Missile is a guided airborne ranged weapon having the ability of self propelled flight to deliver an explosive warhead. Guidance system, flight system, warhead and engine are the four basic system components of missiles. A missile is used to carry the payload to the designated target and stabilizing fins are used to steady the flight. The guidance system is the sophisticated part of the missile as it maintains the missile in its flight path and operates as an auto pilot to avoid the fluctuations in the path. Missiles used in military are propelled by solid fuel as it can be kept ready for quick launch.
The market for missile is anticipated to record a notable CAGR of around 4.5% over the forecast period 2020-2028. 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 missiles. Further, increasing border threats and improvement in the national security concerns is enhancing the defense forces globally. Missiles play an important role in any war owing to their range offering. On the account of this, the demand for technologically enhanced missiles is propelling the market growth. Moreover, in order to protect the country during war situations, defense forces are having high demand for latest missiles to secure their armed forces. Hence, these factors are estimated to drive the growth of the market.
On the basis of product type, the missile market is segmented into cruise missiles and ballistic missiles, out of which, ballistic missiles 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 missiles, 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 missiles are anticipated to create huge demand for ballistic missiles.
The militaries all around the world are working on their individual troops with latest missiles to fortify their naval force and air force. The impact of missiles 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 missiles 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.CLICK TO DOWNLOAD SAMPLE REPORT
Advanced technologies require soaring costs for the enhancement of weapons and missiles. The original equipment manufacturers are making efforts to upgrade the missiles 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.
Our in-depth analysis of missile market includes the following segments:
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. The North America region is anticipated to dominate the missile market on the back of long term programs for defense systems, continuous demand from US military along with the 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 missile market owing to the bulk spending to bridge military capabilities gap.
The missile market is further classified on the basis of region as follows:
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