Overview and Scope
A missile is a guided airborne ranged weapon designed to deliver an explosive warhead at high speed with great accuracy. The components of missiles include the targeting system, guidance system, flight system, engine, and warhead.
Sizing and Forecast
The missiles market size has grown strongly in recent years. It will grow from $32 billion in 2023 to $34.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to geopolitical tensions, military modernization programs, regional security concerns, arms race dynamics, strategic alliances and defense pacts.
The missiles market size is expected to see strong growth in the next few years. It will grow to $44.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to emerging threats and security challenges, modern warfare tactics, deterrence and defense strategies, global arms control agreements, shifts in military doctrine. Major trends in the forecast period include electromagnetic pulse (emp) resilience, long-range strike capabilities, miniaturization of missile technology, increased use of multi-mode seekers, collaborative development and international partnerships.
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Segmentation & Regional Insights
The missiles market covered in this report is segmented –
1) By Product Type: Cruise Missiles, Ballistic Missiles
2) By Range: Short Range Missile, Medium Range Missile, Intermediate Range Missile
3) By Propulsion Type: Ramjet, Scramjet, Turbojet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
4) By Application: Defense, Homeland Security
Asia-Pacific was the largest region in the missiles market in 2023. Western Europe is expected to be the fastest-growing region in the global missiles market report during the forecast period. The regions covered in the missiles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increased defence spending is expected to fuel the growth of the missile market. Countries around the world are investing in defence to protect their territories. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers, and non-proliferation, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh straight year that spending increased. Military R&D funding by China, the world’s second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China’s military spending has increased for the past 27 years. Therefore, increased defence spending drives the growth of the missile market.
Key Industry Players
Major companies operating in the missiles market report are Raytheon Technologies Corporation, Boeing International Holdings Ltd., Lockheed Martin Corporation, Airbus SE, Hanwha Corporation, China Aerospace Science and Technology Corporation, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, L3Harris Technologies Inc., Textron Inc., JSC Rosoboronexport, Huntington Ingalls Industries Inc., Matra BAe Dynamics, Leonardo SpA, Rheinmetall AG, Serco Group plc, Israel Aerospace Industries, Saab AB, Roketsan Roket Sanayii ve Ticaret AS, MBDA Incorporated, Rafael Advanced Defense Systems Ltd., Kongsberg Gruppen ASA, Aerojet Rocketdyne Holdings Inc., ASELSAN A.S., Bharat Dynamics Limited, Ukroboronprom State Concern, FNSS Savunma Sistemleri AŞ, Avibras Industrial Aerospecial SA, Tactical Missiles Corporation
The missiles market report table of contents includes:
1. Executive Summary
2. Missiles Market Characteristics
3. Missiles Market Trends And Strategies
4. Missiles Market – Macro Economic Scenario
5. Global Missiles Market Size and Growth
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32. Global Missiles Market Competitive Benchmarking
33. Global Missiles Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Missiles Market
35. Missiles Market Future Outlook and Potential Analysis
36. Appendix
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