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 expected to generate lucrative revenues by the year 2026.
 

Rising geopolitical tensions and technological advancements are major factors driving precision guided munition industry. Precision guided munition refers to bomb, artillery shell or missile which is integrated with a terminal guidance system. These missiles comprise of advanced electrical equipment that guide them in the last phase of the flight before impact.
 

The terminal guidance system is specifically constructed to detect emitted and reflected electromagnetic radiation in its respective field of vision while target acquisition (TA) systems are required for launching missiles. Rising adoption of precision guided munition in naval, ground and air operations is further aiding the market expansion.
 

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Tracker or control unit and the guidance or seeker unit are the two major components of precision guided munition. The control unit controls the flight of the munition to target while the seeker unit segregates the difference in energy.
 

As per munition type, guided rockets segment is predicted to expand significantly during the study period. Growing demand from various nations across the world to showcase their military power is stimulating the segmental share.
 

In terms of system type, infrared-based precision guided munition market segment is expected to register substantial growth in the upcoming years, owing to its ability to acquire targets in low light conditions. On the other hand, radar homing segment is poised to showcase lucrative growth in the subsequent years, primarily due to miniaturization of radars with better operational efficiency.
 

By type, semi-autonomous segment is slated to record momentous growth in the ensuing years, owing to increasing focus towards maintain high-degree of control over munitions.
 

Citing the end-use landscape, precision guided munition industry from naval segment is predicted to witness significant growth during the projected timeframe. Emphasis regarding protection of international waters among various countries is complementing the business outlook.
 

Regionally, precision guided munition market in Europe is set to acquire commendable returns during 2020-2026. High concentration of defense manufacturers and favorable government regulations will stimulate the industry outlook in Europe.
 

The prominent companies operating in precision guided munition industry are Roketsan A.S., LIG Nex 1, Denel Dynamics, China North Industries Corp. (Norinco), KBP Instrument Design Bureau, BAE Systems, Boeing, Thales Group, Saab AB, Rheinmetall AG, Raytheon Co., Northrop Grumman Corp., MBDA, Lockheed Martin Corp., Leonardo S.p.A., L3Harris Technologies Inc., Kongsberg, Israel Aerospace Industries, Hanwha Corp., General Dynamics Corp., Elbit Systems Ltd., Bharat Dynamics Ltd. and Aerojet Rocketdyne among others.