafting strategies that deliver a high output rate from existing resources or don’t require a massive investment to obtain. The assets are continually being assessed to ensure that functioning is at an optimum level while keeping breakdowns at a bare minimum. Moreover, the emphasis is also being placed on the backend processes by integrating tools that can enhance the productivity of the market in the forecast period.
The market is also improving in several efforts to brace itself while fortifying its position against the slowdown in the global economy. The geopolitical factors are expected to play a critical role in the long-term expansion of the market in the upcoming period. A burgeoning user base is expected to play an instrumental role in the progress of the market in the approaching period.
Segmental Analysis : Guided Munitions Market
The segmentation of the guided munitions market is carried out on the basis of technology, product, platform, and region. On the basis of product, the guided munitions market is segmented into rockets, missiles, projectiles, loitering weapons, arms, and others. On the basis of technology, the guided munitions market is segmented into radar, infrared, laser, GPS and others. Based on the platform, the guided munitions market is segmented into land-based, airborne and naval. On the basis of region, the guided munitions market is segmented into Asia Pacific, Europe, the Middle East, North America, Africa, and Latin America.
Detailed Regional Analysis : Guided Munitions Market
The regional study of the guided munitions market is segmented into regions such as Asia Pacific, Europe, the Middle East, North America, Africa, and Latin America. The North American region is anticipated to control the guided munitions market in 2023, owing to the increasing counter-terrorism activities and several military equipment upgrading programs. In the European region, there has remained an augmented procurement of smart weapons by industrialized countries, such as the U.K, Germany, and France, as a consequence of which the European region is expected to shadow the North American region for the duration of the forecast period.
Industry Updates: Guided Munitions Market
Sep 2019 Leonardo and Diehl Defence have developed and qualified the precision-guided munition family Vulcano 155mm and 127mm under the umbrella of the Italian and German governments. The STANAG-conforming combined qualification coordinated by the Italian and German authorities has been fruitfully finished. The Vulcano ammunition is intended to attain extended ranges of 70km for the Vulcano 155 and 80km for the Vulcano 127 in combination with inimitable accuracy against still and shifting targets.
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