The Missiles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Missiles Global Market Report 2024, 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.
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.
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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, HybridPropulsio
4) By Application: Defense, Homeland Security
Major companies operating in the missile market are focusing on developing innovative products, such as air-to-air missiles, to provide reliable services to customers. An air-to-air missile (AAM) is a rocket driven by one or more motors, often solid but occasionally liquid, that is fired from an aircraft to destroy another aircraft. For instance, in June 2023, Rafael Advanced Defense Systems Ltd., an Israel-based defense technology company, launched SKY SPEAR, a long-range air-to-air missile. The most recent addition to RAFAEL’s air-to-air missile family is a long-range option that offers users unmatched operating capabilities in the intricate world of aerial combat. The SKYSPEAR missile’s long-range engagement mode aims to overwhelm adversaries before they can fire. Its unique RF seeker technology makes it possible to latch on early and achieve more accuracy.
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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26. South America Missiles Market
27. Brazil Missiles Market
28. Middle East Missiles Market
29. Africa Missiles Market
30. Missiles Market Competitive Landscape And Company Profiles
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