Missiles Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Missiles Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071864 •
  • Format: PDF
Major players in the missiles market are BAE Systems, Lockheed Martin Corporation, Raytheon Technologies, Northrop Grumman Corporation, Boeing, Tactical Missiles Corporation, Aerojet Rocketdyne, Rafael Advanced Defense Systems Ltd, Avibras Industria Aerospecial SA, and Israel Aerospace Industries.

The global missiles market is expected to grow from $15.98 billion in 2020 to $16.21 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $19.48 billion in 2025 at a CAGR of 4.7%.

Artificial intelligence is a key trend gaining the popularity in the missiles market.Countries across the world are designing artificial intelligence missiles to hit targets that humans cannot reach.

Artificial intelligence gives missiles the potential to strike moving targets and also provides greater accuracy over other technologies. For example, the US Army project in August 2019, the Cannon-Delivered Area Effects Munition (C-DAEM) aims to create missiles with artificial intelligence to select their targets beyond the reach of human surveillance.

The missiles market consists of sales of missiles by entities (organizations, sole traders and partnerships) that produce missiles. A missile is a guided airborne ranged weapon designed to deliver an explosive warhead at high speed with great accuracy.

In April 2020, United Technologies, a USA based company that provides equipment and services to the aerospace and building industry acquired Raytheon Company.Through this acquisition, both companies have together formed into Raytheon Technologies, with an aim to combined strengths and capabilities that make them distinctively armed to support our customers and partners in this unprecedented period.

It also intends to introduce cutting-edge technologies at an accelerating rate across high-value sectors such as hypersonics, targeted energy, avionics and cybersecurity. Raytheon Company, USA based expert in aerospace and defence technologies for an undisclosed amount.

The missiles market is segmented by product type into cruise missiles, ballistic missiles, by range into short range missile, medium range missile, intermediate range missile, by propulsion type into ramjet, scramjet, turbojet, liquid propulsion, solid propulsion, hybrid propulsion and by application into defense, homeland security.

Increased defense spending is expected to fuel the growth of the missiles market.Countries around the world are investing in defense to protect their territory.

For instance, on December 20, 2019, the Japanese government signed off on its highest ever defence budget of $48.5 billion for the next financial year, amidst the increasing conflicts with Asia-Pacific. According to current results from the Stockholm International Peace Research Institute (SIPRI), overall global defence budget increased to $1,917 billion in 2019. Therefore, the increased defence spending drives the growth of the missiles market.