Ballistic Missile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The intercontinental segment of the market is expected to record the highest CAGR during the forecast period. Due to their advantages of high accuracy at higher ranges compared to small-, medium-, and intermediate-range missiles, countries are now developing and testing new and advanced intercontinental ballistic missiles, which may drive the growth of this segment during the forecast period. For, instance, Russia tested the Topol MR intercontinental ballistic missile in February 2019. The country had also tested the Sarmat missile intercontinental ballistic missile in March 2018. Additionally, in Asia-Pacific, India successfully test-fired the long-range intercontinental ballistic missile (ICBM), Agni-V, from the eastern coastal state of Odisha. Such intensified developments and testing of new intercontinental ballistic missiles are largely contributing to the growth of the market for ballistic missiles.

Asia-Pacific is anticipated to record the highest growth during the forecast period. 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. The Indian government undertook the Ballistic Missile Defence Program to develop and deploy a multi-layered ballistic missile defense system to protect the country from the increasing ballistic missile threats from China and Pakistan.