Ballistic Missile Market to be dominated by Asia-pacific region through 2027
Modernization of armed
forces and increased number of conflicts are expected to drive the demand for
the global ballistic missile market in the forecast period, 2023-2027.
According to TechSci Research
report, “Ballistic Missile Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global ballistic missile market is
anticipated to witness steady growth in the forecast period, 2023-2027. The
market is driven by the factors such as the changing nature of warfare
technologies and the development of autonomous missile technologies and
equipment. A ballistic missile uses a projectile trajectory to deliver a
warhead to the predetermined target. The number of warheads could be changed in
ballistic missiles according to the requirements and target selection.
Ballistic missiles are guided only through a short interval of time during
their trajectory. They can carry conventional high explosives, for example,
nuclear, biological, and chemical munitions. The ballistic missiles could be
launched via several platforms such as land-based silos, mobile platforms,
ships, submarines, and aircraft. They can reach far-off locations, such as
intercontinental ballistic missiles have a range of over 5,500 km, while short-range
ballistic missiles have a range between 150km to 300km. The world is witnessing
a huge number of conflicts and terrorism activities and is transforming its
armed forces to make capable of countering the surge in terrorism activities.
Increased tensions among the several country borders, such as India-Pakistan,
India-China, and Russia, North Korean borders are making them adopt advanced
weapons and technologies. Therefore, the surge in territorial disputes, border
issues, and social and geopolitical situations are changing the war forms and
making them adopt missiles that have a bigger impact on the predetermined
target.
However, the high cost
associated with the development of ballistic missiles may restrain the market
growth in the forecast period.
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data Figures spread through 110 Pages and an in-depth TOC on "Global
Ballistic Missile Market"
The global ballistic missile
market is segmented into launch mode, range, regional distribution, and
competitive landscape.
Based on launch mode, the
market is divided into surface-to-surface, surface-to-air, air-to-surface,
air-to-air, and subsea-to-air. Surface-to-surface launch mode is expected to
capture the highest market share in the forecast period. The surface-to-surface
ballistic missiles are used by the armed forces during battlefield operations.
Based on range, the market is
divided into short-range, medium-range, intermediate-range, and intercontinental.
The intercontinental segment is dominating the market and is expected to
witness the highest growth in the forecast period. Intercontinental ballistic
missiles offer several advantages over their counterparts, such as showcasing
increased accuracy at a higher range when compared to small, medium, and
intermediate ballistic missiles. Recently Russia test-launched its Sarmat
intercontinental ballistic missile to strengthen its dominance across the
globe. According to the authorities, the new heavy ballistic missile is
equipped to face any situation and is expected to strengthen the combat
potential of their forced forces. The United States, the United Kingdom, China,
France, North Korea, and India also possess intercontinental ballistic missiles
and are working on advancing them to face changing combat situations.
Major market players
operating in the global ballistic missile market are:
·
Rafael
Advanced Defense Systems
·
BAE
Systems PLC
·
Lockheed
Martin Corporation.
·
Northrop
Grumman Corporation
·
Rockwell
Collins
·
Thales
Group
·
General
Dynamic Corporation
·
DRDO
·
Raytheon
Company
·
MBDA
Inc.
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“On the basis of regional
analysis, Asia-pacific is dominating the market and is expected to maintain its
dominance through the forecast period, 2023-2027. In India, there is increased
focus on the development of ballistic missiles. The development of Pralay and
Agni-VI, along with other ballistic missiles, supports the high market growth.
China is also expected to spend a significant amount on ballistic missile
technology to prevent the intrusion of unwanted forces in the country. Also,
the ongoing research and development activities to develop advanced ballistic
missiles in North Korea are expected to propel the growth of the global
ballistic missile market till 2027” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Ballistic Missile Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented
By Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Surface, Air-to-Air,
Subsea-to-Air), By Range (Short-Range, Medium-Range, Intermediate-Range,
Intercontinental), and By Region”, has evaluated the future
growth potential of global ballistic missile market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global ballistic missile market.
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