Modernization of armed forces and increased number of conflicts are expected to drive the demand for the global ballistic missile market in the forecast period, 2023-2027.
According to TechSci Research report, Ballistic Missile Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, the global ballistic missile market is anticipated to witness steady growth in the forecast period, 2023-2027. The market is driven by the factors such as the changing nature of warfare technologies and the development of autonomous missile technologies and equipment. A ballistic missile uses a projectile trajectory to deliver a warhead to the predetermined target. The number of warheads could be changed in ballistic missiles according to the requirements and target selection. Ballistic missiles are guided only through a short interval of time during their trajectory. They can carry conventional high explosives, for example, nuclear, biological, and chemical munitions. The ballistic missiles could be launched via several platforms such as land-based silos, mobile platforms, ships, submarines, and aircraft. They can reach far-off locations, such as intercontinental ballistic missiles have a range of over 5,500 km, while short-range ballistic missiles have a range between 150km to 300km. The world is witnessing a huge number of conflicts and terrorism activities and is transforming its armed forces to make capable of countering the surge in terrorism activities. Increased tensions among the several country borders, such as India-Pakistan, India-China, and Russia, North Korean borders are making them adopt advanced weapons and technologies. Therefore, the surge in territorial disputes, border issues, and social and geopolitical situations are changing the war forms and making them adopt missiles that have a bigger impact on the predetermined target.
However, the high cost associated with the development of ballistic missiles may restrain the market growth in the forecast period.
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The global ballistic missile market is segmented into launch mode, range, regional distribution, and competitive landscape.
Based on launch mode, the market is divided into surface-to-surface, surface-to-air, air-to-surface, air-to-air, and subsea-to-air. Surface-to-surface launch mode is expected to capture the highest market share in the forecast period. The surface-to-surface ballistic missiles are used by the armed forces during battlefield operations.
Based on range, the market is divided into short-range, medium-range, intermediate-range, and intercontinental. The intercontinental segment is dominating the market and is expected to witness the highest growth in the forecast period. Intercontinental ballistic missiles offer several advantages over their counterparts, such as showcasing increased accuracy at a higher range when compared to small, medium, and intermediate ballistic missiles. Recently Russia test-launched its Sarmat intercontinental ballistic missile to strengthen its dominance across the globe. According to the authorities, the new heavy ballistic missile is equipped to face any situation and is expected to strengthen the combat potential of their forced forces. The United States, the United Kingdom, China, France, North Korea, and India also possess intercontinental ballistic missiles and are working on advancing them to face changing combat situations.
Major market players operating in the global ballistic missile market are:
- Rafael Advanced Defense Systems
- BAE Systems PLC
- Lockheed Martin Corporation.
- Northrop Grumman Corporation
- Rockwell Collins
- Thales Group
- General Dynamic Corporation
- DRDO
- Raytheon Company
- MBDA Inc.
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On the basis of regional analysis, Asia-pacific is dominating the market and is expected to maintain its dominance through the forecast period, 2023-2027. In India, there is increased focus on the development of ballistic missiles. The development of Pralay and Agni-VI, along with other ballistic missiles, supports the high market growth. China is also expected to spend a significant amount on ballistic missile technology to prevent the intrusion of unwanted forces in the country. Also, the ongoing research and development activities to develop advanced ballistic missiles in North Korea are expected to propel the growth of the global ballistic missile market till 2027 said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Ballistic Missile Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Surface, Air-to-Air, Subsea-to-Air), By Range (Short-Range, Medium-Range, Intermediate-Range, Intercontinental), and By Region,has evaluated the future growth potential of global ballistic missile market and provides statistics information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global ballistic missile market.
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