The market for missiles is anticipated to record a notable CAGR of around 4.5% over the forecast period 2020-2028. The increasing border threats and enhancement in the defense forces worldwide is anticipated to drive the growth of the market.
Further, increased spending in defense sector by developed and developing countries for the procurement of missiles will fuel the demand for technologically enhanced missiles in order to protect the nations during war situations is estimated to propel the market growth. Therefore, with the rising security concerns, the market for missiles will witness surge in growth. Based on product type, the market is segmented into cruise missiles and ballistic missiles.
The market for ballistic missiles is anticipated to grow at fastest rate on the account of huge investments in research & development to strengthen the accuracy and capabilities of ballistic missiles. Additionally, rising internal and external security threats along with the initiatives by armed forces for the development of nuclear ballistic missiles will drive the growth of the market.
Research Nester published a report titled “Missiles Market– Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the missile market in terms of market segmentation by product type, by launch mode, by range, by propulsion type, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Based on the regional analysis, the market for missiles is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The missiles market in North America is estimated to dominate the market owing to the rising demand from US military and increase in the geopolitical tensions. Further, long term defense programs and improvement in the missile systems in order to deal with rising violence is estimated to drive the growth of the market. The market in Asia Pacific region is anticipated to witness highest growth on the back of bulk spending in missile market by the emerging economies such as India and China to bridge military capabilities gap. Further, increased focus of Indian government for the deployment of multi layered ballistic missile systems and heavy spending of China on missile related technologies in order to protect the respective nations is accelerating the growth of the market.
The increasing focus of emerging countries for the preservation of latest missile systems to secure their air force and naval force is driving the market growth. Further, increased chances of destruction and threats of revolutionary institutions are pushing the defense sector for establishing artificial intelligence with their missile systems. Hence, working of military on their individual troops with latest missiles along with these factors is anticipated to account for the growth in the market over the forecast period.
However, high costs of latest technologies and decreasing defense budget along with stringent technology sharing rules are expected to operate as key restraint into the growth of missile market over the forecast period.