Market Forecast is proud to announce the release of their latest report: “Precision Guided Ammunition – Global Market & Technology Forecast to 2029.” The report provides specific information related to COVID-19 impact.
Precision Guided Ammunition is expected to be high in demand as it reduces collateral damage and it is therefore possible to protect non-combatants during war. The development of PGMs has to some extent mitigated the difficult moral decisions that militaries had to make during the second world war with respect to carpet bombing. During the Gulf War, the casualties suffered by civilians and soldiers due to precision guided munitions was much lower compared to the previous wars in which the United States was involved.
Over the years, the U.S. military has relied on PGMs to execute ground, air, and naval military operations. PGMs have become ubiquitous in U.S military operations; funding for these weapons has increased dramatically from FY1998. In FY2021, the Department of Defense (DOD) requested approximately USD $4.1 billion for more than 41,337 weapons in 15 programs. DOD projects requested for approximately USD $3.3 billion for 20,456 weapons in FY2022, USD $3.9 billion for 23,306 weapons in FY2023, USD $3.9 billion for 18,376 weapons in FY2024, and USD $3.6 billion for 16,325 weapons in FY2025.
The total Global market for Precision Guided Ammunitions is estimated at around USD $31-32 Billion in 2020 and the market is expected to grow to around USD $67-68 Billion by 2029. The CAGR of the market is accounted at around 9%. Tactical Missiles are expected to account for around half of the market. Revenues obtained from other supporting equipment and platform are not included in the scope of this report.
More on this new Market Forecast report is here.