Guided Missile Market is Forecasted to Reach US$ 23.6 billion in 2028, Says Stratview Research

The global Guided Missile Market is projected to witness a growth rate of 6.1% annually from 2023 to 2028, with an anticipated size of US$ 23.6 billion in 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Guided Missile Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report: https://www.stratviewresearch.com/Request-Sample/3777/guided-missile-market.html#form

Report Highlights: `
Market Size in 2028: US$ 23.6 billion
Growth (CAGR): 6.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 6
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Guided Missile Market:
The global Guided Missile Market is segmented Platform Type, Product Type, Guidance Type, Propulsion Type, Actuation Type & Region

Based on platform type: The market is segmented into land-based platform, airborne platform, and naval-based platform. With the increasing terror threats and border disputes, the land-based platform is expected to remain dominant as well as the fastest-growing platform of the market during the forecast period. Currently, several countries are focusing on and strengthening the capabilities of their land-based warfare capabilities through the development and procurement of sophisticated ground-launched guided missile systems.

Based on product type: The market is segmented into strategic missiles and tactical missiles. Among these missile types, tactical missiles account for the dominant market share, as these short-range missiles are procured in a larger number as compared to their counterparts. On the contrary, it is likely that the strategic missile market sub-segment would witness the fastest growth, during the forecast period.
Lockheed Martin Corporation and Raytheon Technologies Corporation are the two major manufacturers of strategic or long-range nuclear-powered such as inter-continental ballistic missiles (ICBM) and submarine-launched ballistic missiles (SLBM).

Based on guidance type: The market is segmented as GPS-guided missiles, infrared (IR)-guided missiles, laser-guided missiles, and others. Among these sub-segments, GPS-guided missiles are the most commonly used missile systems, across the globe, and contribute to the major market share. On the other hand, laser-guided and IR-guided missiles are generally tactical missiles, which are rarely used currently, after being replaced by GPS-guided missiles.

Based on propulsion type: The market is segmented into solid propulsion, liquid propulsion, and others. Among the various propulsion types, solid propulsion accounts for supreme market share as it generates a significantly high initial thrust, which enables the missiles to fly with enough speed and strike their intended target.

Based on actuation type: The market is segmented into a fin-based actuation system and a thrust-based actuation system. As the thrust-based actuation systems are mostly used for self-propelled munitions such as guided missiles, it is likely to maintain its market dominance, throughout the forecast period. In addition, the thrust-based actuation system is even operational at high altitudes, where the atmosphere is too thin, thereby ensuring the effective functioning of the guided missile system.

With the advancement of guided missiles that leave the Earth's atmosphere, such actuation systems are becoming increasingly prevalent in missile systems, across the globe.

To know the most attractive segments, click here for a free sample of the report:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis North America is expected to maintain its reign for Guided missiles during the forecast period. This growth outlook is majorly attributed to the following-
• This is mostly due to the large investments made by the US Department of Defense (DoD) on guided projectiles in recent times along with the active presence of major companies such as General Dynamics Corporation, Northrop Grumman, and Raytheon Technologies Corporation, among others, in the region.
• Concurrently, Asia-Pacific is an emerging region in the global market as the entire continent is quite vulnerable to high-tension border conflicts and terror threats.

Guided Missile Market Drivers:
• There has been a steady increase in the demand for guided missiles in recent years, as a result of the growing geo-political tensions and increasing counter-terrorism efforts. For example, since the onset of the Russia-Ukraine war, there have been several new developments w.r.t the guided missile sphere in Europe, which has fuelled the market growth, immensely.
• The global market for guided missiles is being significantly influenced by factors including the increase in defense spending of several countries along with the rising number of regional conflicts and anti-terrorist missions.
• Many governments across the globe, including those in the US, China, India, and Russia, are investing considerably in modernizing their military and warfare capabilities. As a result, several weapon makers are reorienting their efforts to focus on developing guided missiles.

Top 10 Companies in the Guided Missile Market:
Stratview Research has identified the following companies as the top market players:
• Lockheed Martin Corporation
• Raytheon Technologies Corporation
• Northrop Grumman
• Boeing
• Bharat Dynamics Limited (BDL)

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Guided Missile Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Guided Bomb Market: https://www.stratviewresearch.com/3775/guided-bomb-market.html
• Guided Projectile Market: https://www.stratviewresearch.com/3776/guided-projectile-market.html

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This release was published on openPR.