Technological advancements in the field of defense and the growing military expenditure by various countries to strengthen their armed forces are the main factors driving the Nuclear Missiles and Bombs Market.
August 16th, 2018: The nuclear missiles and bombs market are expected to witness a CAGR of around 2% from 2018 - 2023, as per a new report published by Mordor Intelligence, LLP. According to the report, growing military expenditure, need for increased security across borders, growth in terrorism, advancements in the hypersonic missile technologies are some of the major factors anticipated to drive the growth of the market. But, the Nuclear Non-Proliferation Treaty, which is intended to prevent the spread of nuclear weapons technology, may prove to be a hurdle for the further research in the nuclear weapons industry. Also, the United Nations Office for Disarmament Affairs (UNODA) is also working towards the elimination of nuclear weapons and other major weapons adaptable to mass destruction. The measures taken by these organizations may hinder the growth of the market during the years to come.
The report says that the market is currently dominated by the nuclear missiles segment, due to the advantages they offer, compared to gravity bombs. In March 2018, Russia announced that it has successfully carried out the second test launch of its most advanced nuclear-capable intercontinental ballistic missile. Nuclear missiles have a wide range of operation, ranging up to thousands of miles, which is not the case with the gravity bombs. Also, nuclear missiles can be operated remotely, so that the person launching the bomb will not have any physical effect due to the radiation that follows the blast. This may not be the case with gravity dropped bombs, in which the pilot will be in near vicinity to the bomb. Due to these advantages, the revenue from the nuclear missiles segment is more. In terms of range, intercontinental missiles have a greater market share compared to others, due to their wide range and accuracy in chasing down targets far away. Regionally, Russia and the United States are currently dominating the market, due to a larger possession of nuclear warheads by both the nations. Currently, the two nations account for more than 90% of the total nuclear weapons of the world. Russia and the United States are anticipated to continue their dominance in the market during the forecast period.
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Key Insights from the Report:
The report Nuclear Missiles and Bombs Market - Segmented by Type, Missile Range, and Country
Nuclear Missiles and Bombs Market, Segmented by Type
Nuclear Missiles and Bombs Market, Segmented by Missile Range
Nuclear Missiles and Bombs Market, Segmented by Country
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