Ballistic Missile Market 2023 Top Key Players are Thales Group, Rafael Advanced Defense System Ltd, Lockheed Martin Corporation's, BAE Systems, General Dynamics, and Northrop Grumman

Market Dynamics:

The growth is driven by internal and external security threats, territorial disputes, and modernization initiatives undertaken by armed forces across the world. Opportunities are abundant for manufacturers in the market, as the global defense industry is investing significantly in R&D to enhance the speed, accuracy, destructive powers, and stealth capabilities of ballistic missiles. However, growth of the global ballistic missile market could be affected by the declining defense budget by developed nations and stringent technology-sharing rules.

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North America is expected to have the largest market share during the forecast period, followed by Asia-Pacific. One of the key factors driving the North American ballistic missile market is the continuous demand from the US military, owing to engagement in various global conflicts. China is investing heavily in ballistic missile-related technologies to deter incursions into the Chinese territory, by both aircraft and potential long-range strike weapons. Ballistic missile developments in North Korea also act as a key missile procurement driver for Japan and South Korea. India has undertaken a Ballistic Missile Defence Programme to develop and deploy a multi-layered ballistic missile defense system to protect from rising ballistic missile threats from China and Pakistan. Europe’s share of the global market is expected to decrease, owing to the economic crisis, Brexit and resulting budget cuts in many European Nations.

Key Developments :

October, 2017 - Chemring Defense has entered into a strategic alliance with the US Ministry of Defense to develop a multi-effect rocket system that can fire missiles without emitting smoke. The system is expected to help avoid the detection of the missile’s origin.

The US Office of Naval Research has been researching and developing high-density reactive materials that have the potential to make existing weapons more accurate and powerful.

Key Industry Players :

Key vendors operating in the market are Thales Group, Rafael Advanced Defense System Ltd, Lockheed Martin Corporation's, BAE Systems, General Dynamics, and Northrop Grumman.

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Market Segmentation:
• Market Segmentation: Into short range, medium range, intermediate range, and intercontinental
• Launch Mode: Into surface-to-surface, surface-to-air, air-to-surface, air-to-air, subsea-to-surface
• Region: Into North America, South America, Asia-Pacific, Europe, Middle East & Africa
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