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 by 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 industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Market Statistics

Market Size in 2028: US$23.6 billion
Growth (CAGR): 6.1% during 2023-2028
Leading Platform Type: Land-Based Platform
Leading Product Type: Tactical Missile
Leading Guidance Type: GPS-guided Missiles
Leading Propulsion Type: Solid Propulsion
Leading Actuation Type: Thrust-Based Actuation System
Leading Region: North America
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 & Market Share Analysis of the Guided Missile Market:

The global Guided Missile market is segmented based on Platform type, Product type, Guidance type, Propulsion type, Actuation type, and Region.

Based on Platform Type -

• The market is segmented into land-based platform, airborne platform, and naval-based platform.

• Land-based platform is likely to remain dominant and fastest-growing platform in the foreseeable future.

• 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 the Actuation Type -

• Thrust-based actuation is anticipated to be the leading and fastest-growing actuation type during the forecast period.

• 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.

Which Region Shows the Most Promising Growth Forecast and Opportunity?

- In terms of regions, North America is likely to maintain its supremacy in the global guided missile market, throughout the forecast period.

- 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.

Top Companies in the Guided Missile Market:

The global market for guided missile is highly concentrated, with the top four companies capturing a lion's share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. 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)

Note: The above list does not necessarily include all the top players in the market.

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

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.