Global Ballistic Missile Market - Growth, Trends, and Forecasts (2018-2023)
Ballistic missiles are the missiles that follow a ballistic trajectory, with the aim of delivering warheads to a predetermined target. A ballistic missile is either guided for a short duration or is unguided (such as the 9K52 Luna-M), and most of the trajectory is unpowered and governed by gravity. Ballistic missiles are in contrast to cruise missiles, which are aerodynamically guided in powered flights. Ballistic missiles can fly above the atmosphere for a much longer range than cruise missiles of the same size. Ballistic missiles have a target range from a few hundred to a thousand km. With terminal speeds of over 5,000 m/s, ballistic missiles are harder to intercept than cruise missiles, owing to the shorter time available. Therefore, ballistic missiles are one of the most feared weapons available.
The global ballistic missile market is expected to reach USD XX billion, at a CAGR of XX% during 2017-2022 (the forecast period). The growth is driven by internal and external security threats, territorial disputes, and modernization initiatives undertaken by armed forces across the world. Opportunities are abundant for manufacturers in the market, as the global defense industry is investing significantly in R&D to enhance the speed, accuracy, destructive powers, and stealth capabilities of ballistic missiles. However, growth of the global ballistic missile market could be affected by the declining defense budget by developed nations and stringent technology-sharing rules.
The market is segmented by:
Range: Into short range, medium range, intermediate range, and intercontinental
Launch Mode: Into surface-to-surface, surface-to-air, air-to-surface, air-to-air, subsea-to-surface
Region: Into North America, South America, Asia-Pacific, Europe, Middle East & Africa
North America is expected to have the largest market share of XX% during the forecast period, followed by Asia-Pacific. One of the key factors driving the North American ballistic missile market is the continuous demand from the US military, owing to engagement in various conflicts. China is investing heavily in ballistic missile-related technologies to deter incursions into the Chinese territory, by both aircraft and potential long-range strike weapons. Ballistic missile developments in North Korea also act as a key missile procurement driver for Japan and South Korea. India has undertaken a Ballistic Missile Defence Programme to develop and deploy a multi-layered ballistic missile defense system to protect from rising ballistic missile threats from China and Pakistan. Europe’s share of the global market is expected to decrease, owing to the economic crisis and resulting budget cuts in many European Nations.
Key vendors operating in the market are Thales Group, Rafael Advanced Defense System Ltd, Lockheed Martin Corporation's, BAE Systems, General Dynamics, and Northrop Grumman.
Chemring Defense has entered into a strategic alliance with the US Ministry of Defense to develop a multi-effect rocket system that can fire missiles without emitting smoke. The system is expected to help avoid the detection of the missile’s origin.
The US Office of Naval Research has been researching and developing high-density reactive materials that have the potential to make existing weapons more accurate and powerful.