Emerging Trends to Reshape the Missiles Market: Advancements in Cruise Missile Technology for Modern Warfare as a Key Influencer

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What Is the Expected CAGR for the Missiles Market Through 2025?
The market size for missiles has shown substantial growth in the recent past. The forecasts suggest that it will expand from $24.96 billion in 2024 to $27.21 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 9.0%. This growth during the historical period can be attributed to factors such as escalating geopolitical conflicts, defense modernization initiatives, regional security issues, arms race influences, and the establishment of strategic alliances and defense agreements.

What's the Projected Size of the Global Missiles Market by 2029?
The market for missiles is projected to experience considerable growth in the coming years, with the market size anticipated to reach $36.11 billion by 2029, expanding at a Compound Annual Growth Rate (CAGR) of 7.3%. The expected growth over the forecast period can be associated with several factors such as emerging threats and security issues, modern warfare methods, defense tactics and deterrent measures, global arms regulation agreements, and changes in military doctrines. Key trends to watch in the forecast period encompass electromagnetic impulse (EMP) robustness, capabilities of long-range strikes, missile technology miniaturization, increased use of multi-mode seekers, and growth in collaborative development and international collaborations.

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Top Growth Drivers in the Missiles Industry: What's Accelerating the Market?
The surge in the missile market is predicted to be largely driven by the rise in defence spendings. Globally, nations are placing a heavy investment in defence to safeguard their borders. For example, a study disclosed by the Stockholm International Peace Research Institute (SIPRI), an international research body based in Sweden, stated that there was a global military expenditure of $2.443 trillion in 2023. This marked a rise of 6.8% in actual terms as compared to the prior year, 2022. As a consequence, the escalation in defence expenditure spurs the expansion of the missile market.

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What Trends Will Shape the Missiles Market Through 2029 and Beyond?
Dominant entities within the missile market are concentrating their efforts on the creation of innovative goods, like cruise missiles, in order to tackle the evolving security threats in today's warfare environments. Cruise missiles, carrying explosive loads over an extended range, are precision-targeting weapons which maintain steady speed and altitude. Their structure enhances their stealth and manoeuvrability, making them potent for hitting strategic targets. For example, Anduril Industries, a defence technology company based in the US, unveiled Barracuda in September 2024. Barracuda is a series of cruise missiles, including the -100, -250, and -500 versions, each with their own distinct capabilities. The Barracuda-500 is specifically built for cargo launch from transport planes, while the Barracuda-250 is suited for internal transport on platforms such as the F-35. All models surpass a range of 500 nautical miles, tote more than 100 pounds of load, accomplish 5Gs of manoeuvrability, and offer in excess of 120 minutes of loiter time. This design ensures versatility for multiple missions and compatibility with a variety of payloads.

What Are the Main Segments in the Missiles Market?
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 Top Companies are Driving Growth in the Missiles Market?
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

Which Regions Will Dominate the Missiles Market Through 2029?
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.

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