The global missile market is expected to grow by USD 7.63 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 4%.
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Technavio has announced its latest market research report titled Global Missile Market 2020-2024 (Graphic: Business Wire)
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The missile market is driven by an increase in defense expenditure. In addition, the increasing national security concerns and border threats are anticipated to boost the growth of the missile market.
Growing geopolitical tensions and increasing territorial disputes between countries have led to a significant rise in military expenditure across the world. This has also increased the defense budget for the R&D of modern missiles and enhancement of their capabilities such as speed, accuracy, and destructive power. For instance, in 2019, the US defense budget allocated USD 12.9 billion for missile defense, which included USD 9.9 billion for the Missile Defense Agency (MDA). Thus, the increase in defense expenditure, coupled with the rising spend on missile development and technologies is expected to drive the growth of the global missile market during the forecast period.
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Major Five Missile Companies:
Denel Dynamics operates its business through segments such as Missiles, UAS, and Spaceteq. The company offers air-to-air missiles, air-defense missiles, and anti-armour missiles.
General Dynamics Corp.
General Dynamics Corp. operates its business through segments such as Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The company offers a wide range of products such as missile systems and missile components.
Lockheed Martin Corp.
Lockheed Martin Corp. operates its business through segments such as Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The company offers a wide range of missiles such as tactical, cruise, and ballistic missiles.
MBDA operates its business through a unified segment. The company offers a wide range of missiles and missile systems for air, sea, and land forces.
Northrop Grumman Corp.
Northrop Grumman Corp. operates its business through segments such as Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services. The company designs and produces missile products including solid rocket motors and advanced high-speed propulsion systems, fuzes, warheads, propellants, and controls for air, sea, and land-based systems.
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Missile Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
Missile Market Platform Outlook (Revenue, USD Billion, 2020-2024)
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Global Hypersonic Missiles Market – Global hypersonic missiles market by geography (Americas, APAC, and EMEA) and product (hypersonic ballistic missiles and hypersonic cruise missiles).
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