According to a new report from Intel Market Research, the global Precision-Guided Artillery Projectile (Excalibur, M982) market was valued at USD 0.45 billion in 2025 and is projected to grow from USD 0.48 billion in 2026 to USD 0.72 billion by 2034, exhibiting a robust CAGR of 5.2% during the forecast period. This growth is propelled by ongoing defense modernization programs worldwide, heightened demand for precision strike capabilities, and the need to optimize artillery logistics by reducing the number of rounds required per mission.

What is Precision-Guided Artillery Projectile (Excalibur, M982)?

Precision-guided artillery projectiles such as the Excalibur M982 represent advanced 155mm munitions designed to deliver unprecedented accuracy at extended ranges. These GPS and inertial-guided shells enable forces to engage targets with high precision while minimizing collateral damage, making them ideal for urban environments and operations near friendly troops. The M982 Excalibur achieves ranges up to approximately 40-57 kilometers depending on variants and firing conditions, significantly outperforming conventional unguided rounds that typically reach 20-30 kilometers.

This report provides a deep insight into the global Precision-Guided Artillery Projectile (Excalibur, M982) market covering all its essential aspects-from a macro overview of the market to micro details such as market size, competitive landscape, development trends, niche markets, key drivers and challenges, SWOT analysis, and value chain analysis.

The analysis helps the reader understand competition within the industry and strategies for enhancing profitability. Furthermore, it provides a framework for evaluating and accessing the position of a business organization. The report also focuses on the competitive landscape of the Global Precision-Guided Artillery Projectile (Excalibur, M982) Market, introducing market share, performance, product positioning, and operational insights of major players. This helps industry professionals identify key competitors and understand the competition pattern.

In short, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those planning to foray into the Precision-Guided Artillery Projectile (Excalibur, M982) market.

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Key Market Drivers

1. Growing Demand for High-Precision Strike Capabilities
The Precision-Guided Artillery Projectile (Excalibur, M982) Market is being propelled by the increasing requirement for high-accuracy, low-collateral-damage munitions across modern defense forces. Militaries are prioritizing precision-guided artillery to support operations in complex terrains and urban environments, where minimizing unintended damage is essential. This trend is reinforced by the ongoing modernization of ground-based fire support systems, with precision munitions becoming a critical component of next-generation land warfare doctrines.

2. Expansion of Artillery Modernization Programs
Several countries continue to upgrade their indirect fire capabilities, integrating advanced guidance systems, improved navigation technologies, and enhanced strike effectiveness. The increased alignment of precision-guided artillery with network-centric warfare frameworks further boosts adoption. Defense procurement strategies are increasingly focused on interoperability, precision lethality, and extended-range performance - all of which favor the deployment of systems such as Excalibur.

➤ Precision-guided projectiles are increasingly regarded as force multipliers within artillery units, enabling accurate engagement of high-value targets while reducing munition expenditure.

As militaries emphasize rapid, accurate, and scalable firepower, investment in precision-guided artillery solutions continues to rise. This sustained focus on operational efficiency and mission effectiveness remains a major driver of market growth.

Market Challenges

• High Procurement and Lifecycle Costs – The Precision-Guided Artillery Projectile (Excalibur, M982) Market faces challenges related to elevated acquisition and sustainment costs, which can limit adoption among nations with constrained defense budgets. Precision munitions require advanced components such as GPS guidance systems, ruggedized electronics, and aerodynamic stabilization features, all of which contribute to higher overall costs compared to conventional shells.
• Technical Integration Limitations – Ensuring seamless compatibility between precision-guided projectiles and legacy artillery platforms remains a key issue. Some armed forces encounter barriers when integrating advanced munitions into older systems, requiring additional upgrades to fire-control infrastructure.

