An Intercontinental Ballistic Missile (ICBM) is a guided missile with the primary objective of delivery of nuclear warheads. Most designs allow a single missile to carry multiple warheads which could strike different targets. Currently, Russia, China, the United States, France, India, United Kingdom and North Korea are the only countries which have operational ICBMs. They are meant for long distance attacks. They are one amongst the four types of ballistic missiles. The other three are medium-range ballistic missiles, short-range ballistic missiles and tactical ballistic missiles. Their origins lie in World War II, when the first design of an ICBM was made from Germany’s V2 rocket program. Since then, there have been massive technological changes making it more efficient, lethal and accurate.
Market Size and Forecast
Recent developments in geo-politics have made every nation apprehensive about its security. Many countries are planning to revamp their security apparatus and invest in intercontinental ballistic missile technology to gain an upper hand over their neighbors and other hostile nations. Owing to these factors, the intercontinental ballistic missile market is expected to grow at a significant CAGR during the forecast period 2020-2028. The market is segmented by product into land based and submarine based. The land based segment is anticipated to hold the leading market share and grow at the fastest rate on the back of rising border disputes and national security concerns across the world. CLICK TO DOWNLOAD SAMPLE REPORT
Increasing Defense Budgets of Countries across the World
As a result of increase in Gross Domestic Product (GDP) of countries, their defense budget is also increasing which is anticipated to drive the market growth over the next few years. Concerns for national security and frequent border disputes have made governments across the world apprehensive. To mitigate these fears, they are heavily investing in intercontinental ballistic missile weaponry to defend themselves. Intercontinental ballistic missile technology has become increasingly reliable and efficient over the years upon usage of cutting edge technology. This is anticipated to drive the market growth during the forecast period.
Increasing Investments in Research and Development Initiatives
Increasing investment in Intercontinental ballistic missile research and development to invent sophisticated technology that helps in efficient and accurate operation would help increase the demand for these missiles. Intercontinental ballistic missile market is bound to grow exponentially during the forecast period. Hence, use of sophisticated business intelligence technology, strategic management and machine learning would be prevalent.
Development of Nuclear Ballistic Missile by Superpowers
Nuclear Intercontinental Ballistic Missiles are being developed by the military superpowers of the world, which is a major growth factor anticipated to drive the market growth during the forecast period. Countries around the world are investing heavily in submarine based intercontinental ballistic missile to ward off security threats from the sea. This is expected to boost the market growth during the forecast period further.
High Cost of Technology
When the technology involved in developing the intercontinental ballistic missile becomes increasingly developed, the cost of innovation may increase significantly. The cost of the skilled labor involved in developing such technologies may also increase in the coming years, which is predicted to negatively affect the market growth during the forecast period.
Due to rise in the key players dominating the market, the intense competition may squeeze the profit margins forcing the mid-scale companies to adopt different strategies. It is estimated to negatively affect the market growth during the forecast period.
Our in-depth analysis of the intercontinental ballistic missile market includes the following segments:
By Launch Mode:
On the basis of regional analysis, the intercontinental ballistic missile market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region out of which, the market in Europe is anticipated to hold the largest market share on the back of high investments in the intercontinental ballistic missile technology and increased spending towards defense sector in the region. Moreover, the market in Asia Pacific is anticipated to record the highest CAGR on the back of rapidly growing investments in the defense sector and growing border disputes in the region.
The global intercontinental ballistic missile market is further classified on the basis of regions as follows:
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