Market Size of Ballistic Missile Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ballistic Missile Market Analysis
The ballistic missile market is expected to grow at a CAGR of 5% during the forecast period.
The COVID-19 pandemic had a moderate effect on the market because of the disruption in the supply chain in 2020. However, the market became stable within a short time and has also grown in 2021 and 2022. With the increase in the defense budgets of countries worldwide, the market is expected to grow. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure in 2021 reached USD 2 trillion, an increase of 0.7% compared to the global military expenditure in 2020. The global military budget has been increasing every year for the past 8 years, and with tensions between the nations, the military expenditure by various nations is expected to increase, which would result in a surge in investments for the development and procurement of ballistic missiles during the forecast period. The development of nuclear ballistic missiles by the major military superpowers is expected to generate huge demand for ballistic missiles in the future.