Market Restraints

Operational Dependencies and Environmental Constraints
Use of precision-guided artillery projectiles such as the M982 Excalibur may be restricted by environmental and operational factors, including GPS-degraded environments, electronic interference, and harsh battlefield conditions. These conditions can affect guidance accuracy and limit the full performance potential of precision munitions. Additionally, some armies prioritize alternative long-range precision fires, which can reduce reliance on guided artillery solutions.

Emerging Opportunities

There is strong opportunity for expansion within the Precision-Guided Artillery Projectile (Excalibur, M982) Market as defense agencies enhance investments in extended-range precision fires, multi-domain operational capabilities, and advanced target acquisition systems. Ongoing improvements in guidance technologies, configurable fuze options, and projectile survivability are positioning next-generation precision munitions for broader adoption. Growing demand for long-range, precision-enabled artillery support in joint operations continues to create favorable conditions for market development.

The global defense landscape is becoming increasingly favorable for advanced munitions development and commercialization. Growing emphasis on network-centric warfare, supportive policy frameworks for allied interoperability, and strategic industry collaborations are accelerating market expansion, especially across key regions. Key growth enablers include strengthened international defense partnerships and expansion of production capacities.

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Regional Market Insights

• North America: North America stands as the undisputed leader in the Precision-Guided Artillery Projectile (Excalibur, M982) Market, driven by advanced military doctrines that prioritize precision strikes and minimized collateral damage. The United States maintains a commanding position through sustained investment in next-generation artillery systems.
• Europe: Europe demonstrates growing momentum in the Precision-Guided Artillery Projectile (Excalibur, M982) Market as nations modernize legacy artillery fleets amid evolving security challenges. Collaborative procurement initiatives help standardize capabilities across member states.
• Asia-Pacific: The Asia-Pacific region shows dynamic expansion in adoption of Precision-Guided Artillery Projectile (Excalibur, M982) solutions as military modernization accelerates. Nations prioritize accurate fire support systems capable of operating in complex electromagnetic environments.
• Latin America (South America): South America represents an emerging landscape for the Precision-Guided Artillery Projectile (Excalibur, M982) Market, with several nations pursuing selective upgrades to artillery capabilities.
• Middle East & Africa: The Middle East and Africa region exhibits selective but strategic interest in Precision-Guided Artillery Projectile (Excalibur, M982) systems to address asymmetric threats and vast operational areas.

Market Segmentation

By Type

• Increment Ia Series
• Increment Ib (M982A1)
• Excalibur S (Laser-Guided)
• Excalibur HTK
• Others

By Application

• Urban and Close Support Operations
• Long-Range Precision Strike
• Counter-Battery and Suppression Missions
• Others

By End User

• Army/Ground Forces
• Marine Corps/Expeditionary Units
• Naval Forces

By Guidance System

• GPS/INS Primary Guidance
• Multi-Mode (GPS + Laser)
• Autonomous Seeker Variants

By Warhead Configuration

• Unitary High-Explosive
• Armor-Penetrating (HTK)
• Specialized Payloads

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Competitive Landscape

The global precision-guided artillery projectile market is characterized by a concentrated competitive structure dominated by a small number of established defense contractors with deep institutional ties to NATO and allied governments. Raytheon Technologies (now RTX Corporation), in partnership with BAE Systems, leads the market as the co-developer and primary manufacturer of the M982 Excalibur GPS-guided extended-range munition - the most widely fielded and operationally proven precision artillery round in service today.

The report provides in-depth competitive profiling of key players, including:

• RTX Corporation (Raytheon Technologies)
• BAE Systems
• Northrop Grumman Corporation
• General Dynamics Ordnance and Tactical Systems
• Elbit Systems Ltd.
• Hanwha Defense
• Leonardo S.p.A.
• MBDA
• KNDS (Nexter Systems)
• Rheinmetall AG
• Others

Report Deliverables

• Global and regional market forecasts from 2025 to 2034
• Strategic insights into technology developments, variant programs, and international collaborations
• Market share analysis and competitive assessments
• Pricing trends and procurement dynamics
• Comprehensive segmentation by type, application, end user, guidance system, and geography

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