Missiles Global Market Report 2022

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, Israel Aerospace Industries, China Aerospace Science and Technology Corporation and General Dynamic.

The global missiles market is expected to grow from $25.31 billion in 2021 to $26.43 billion in 2022 at a compound annual growth rate (CAGR) of 4.4%. 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 $32.16 billion in 2026 at a CAGR of 5.0%.

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.

The main product types of missiles market are cruise missiles and ballistic missiles.A cruise missile is a guided missile used against terrestrial targets that stays in the atmosphere and travels the majority of its flight path at a constant speed.

Cruise missiles are built to deliver a large warhead over long distances with pinpoint accuracy.The various range of missiles includes short-range missile, medium range missile, intermediate range missile and the types of propulsion used are ramjet, scramjet, turbojet, liquid propulsion, solid propulsion, and hybrid propulsion.

The missiles are used in defense and homeland security.

Asia Pacific was the largest region in the missiles market in 2021.Western Europe is expected to be the fastest growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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 defense 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), the overall global defense budget increased to $1,917 billion in 2019. Therefore, the increased defense spending drives the growth of the missiles market.

Artificial intelligence is a key trend gaining 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.

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 defense technologies for an undisclosed amount.

The countries covered in the missiles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.