DUBLIN, Feb. 27, 2023 /PRNewswire/ — The “Ballistic Missile Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Surface, Air-to-Air, Subsea-to-Air), By Range, and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global ballistic missile market is anticipated to register a steady CAGR in the forecast period, 2023-2027.
- Rafael Advanced Defense Systems
- BAE Systems PLC
- Lockheed Martin Corporation.
- Northrop Grumman Corporation
- Rockwell Collins
- Thales Group
- General Dynamic Corporation
- Raytheon Company
- MBDA Inc.
Increasing security threats and cross-border issues and growing focus and investments by leading authorities on strengthening border security are the key driving factors for the global ballistic missile market. Also, the ongoing research activities and development of nuclear ballistic missiles and modernization of the armed forces are the other prominent factors that are expected to fuel the demand for ballistic missiles across the globe.
The surge in Investments in Defense Equipment Fuels the Market Demand
According to a study by International Campaign to Abolish Nuclear Weapons (ICAN), nine nuclear-armed countries spent $72.6 billion on their nuclear weapons in 2020.
The United States was the leading country that spent $37.4 billion, which was the largest amount in advancing its nuclear weapons and equipment, followed by China. The other countries that followed these countries were Russia, the United Kingdom, France, India, Israel, Pakistan, and then North Korea. Continuous increase in the gross domestic product of several countries boosts the ability of countries to invest in different sectors, including defense and military. Defense forces are considered the most crucial part of any country as they help establish peace in the country.
They counter-terrorism activities and help resolve cross-border disputes and domestic issues. Governments across the globe are working to make defense forces equipped with advanced technologies and equipment to make them able to face any situation. Especially, the authorities of developed countries are increasing their defense expenditure to strengthen their defense forces to maintain their dominance across the globe.
The rise in the concerns about national security is boosting the deployment of ballistic missiles for combat situations and border issues. Therefore, the increase in the spending by the government on equipment acquisition and research and development activities is expected to fuel the global ballistic missile market growth over the next five years.
Advancements in Technology Support the Market Growth
Due to their increased focus on nuclear weapons, ballistic missiles are gaining popularity across the globe. They are in high demand for military applications as they have the capability for a range of deployments for different purposes. Market players are improving the accuracy and effect of ballistic missiles on the target and are spending exorbitant amounts on upgrading the existing structure of the ballistic missiles.
Combing technology with rocket-propulsion system ballistic missiles can transform the ballistic missiles into self-guided missiles for the desired target. Also, ballistic missiles can carry high-risk explosives such as nuclear, biological, and chemical munitions. The advancements in technology and the launch of advanced ballistic missiles are expected to propel the growth of the global ballistic missiles market through the forecast period.
In this report, global ballistic missile market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Ballistic Missile Market, By Launch Mode:
Ballistic Missile Market, By Range:
Ballistic Missile Market, By Region:
- North America
- United States
- South Korea
- Europe & CIS
- United Kingdom
- South America
- Middle East & Africa
- Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/yg73jm-missile?w=5
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SOURCE Research and Markets