Intercontinental Ballistic Missile Market, Size, Share, Growth, And Industry Analysis By Type (Land-based ICBM, Submarine-based ICBM) By Application (Ocean Military Defense and Land Military Defense), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Intercontinental Ballistic Missile Market Report Overview

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The global intercontinental ballistic missile market size is anticipated to be USD 8883.8 million in 2022 and is projected to touch USD 12562.17 million by 2031, exhibiting a CAGR of 3.9% during the forecast period.

 Intercontinental ballistic missile has the purpose of delivery of nuclear warheads. It is efficient in carrying multiple warheads which is capable to strike different targets. Due to the advanced technology, all the superpowers have shown their interest in intercontinental ballistic missiles.

The past and the present century witnessed the rise in aggressive colonial behaviour. All the major nations are preparing against any future war. The nuclear war has taken a real form and the demand for sophisticated technology has increased ten folds. Military investment is considered the foremost priority. The indulgence and hype will drive the intercontinental ballistic missile market in the upcoming years.

COVID-19 Impact: Pandemic to Impede the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the intercontinental ballistic missile market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 was a global phenomenon and the surge in cases resulted in an overall shift in propriety. The healthcare structure crumbled to the uncertainties and the government invested all efforts to revive health protection. The inflation rate was high and the economy suffered a great blow. The death toll increased and daily living increased and became unaffordable. In these times of global crisis, the nations reduced their military investments. During the pandemic times, all the nations came forward to combat the deadly disease. The low economic situation hampered the intercontinental ballistic missile market share.

LATEST TRENDS

"Increasing Research and Developments to Boost the Market Demand"

The warfare equipment progression was primarily due to extensive research and technological advancements. All the nations are focusing on adopting the latest military applications. The international tensions compel the countries to strengthen their national security. Now industrialization has forced the nation to rapidly adopt high-grade equipment. Intercontinental ballistic missile exhibits greater accuracy. In the era of nuclear warfare, the intercontinental ballistic missile is much more advanced. The key players are striving to improve and deliver the best equipment.

Intercontinental Ballistic Missile Market Segmentation

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• By Type Analysis 

According to type, the market can be segmented into land-based ICBM and submarine-based ICBM. land-based ICBM is expected to lead this segment in the forecasted year.

• By Application Analysis

Based on application, the market can be divided into ocean military defence and land military defence. The ocean military defence is anticipated to lead this segment.

DRIVING FACTORS

"Rising International Threats and Investment in Warfare Techniques to Accelerate the Product Sales"

The bygone century and the present century have gone through some of the most horrific wars in world history. As scientific advancements take over the traditional warfare techniques, the major nations of the world predominantly the superpowers have a vision and they are focusing on implanting new-fangled war equipment to establish authority in the global power dynamics. In light of the recent events, the Russian invasion of Ukraine has augmented the developed nations to strengthen their defence.

The ongoing international conflicts have braced the world for fresh defence equipment upgradation. According to the reports published by the Stockholm International Peace Research Institute, countries such as the United States, China, India, Russia, and Saudi Arabia's defence budget sums up to 60 % of global military spending. The uncertainties in global politics and the increase in aggressive colonial behaviours have urged every nation to adopt the latest efficient war technology. The ongoing security concern is compelling the nations to focus on replacing the existential missile with new propulsion systems and warheads. Furthermore, the countries' desperation to put an end to terrorism has put an obligation to withhold strong military weapons.  The surge in terrorist activities across the globe is another growth factor.  The present international tension and crisis will accelerate the intercontinental ballistic missile market in the forecasted year.

"Technological Advancement to Propel the Intercontinental Ballistic Missile Market Demand"

The contemporary war is won by the amount of high-tech warfare equipment a country possesses. Everything is revolutionized after the era of industrialization. The intercontinental ballistic missile was first utilized during the second world war. The post-cold war phase witnessed the nation investing in developing this weapon. In 2014, China published reports on the development of its newest generation of the intercontinental ballistic missile. India also marked the possession of an intercontinental ballistic missile after the successful test. The superpowers are striving to make the existing weapon more efficient and at the same time the other nations are gearing up for their first intercontinental ballistic missile. The incorporation of technology into warfare will boost the intercontinental ballistic missile market in the forecasted year.

RESTRAINING FACTORS

"Lack of Technological Expertise and High Cost to Hamper the Market Growth"

The warfare equipment is limited to developed countries. The underprivileged countries are finding it difficult to invest in military equipment. The economic burden has become so overwhelming for the developing nations that warfare investments are their secondary thoughts. Furthermore, the high cost associated with deployment and manufacturing including the shipment and manufacturing cost makes it less feasible for the intercontinental ballistic missile market size. The competition is increasing as there are other alternatives in the market. In addition to the existing problem, the training institute is scarce in numbers as a result trained professionals are low in number.

Intercontinental Ballistic Missile Market Regional Insights

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"North America to Dominate the Market due to the Strong Economy"

North America's strong financial position gives a leverage to invest heavily in military equipment. The presence of major key players and government initiatives to establish large manufacturing units have propelled production. Moreover, international chaos between the superpowers has fostered the growth of the intercontinental ballistic missile market in this region. The hefty amount of money is kept for military funding in the budget. Institutions have been established to train and ensure no shortage of skilled professionals. In a nutshell, government funding has led to the intercontinental ballistic missile market growth in this region.

Key Industry Players

"Market Players Focus on New Product Launches to Strengthen Market Position"

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• BAE Systems (U.K.)
• Boeing (U.S.)
• General Dynamics (U.S.)
• Lockheed Martin (U.S.)
• Northrop Grumman (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.