Missiles Market Analysis With Key Players, Applications, Trends And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Missiles Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $44.94 billion In 2028 At A CAGR Of 6.5% :

The missiles market size has grown strongly in recent years. It will grow from $32 billion in 2023 to $34.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to geopolitical tensions, military modernization programs, regional security concerns, arms race dynamics, strategic alliances and defense pacts.

The missiles market size is expected to see strong growth in the next few years. It will grow to $44.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to emerging threats and security challenges, modern warfare tactics, deterrence and defense strategies, global arms control agreements, shifts in military doctrine. Major trends in the forecast period include electromagnetic pulse (emp) resilience, long-range strike capabilities, miniaturization of missile technology, increased use of multi-mode seekers, collaborative development and international partnerships.

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Missiles Market Major Segments
The missiles market covered in this report is segmented -

1) By Product Type: Cruise Missiles, Ballistic Missiles
2) By Range: Short Range Missile, Medium Range Missile, Intermediate Range Missile
3) By Propulsion Type: Ramjet, Scramjet, Turbojet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
4) By Application: Defense, Homeland Security

Key Driver - Surging Defense Expenditure Boosts Growth In The Missile Market

Increased defence spending is expected to fuel the growth of the missile market. Countries around the world are investing in defence to protect their territories. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers, and non-proliferation, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh straight year that spending increased. Military R&D funding by China, the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China's military spending has increased for the past 27 years. Therefore, increased defence spending drives the growth of the missile market.

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Prominent Trend - Innovation In The Missile Market

Major companies operating in the missile market are focusing on developing innovative products, such as air-to-air missiles, to provide reliable services to customers. An air-to-air missile (AAM) is a rocket driven by one or more motors, often solid but occasionally liquid, that is fired from an aircraft to destroy another aircraft. For instance, in June 2023, Rafael Advanced Defense Systems Ltd., an Israel-based defense technology company, launched SKY SPEAR, a long-range air-to-air missile. The most recent addition to RAFAEL's air-to-air missile family is a long-range option that offers users unmatched operating capabilities in the intricate world of aerial combat. The SKYSPEAR missile's long-range engagement mode aims to overwhelm adversaries before they can fire. Its unique RF seeker technology makes it possible to latch on early and achieve more accuracy.

Missiles Market Players
Major companies operating in the missiles market report are Raytheon Technologies Corporation, Boeing International Holdings Ltd., Lockheed Martin Corporation, Airbus SE, Hanwha Corporation, China Aerospace Science and Technology Corporation, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, L3Harris Technologies Inc., Textron Inc., JSC Rosoboronexport, Huntington Ingalls Industries Inc., Matra BAe Dynamics, Leonardo SpA, Rheinmetall AG, Serco Group plc, Israel Aerospace Industries, Saab AB, Roketsan Roket Sanayii ve Ticaret AS, MBDA Incorporated, Rafael Advanced Defense Systems Ltd., Kongsberg Gruppen ASA, Aerojet Rocketdyne Holdings Inc., ASELSAN A.S., Bharat Dynamics Limited, Ukroboronprom State Concern, FNSS Savunma Sistemleri AŞ, Avibras Industrial Aerospecial SA, Tactical Missiles Corporation

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the missiles market in 2023. Western Europe is expected to be the fastest-growing region in the global missiles market report during the forecast period. The regions covered in the missiles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Missiles Market Report Structure
3. Missiles Market Trends And Strategies
4. Missiles Market - Macro Economic Scenario
5. Missiles Market Size And Growth
…..
27. Missiles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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