Intercontinental Ballistic Missile Market Overview
The global Intercontinental Ballistic Missile Market estimated at US$ 8883.8 million in the year 2022, is projected to reach a revised size of US$ 11200 million by 2028, growing at a CAGR of 3.9% during the forecast period 2022-2028.
Intercontinental ballistic missile, commonly termed as ICBM, is a guided ballistic missile that can deliver one or more nuclear warheads. When compared to other ballistic missiles such as the Medium-Range Ballistic Missile (MRBM) and Intermediate-Range Ballistic Missiles (IRBM), it has a minimum range of 5,500 kilometers and is faster and covers a bigger range. Modern ICBMs support Multiple Independently Targetable Re-Entry Vehicles (MIRVs), which allow a single missile to carry multiple re-entry vehicles (warheads), each of which can hit a separate target.
Only a few countries have the technology to launch such long-range weapons, making ICBMs important nuclear deterrents. They can be deployed from a variety of locations, including missile silos, trucks, and submarines. The global intercontinental ballistic missile market is anticipated to witness significant growth during the forecast period.
Countries like Russia and the United States are growing their missile arsenals in response to rising border threats, national security concerns, and the changing character of conflict. They’re also focusing on upgrading their existing missiles with new propulsion systems and warheads. Several countries, including North Korea, have also joined the weapons race and are concentrating their efforts on constructing new and more destructive ICBMs. Despite nuclear prohibitions, countries in the Middle East are focusing on producing ICBMs. All these factors support the growth of the global Intercontinental Ballistic Missile market.
Intercontinental Ballistic Missile Market Key Companies Covered
In this section of the report, the researchers have done a comprehensive analysis of the prominent players operating and the strategies they are focusing on to combat the intense competition. Company profiles and market share analysis of the prominent players are also provided in this section. Additionally, the specialists have done an all-encompassing analysis of each player.
They have also provided reliable sales, revenue, price, market share and rank data of the manufacturers for the period 2017-2022. With the assistance of this report, key players, stakeholders, and other participants will be able to stay abreast of the recent and upcoming developments in the business, further enabling them to make efficient choices. Mentioned below are the prime players taken into account in this research report:
· Israel Aerospace Industries Ltd.
· Aerojet Rocketdyne Holdings, Inc.
· BAE Systems
· General Dynamics Corporation
· Lockheed Martin Corporation
· Northrop Grumman Corporation
· Orbital ATK, Inc.
Intercontinental Ballistic Missile Market Segments
This report has explored the key segments: by Type and by Application. The lucrativeness and growth potential have been looked into by the industry experts in this report. This report also provides sales, revenue and average price forecast data by type and by application segments based on production, price, and value for the period 2017-2028.
Intercontinental Ballistic Missile Segment by Type
- Land-based ICBM
- Submarine-based ICBM
- Intercontinental Ballistic Missile Segment by Application
- Ocean Military Defense
- Land Military Defense
Intercontinental Ballistic Missile Market Drivers
There are numerous drivers for the intercontinental ballistic missile (ICBM) market. Firstly, ICBMs provide a powerful and effective means of deterrence against potential aggressors, as they can deliver nuclear warheads to targets located anywhere in the world with pinpoint accuracy. This makes them an essential component of any country’s nuclear deterrent arsenal.
Secondly, the development and deployment of ICBMs is a very costly undertaking, and so countries tend to only procure them if they perceive a credible threat to their security. This means that geopolitical tensions and rivalries are often key drivers of the ICBM market.
Thirdly, many countries view ICBMs as a status symbol and a way to project their power and influence on the global stage. As such, they are often seen as a necessary tool for deterring potential adversaries and safeguarding national interests.Finally, advances in technology have made ICBMs more accurate and reliable than ever before, making them an attractive option for countries looking to modernize their armed forces.
Intercontinental Ballistic Missile Market Restraints
The global Intercontinental Ballistic Missile Market is expected to grow at a CAGR of around 6% during the forecast period.
However, the market faces certain challenges which are acting as restraints to its growth. The cost of developing and deploying an ICBM system is very high, which makes it unaffordable for many countries. Moreover, these missiles are capable of carrying nuclear warheads, which further adds to their cost and also raises concerns about their proliferation. In addition, the time required to develop and deploy an ICBM system is quite long, which further discourages their development and deployment.
North America is expected to be the largest contributor to the global market revenue, followed by Europe and Asia Pacific.
The United States is expected to dominate the Intercontinental Ballistic Missile market due to the high demand from the military sector. The country has a large number of active military personnel and a well-developed aerospace & defense industry. Moreover, the presence of major market players in the region is also fueling the growth of the market in North America.
Europe is anticipated to be the second-largest market for Intercontinental Ballistic Missile due to an increase in defense spending by countries in the region. The UK, France, and Russia are some of the major contributors to the Intercontinental Ballistic Missile market in Europe.
Asia Pacific is expected to be one of the fastest-growing markets for Intercontinental Ballistic Missile due to an increase in defense expenditure by countries such as China, India, Japan, and South Korea. The region is also home to some of the major players in the aerospace & defense industry which is driving growth in this market.
Intercontinental Ballistic Missile Market Scope
This latest report researches the industry structure, capacity, production, sales (consumption), revenue, price and gross margin. Major producers’ production locations, market shares, industry ranking and profiles are presented. The primary and secondary research is done in order to access up-to-date government regulations, market information and industry data. Data were collected from the Intercontinental Ballistic Missile manufacturers, distributors, end users, industry associations, governments’ industry bureaus, industry publications, industry experts, third party database, and our in-house databases.
This report also includes a discussion of the major players across each regional Intercontinental Ballistic Missile market. Further, it explains the major drivers and regional dynamics of the global Intercontinental Ballistic Missile market and current trends within the industry.
COVID-19 and Russia-Ukraine War Influence Analysis
The readers in the section will understand how the Intercontinental Ballistic Missile market scenario changed across the globe during the pandemic, post-pandemic and Russia-Ukraine War. The study is done keeping in view the changes in aspects such as demand, consumption, transportation, consumer behavior, supply chain management, export and import, and production. The industry experts have also highlighted the key factors that will help create opportunities for players and stabilize the overall industry in the years to come.
Intercontinental Ballistic Missile Market Table of Content
2. Executive Summary
3. Market Dynamics
4. Key Insights
5. Global Intercontinental Ballistic Missile Market Analysis (USD Billion), Insights and Forecast, 2020-2027
6. North America Intercontinental Ballistic Missile Market Analysis (USD Billion), Insights and Forecast, 2020-2027
7. Europe Intercontinental Ballistic Missile Market Analysis (USD Billion), Insights and Forecast, 2020-2027
8. Asia Pacific Intercontinental Ballistic Missile Market Analysis (USD Billion), Insights and Forecast, 2020-2027
9. Latin America, Middle East and Africa Intercontinental Ballistic Missile Market Analysis (USD Billion), Insights and Forecast, 2020-2027
10. Competitive Analysis