The global ballistic missile market size is anticipated to register a substantial CAGR during the forecast period, 2021–2028.The growth of the market is attributed to the increasing spending in the defense industry to improve the security.
Ballistic missile is a projected self-guided strategic weapon system which follows a trajectory to deliver a charge from its site of launch to a predetermined target. This can carry typical high explosive as well as biological, chemical, and nuclear weapons. Ballistic missile can be launched from ships, submarines, and aircraft in addition to land-based mobile platform and vaults. Armed ballistic missile has range more than 5600 km. Ballistic missile is directly launched into high layers of the earth atmosphere. Ballistic missile depends on gravity to reach the target.
Market Trends, Drivers, Restraints, and Opportunities
- Rising national security concerns and border threats are likely to boost the market growth.
- Increasing development of nuclear ballistic missile by developed countries is expect to spur the growth of the market.
- Continues requirement of upgradation in the missile technology is estimated to contribute to the market growth.
- High cost is one of the major challenges in procuring advanced missile technology. However, the technological innovations is estimated to positively influence the market growth.
Scope of the Report
The report on the global ballistic missile market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Ballistic Missile Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Ranges (Intermediate-range, Medium-range, Short-range, and Intercontinental), Launch Modes (Air-to-surface, Surface-to-air, Subsea-to-air, Surface-to-surface, and Air-to-air)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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DRDO; Northrop Grumman Corporation; Lockheed Martin Corporation; General Dynamic Corporation; and BAE Systems PLC
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Ballistic Missile Market Segment Insights
Intercontinental segment to expand at a robust CAGR
In terms of ranges, the market is segregated into intermediate-range, medium-range, short-range, and intercontinental. The intercontinental segment is estimated to grow at a rapid pace in the projected timeline. This is due to advantages such as high target accuracy despite of long range as compared to other range such as medium-range and small-range missiles. Countries are now looking develop to advanced intercontinental ballistic missiles. In February 2019, the government agency in Russia tested topol MR intercontinental ballistic missile. It also tested Sarmat, an intercontinental ballistic missile, in March 2018. India test-fired the long-range intercontinental ballistic missile named Agni-V, from the eastern coastal of Odisha state. This intensified testing and development of new intercontinental ballistic missiles are contributing to the growth of the market.
Surface-to-surface segment to hold a significant market share
On the basis of launch modes, the market is categorized as air-to-surface, surface-to-air, subsea-to-air, surface-to-surface, and air-to-air. The surface-to-surface segment is anticipated to grow at a steady rate during the forecast period due to rising demand for surface-to-surface in close combat scenario, increasing long range ballistic missile arsenal, growing development of cruise missiles, and high use of surface precision strike.
Asia Pacific is anticipated to constitute a key market share
Based on regions, the market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a significant share of the market during the forecast period. Ballistic missile development and key missile procurement in North Korea is likely to drive the market of the region. Moreover, the government of India launched the ballistic missile defense program to deploy and develop multi-layered missile defense system to protect country from ballistic missile threat from Pakistan and China.
The market of North America is anticipated to grow at a healthy rate owing to increasing investment of countries such as the US and Canada in the defense industry. On the other hand, Middle East & Africa is expected to account for a considerable market share for the above-mentioned factors.
Segments
The global ballistic missile market is segmented on the basis of:
Ranges
- Intermediate-range
- Medium-range
- Short-range
- Intercontinental
Launch Modes
- Air-to-surface
- Surface-to-air
- Subsea-to-air
- Surface-to-surface
- Air-to-air
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- DRDO
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- General Dynamic Corporation
- BAE Systems PLC
Competitive Landscape
The key players competing in the ballistic missile market are DRDO; Northrop Grumman Corporation; Lockheed Martin Corporation; General Dynamic Corporation; and BAE Systems PLC
Companies are engaging in partnerships with government state bodies to expand their market share.
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