Missiles Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

What market dynamics are playing a key role in accelerating the growth of the missiles market?
The missile market is projected to expand due to rising defense expenditures. Nations worldwide are investing in defense measures to safeguard their borders. A report from the Stockholm International Peace Research Institute (SIPRI) based in Sweden, in April 2024, showed that the global military expenditure climbed to $2.443 trillion in 2023. This represents a 6.8% growth in real terms compared to 2022. Hence, higher defense spending is propelling the missile market's growth.

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How will the growth rate of the missiles market shape industry trends by 2034?
The market for missiles has shown robust growth in the recent past. The market is projected to increase from $24.96 billion in 2024 to $27.21 billion in 2025, growing at a compound annual growth rate (CAGR) of 9.0%. The expansion during the historic period has been driven by factors such as geopolitical tensions, modernization initiatives in the military, regional security worries, the dynamics of an arms race, strategic alliances, and defense pacts.

In the coming years, the missile market size is projected to experience significant growth, escalating to a value of $36.11 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 7.3%. The anticipated growth within this period is primarily due to factors such as rising security risks and threats, contemporary warfare methods, strategic defense and deterrence tactics, worldwide arms control contracts, and transformations in military principles. Key trends expected in this period include resilience to electromagnetic pulses (EMP), the ability for long-distance strikes, miniaturization of missile systems, and an enhanced utilization of multi-mode seekers, as well as cooperative development and international collaborations.

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What trends are poised to drive the future success of the missiles market?
In response to current security challenges in contemporary warfare, top firms in the missile market are concentrating their efforts on creating innovative products such as cruise missiles. Cruise missiles, known for their precision, cruise at a consistent altitude and speed, delivering significant explosive force over vast distances. Their design allows increased stealth and superior maneuverability, rendering them highly efficient for striking key targets. As an example, in September 2024, Anduril Industries, a defense tech firm based in the United States, introduced Barracuda, a new range of cruise missiles. This range includes Barracuda-100, -250, and -500 models, each having its unique functionalities. The Barracuda-500 is built to be launched from cargo transport aircraft, whereas the Barracuda-250 is specially made to fit into platforms like the F-35. All its variants can cover over 500 nautical miles, carry more than 100 pounds of payload, exhibit 5 Gs in maneuverability, and offer over 120 minutes of loiter time, ensuring they are adaptable for several mission types and compatible with diverse payloads.

Which primary segments of the missiles market are driving growth and industry transformations?
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

Subsegments:
1) By Cruise Missiles: Subsonic Cruise Missiles, Supersonic Cruise Missiles, Hypersonic Cruise Missiles, Anti-Ship Cruise Missiles
2) By Ballistic Missiles: Short-Range Ballistic Missiles (SRBMs), Medium-Range Ballistic Missiles (MRBMs), Intermediate-Range Ballistic Missiles (IRBMs), Intercontinental Ballistic Missiles (ICBMs)

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Which geographical regions are pioneering growth in 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 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.

Who are the influential players reshaping the missiles market landscape?
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., JSC Rosoboronexport, Leonardo SpA, Rheinmetall AG, 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, Avibras Industrial Aerospecial SA, Tactical Missiles Corporation

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What Is Covered In The Missiles Global Market Report?

•Market Size Forecast: Examine the missiles market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the missiles market for a structured understanding.
•Key Players Overview: Analyze major players in the missiles market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the missiles market.
•Segment Contributions: Evaluate how different segments drive overall growth in the missiles market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the missiles market.
•Industry Challenges: Identify potential risks and obstacles affecting the missiles market.
•Competitive Landscape: Review strategic developments in the missiles market, including expansions, agreements, and new product launches.

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