Missiles Global Market Insights: Growth Drivers, Size & Forecasts to 2029

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What Is the Forecasted Market Growth Rate of the Missiles Industry?
In recent years, the missiles market has witnessed substantial expansion. The market, which is projected to grow from $22.82 billion in 2024 to $24.56 billion in 2025, maintains a compound annual growth rate (CAGR) of 7.6%. Factors such as geopolitical tensions, military modernisation initiatives, local security worries, arms race phenomena, strategic alliances, and defence agreements have contributed to the growth during the historical period.

How Will the Missiles Market Size Evolve From 2025 to 2029?
The market size for missiles is anticipated to experience significant expansion in the upcoming years, escalating to a valuation of $33.76 billion by the end of 2029, reflecting a compound annual growth rate (CAGR) of 8.3%. This amplified growth during the forecasting period can be linked to the rising security threats and emerging challenges, the evolution of modern warfare methodologies, defense and deterrence strategies, worldwide arms regulation agreements, and alterations in military doctrine. The roadmap of growth in the forecast period is marked by major developments like resilience against electromagnetic pulse (EMP), advancements in long-range strike capabilities, downsizing of missile technologies, and the growing implementation of multi-mode seekers, along with increased collaboration and international partnerships in development.

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What Are the Main Growth Drivers in the Missiles Market Today?
The missile market is predicted to expand due to the projected rise in defense expenditure. Global nations are putting their resources into defense to safeguard their jurisdictions. For example, as per a report from the Stockholm International Peace Research Institute (SIPRI) in Sweden, international military expenditure climbed to $2.443 trillion in 2023, indicating a 6.8% real-term rise from the previous year. Hence, the growth of the missile market is propelled by the boost in defense spending.

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Which Missiles Market Segment Is Expected to Lead Through 2029?
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)

Which Market Trends Are Expected to Dominate Missiles Industry Growth?
Key missile market players are concentrating on creating advanced items like cruise missiles to tackle changing security risks in contemporary warfare environments. Cruise missiles, being precision-guided weapons, maintain a steady speed and elevation while delivering explosive payloads across great lengths. They are designed for improved maneuverability and stealth, making them efficient in hitting strategic objectives. For example, in September 2024, US-based defense tech firm Anduril Industries introduced Barracuda, a line of cruise missiles that comprise Barracuda -100, -250, and -500 models, all with distinct capacities. Designed for cargo launch from transport planes, is the Barracuda-500 while the Barracuda-250 is ideally suited for internal carriage on platforms such as the F-35. Each variant boasts over 500 nautical miles in range, can carry above 100 pounds of payload, achieve 5 Gs of maneuverability, and provide more than 120 minutes of loitering time. This versatile design ensures suitability for diverse missions and flexibility with multiple payloads.

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Which Companies Hold the Largest Market Share in the Missiles Sector?
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

Where Is the Missiles Market Experiencing the Highest Growth?
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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