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Missile Market size was valued at USD 55.37 billion in 2023 and is expected to reach USD 136.71 billion by 2036, expanding at around 7.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of missile is assessed at USD 58.56 billion.
The key factors driving the growth of the market including the spending of emerging economies into defense sector and surge in the investments for the procurement of missile. Further, increasing border threats and improvement in the national security concerns is enhancing the defense forces globally. Missile play an important role in any war owing to their range offering. On the account of this, the demand for technologically enhanced missile is propelling the market growth. Moreover, in order to protect the country during war situations, defense forces are having high demand for latest missile to secure their armed forces. Hence, these factors are estimated to drive the growth of the market.
Growth Drivers
Development Activities Undertaken By Militaries
The militaries all around the world are working on their individual troops with latest missile to fortify their naval force and air force. The impact of missile in warfare strategies has expanded and the emerging countries are focusing on preserving latest missile systems. Further, increasing threats of revolutionary institutions with increased chances of destructions on large scale is driving the demand for market. Moreover, increased spending on defense sector from various nations for establishing artificial intelligence with weapon systems is anticipated to flourish the growth of the market over the forecast period.
Challenges
Budget Constraints and Lack in Allocation of Funds
Advanced technologies require soaring costs for the enhancement of weapons and missile. The original equipment manufacturers are making efforts to upgrade the missile with the help of latest technologies. Additionally, the cost of end product is increasing owing to the expensive new technologies. Moreover, stringent technology sharing rules and decreasing defense budget is further expected to hamper the market growth over the forecast period.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.2% |
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Base Year Market Size (2023) |
USD 55.37 billion |
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Forecast Year Market Size (2036) |
USD 136.71 billion |
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Regional Scope |
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On the basis of product type, the missile market is segmented into cruise missile and ballistic missile, out of which, ballistic missile are estimated to grow at fastest rate owing to the rising internal and external security threats across the world. Additionally, in order to strengthen the destructive powers, accuracy and capabilities of ballistic missile, investments in research & development are increased significantly, which in turn, is accelerating the market growth. Further, initiatives taken by armed forces regarding modernization and development of nuclear ballistic missile are anticipated to create huge demand for ballistic missile.
Our in-depth analysis of the global market includes the following segments
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By Product Type |
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By Launch Mode |
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By Range
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By Propulsion Type
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By End Users
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On the basis of regional analysis, the missile market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is set to dominate majority revenue share by 2036, attributed to long term programs for defense systems, continuous demand from US military along with increased investments in technologically advanced missile systems. Further, geopolitical tensions and rising violence in the region is contributing towards the improvements in the defense missile systems. The Asia Pacific region is estimated to witness highest growth owing to the increased focus of china to spend heavily on ballistic missile related technologies to prevent attacks into Chinese territory and Indian government for undertaking Ballistic Missile Defense Program along with the deployment of multi layered ballistic missile defense systems to protect from rising threats. In addition, this region is the largest spender in market owing to the bulk spending to bridge military capabilities gap.
On May 06, 2020: a partnership of Raytheon Missiles & Defense and Lockheed Martin, namely Javelin Joint Venture team, completed the first production of F-Model missile. The F-Model has multiple features such as detecting current and future armor along with blast fragmentation.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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