Ballistic Missile Market Size

Statistics for the 2023 & 2024 Ballistic Missile market size, created by Mordor Intelligence™ Industry Reports. Ballistic Missile size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Ballistic Missile Industry

Ballistic Missile Market Summary
share button
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

Ballistic Missile Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

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.

Ballistic Missile Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)