Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Missile market size was valued at USD 59.36 billion in 2024 and is expected to reach USD 146.56 billion by 2037, expanding at around 7.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of missile is assessed at USD 62.99 billion.
The key factors driving the growth of the market including the spending of emerging economies into defense sector and surge in the investments for the procurement of missile. Further, increasing border threats and improvement in the national security concerns is enhancing the defense forces globally. Missile play an important role in any war owing to their range offering. On the account of this, the demand for technologically enhanced missile is propelling the market growth. Moreover, in order to protect the country during war situations, defense forces are having high demand for latest missile to secure their armed forces. Hence, these factors are estimated to drive the growth of the market.
Missile Sector: Growth Drivers and Challenges
Growth Drivers
Development Activities Undertaken By Militaries
The militaries all around the world are working on their individual troops with latest missile to fortify their naval force and air force. The impact of missile in warfare strategies has expanded and the emerging countries are focusing on preserving latest missile systems. Further, increasing threats of revolutionary institutions with increased chances of destructions on large scale is driving the demand for market. Moreover, increased spending on defense sector from various nations for establishing artificial intelligence with weapon systems is anticipated to flourish the growth of the market over the forecast period.
Challenges
Budget Constraints and Lack in Allocation of Funds
Advanced technologies require soaring costs for the enhancement of weapons and missile. The original equipment manufacturers are making efforts to upgrade the missile with the help of latest technologies. Additionally, the cost of end product is increasing owing to the expensive new technologies. Moreover, stringent technology sharing rules and decreasing defense budget is further expected to hamper the market growth over the forecast period.
Missile Market: Key Insights
| Report Attribute | Details |
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
7.2% |
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Base Year Market Size (2024) |
USD 59.36 billion |
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Forecast Year Market Size (2037) |
USD 146.56 billion |
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Regional Scope |
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Missile Segmentation
On the basis of product type, the missile market is segmented into cruise missile and ballistic missile, out of which, ballistic missile are estimated to grow at fastest rate owing to the rising internal and external security threats across the world. Additionally, in order to strengthen the destructive powers, accuracy and capabilities of ballistic missile, investments in research & development are increased significantly, which in turn, is accelerating the market growth. Further, initiatives taken by armed forces regarding modernization and development of nuclear ballistic missile are anticipated to create huge demand for ballistic missile.
Our in-depth analysis of the global market includes the following segments
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By Product Type |
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By Launch Mode |
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By Range
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By Propulsion Type
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By End Users
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Missile Industry - Regional Synopsis
On the basis of regional analysis, the missile market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is estimated to account for largest revenue share by 2037, attributed to long term programs for defense systems, continuous demand from US military along with increased investments in technologically advanced missile systems. Further, geopolitical tensions and rising violence in the region is contributing towards the improvements in the defense missile systems. The Asia Pacific region is estimated to witness highest growth owing to the increased focus of china to spend heavily on ballistic missile related technologies to prevent attacks into Chinese territory and Indian government for undertaking Ballistic Missile Defense Program along with the deployment of multi layered ballistic missile defense systems to protect from rising threats. In addition, this region is the largest spender in market owing to the bulk spending to bridge military capabilities gap.
Companies Dominating the Missile Landscape
- BAE Systems
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Lockheed Martin Corporation
- Raytheon Technologies
- Northrop Grumman Corporation
- Boeing
- Tactical Missile Corporation
- Aerojet Rocketdyne
- Rafael Advanced Defense Systems Ltd
- Avibras Industria Aeroespacial SA
- Israel Aerospace Industries Limited
Recent Developments
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On May 06, 2020: a partnership of Raytheon Missiles & Defense and Lockheed Martin, namely Javelin Joint Venture team, completed the first production of F-Model missile. The F-Model has multiple features such as detecting current and future armor along with blast fragmentation.
- Report ID: 2766
- Published Date: Dec 24, 2024
- Report Format: PDF, PPT
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