A new Report by Delvens, titled "Precision-Guided Munition (PGM) Market” offers a comprehensive analysis of the industry, which comprises insights on the Global analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The Precision-Guided Munition (PGM) Market size is projected to reach a CAGR of 5.9% to 2028.
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A precision-guided munition (PGM, smart weapon, smart munition, smart bomb) is a guided munition intended to precisely hit a specific target, to minimize collateral damage and increase lethality against intended targets.[1] During the First Gulf War guided munitions accounted for only 9% of weapons fired, but accounted for 75% of all successful hits. Despite guided weapons generally being used on more difficult targets, they were still 35 times more likely to destroy their targets per weapon dropped.
Consistent increase in defense budget across the globe and the need for advanced precision guided munition to counter the modern combat around the country’s border are some of the factors that have supported long-term expansion for Precision-Guided Munition (PGM) Market.
Regional Analysis
North America is projected to be the largest regional share of precision guided munitions market during the forecast period. Major companies such Northrop Grumman Corporation, Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
Key Players of Precision-Guided Munition (PGM) Market
· Lockheed Martin Corporation
· BAE Systems Plc.
· Raytheon
· MBDA
· Israel Aerospace Industries
· Elbit Systems Ltd.
· Saab AB
· General Dynamics Corporation
· Northrop Grumman
· Rheinmetall AG
· Leonardo SpA and More
Recent Developments
· In 2021, Boeing was awarded a contract by the US Department of Defense for JADM munition for the US Navy.
· In 2020, The Air Force Life Cycle Management Center (AFLCMC) awarded a USD 239.1 million modification contract for 6 lots of StromBreaker to Raytheon Technologies’ RTX Missiles and Defense unit.
Reasons to Acquire
· Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
· Gain authentic and granular data access for Precision-Guided Munition (PGM) Market so as to understand the trends and the factors involved behind changing market situations
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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In addition to the market data for Precision-Guided Munition (PGM) Market, Delvens offers client-centric report and customized according to the company’s specific demand and requirement.
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