Ballistic Missile Market - Segmented by Launch Mode and Geography ‚ Growth, Trends, and Forecast (2019 - 2024)

Increasing Global Military Spending   

The growth is driven by internal and external security threats, territorial disputes, and modernization initiatives undertaken by armed forces across the world. Opportunities are abundant for manufacturers in the market, as the global defense industry is investing significantly in R&D to enhance the speed, accuracy, destructive powers, and stealth capabilities of ballistic missiles. However, the growth of the global ballistic missile market could be affected by the declining defense budget by developed nations and stringent technology-sharing rules. North America is expected to have the largest market share during the forecast period, followed by Asia-Pacific.

One of the key factors driving the North American ballistic missile market is the continuous demand from the United States military, owing to engagement in various global conflicts. China is investing heavily in ballistic missile-related technologies to deter incursions into the Chinese territory, by both aircraft and potential long-range strike weapons. Ballistic missile developments in North Korea also act as a key missile procurement driver for Japan and South Korea. India has undertaken a Ballistic Missile Defence Programme to develop and deploy a multi-layered ballistic missile defense system to protect from rising ballistic missile threats from China and Pakistan. Europe’s share of the global market is expected to decrease, owing to the economic crisis, Brexit and resulting budget cuts in many European Nations.

Source: SIPRI

Market Segmentation

• The global ballistic missile market is segmented by type into short range, medium range, intermediate range, and intercontinental, by launch mode, into surface-to-surface, surface-to-air, air-to-surface, air-to-air,  subsea-to-surface, and by region into North America, South America, Asia-Pacific, Europe, the Middle East & Africa.

Key Developments:

• October 2017: Chemring Defense has entered into a strategic alliance with the United States Ministry of Defense to develop a multi-effect rocket system that can fire missiles without emitting smoke. The system is expected to help avoid the detection of the missile’s origin.
• August 2017: Rafael Defence systems has opened a new plant in Hyderabad, India, along with Indian company Kalyani Group for the manufacturing of Spike missiles and other weapons. This deal was signed three years ago and is worth USD 900 million.

The United States Office of Naval Research has been researching and developing high-density reactive materials that have the potential to make existing weapons more accurate and powerful.

Key Industry Players: Key vendors operating in the market are Thales Group, Rafael Advanced Defense System Ltd, Lockheed Martin Corporation's, BAE Systems, General Dynamics, and Northrop Grumman.

Reasons to Purchase the Report:

• To study the current and future market in the developed and emerging regions.
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