Latest News- Missile Guidance System Market: Command guidance system is expected to lead the Product Type segment during 2024-2028

The Missile Guidance System Market is being driven by Accelerating development and procurement of missiles

The Missile Guidance System Market is expected to grow at a CAGR of 4.69% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 645.4 million. In the global defense industry, the demand for advanced missile systems is surging due to escalating geopolitical tensions and the need to counteract cruise missile threats. Notably, India and Russia are collaborating on the development of BrahMos II, a hypersonic missile featuring a cutting-edge guidance system. Following the successful launch of the supersonic BrahMos cruise missile in 2006, DRDO of India and NPO Mashinostroyenia of Russia are jointly working on enhancing its capabilities with the next-generation BrahMos II. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Command guidance system
  • Homing guidance system
  • Beam rider guidance system
  • Inertial and GPS guidance system
• Application
  • Cruise missiles
  • Ballistic missile
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Accelerating development and procurement of missiles
• Modification of missiles with new warheads
• Demand for enhanced guidance systems for ballistic missiles

However, the market also witnesses some limitations, which are as follows:

• Growing development of small diameter bomb (SDB) and electromagnetic railgun
• Hindrances associated with various types of guidance systems
• High cost of smart missiles

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Market Scope in Missile Guidance System Market Research Report

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Research Analysis Overview

The Missile Guidance System market encompasses advanced technologies such as Seeker Technologies, Electro-Optical Systems, Autonomous Guidance, Satellite Navigation, Laser Guidance, Infrared Systems, Radar Systems, Smart Weapons, Guided Missiles, and Military Applications. These systems employ Precision Guidance, Target Tracking, Missile Navigation, and Guidance Technology to ensure accurate and effective engagement of targets. Inertial Navigation Systems play a crucial role in providing position, velocity, and attitude information to the missile during flight. The integration of multiple guidance technologies enhances the overall performance and reliability of missile systems. The global market for Missile Guidance Systems is expected to grow significantly due to ongoing military modernization programs and the increasing demand for advanced defense capabilities.

Market Research Overview

The missile guidance system market is a significant segment of the global aerospace and defense industry. It involves the production and provision of advanced technologies for steering and navigating missiles towards their targets. This market is incorporated into Technavio's calculation of the capital goods market size, which includes the revenues generated by manufacturers and providers in the aerospace and defense sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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