Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Intercontinental Ballistic Missile Market size is projected to grow at around 11.6% CAGR during the forecast period i.e., between 2025-2037.
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.
Intercontinental Ballistic Missile Sector: Growth Drivers and Challenges
Growth Drivers
- 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.
Challenges
- 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.
- Intense Competition:- 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.
Intercontinental Ballistic Missile Segmentation
Our in-depth analysis of the global market includes the following segments
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By Launch Mode
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By Payload |
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By Product |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Intercontinental Ballistic Missile Industry - Regional Synopsis
Europe industry is poised to dominate majority revenue share by 2037, attributed to 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.
Companies Dominating the Intercontinental Ballistic Missile Landscape
- Lockheed Martin
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Northrop Grumman
- General Dynamics Corporation
- Rafael Advanced Defense Systems
- Boeing
- BAE Systems PLC
- Defence Research and Development Organisation
- Israel Aerospace Industries
- Aerojet Rocketdyne Holdings Inc.
- Makeyev Rocket Design Bureau
Recent Developments
- May 06, 2020: The Centre for Strategic and International Studies claimed a new facility near Pyongyang International Airport in North Korea is linked to its ballistic missile programme. It has the capacity to accommodate country’s largest intercontinental ballistic missiles which can strike anywhere in the United States. The buildings of the facility are connected by a wide road network to allow easy movement of trucks.
- Report ID: 2594
- Published Date: Dec 24, 2024
- Report Format: PDF, PPT
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