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Global Missiles Market: Promising Growth with a CAGR of 9.0% and 7.3%, Main Drivers and Key Trends
Missiles Market
What Is The Projected Market Size Of The Global Missiles Market And Its Growth Rate?
The missiles market experienced solid growth in recent years and is projected to exhibit further strong growth:
•The market will expand from $24.96 billion in 2024 to $27.21 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%, driven by geopolitical tensions, military modernization, regional security, strategic alliances and defense pacts.
•By 2029, the market will grow to $36.11 billion at a compound annual growth rate (CAGR) of 7.3%. Emerging threats, modern warfare tactics, global arms control agreements, and shifts in military doctrine will fuel this growth. Significant trends include electromagnetic pulse (EMP) resilience, long-range strike capabilities, miniaturization of missile technology, and increased use of multi-mode seekers.
What Is Driving The Growth In The Missiles Market?
The upsurge in defense spending globally is a major driver of the missiles market. Countries invest heavily in defense to protect their territories. In April 2024, the Stockholm International Peace Research Institute reported that global military spending reached $2.443 trillion in 2023, a 6.8% increase compared with the previous year. This substantial growth in defense spending bolsters the missile market's expansion.
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Who Are the Key Players Driving Missiles Market Growth?
Major companies operating in the missiles market include
•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.
•Rosoboronexport JSC
•Leonardo SpA
•Rheinmetall AG
•Israel Aerospace Industries
What Are The Key Trends In The Missiles Market?
Noteworthy trends in the missiles market include:
•Electromagnetic pulse (EMP) resilience
•Development of long-range strike capabilities
•Miniaturization of missile technology
•Increased use of multi-mode seekers
What Are The Segments Of The Global Missiles Market?
The report segments the missiles market by:
1) Product Type: Cruise Missiles, Ballistic Missiles
2) Range: Short Range Missile, Medium Range Missile, Intermediate Range Missile
3) Propulsion Type: Ramjet, Scramjet, Turbojet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
4) Application: Defense, Homeland Security
Which Region Leads The Missiles Market?
Asia-Pacific was the largest region in the missiles market in 2024. Western Europe is expected to be the fastest-growing region during the forecast period. The report includes coverage of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Missiles Market Global Market Report?
- Market Size Analysis: Analyze the Missiles Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various sub-segments within the Missiles Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Missiles Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Missiles Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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