Americas Ballistic Missile Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 3.15 Billion |
| Market Size (2029) | USD 3.79 Billion |
| CAGR (2024 - 2029) | 3.70 % |
| Fastest Growing Market | Latin America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Americas Ballistic Missile Market Analysis
The Americas Ballistic Missile Market size is estimated at USD 3.15 billion in 2024, and is expected to reach USD 3.79 billion by 2029, growing at a CAGR of 3.70% during the forecast period (2024-2029).
- The focus of the United States drives America's ballistic missile market to enhance its defense capabilities against its rivals and ensure the same for its allies and North Atlantic Treaty Organization (NATO) member nations. This has driven the demand for ballistic missiles throughout the region while also encouraging significant investments in the R&D of new missile technologies to ensure tactical superiority.
- However, the growth of the market may be impeded by the macroeconomic factors affecting the region, as the capital-intensive nature of the market may also render the market players vulnerable to economic crises.
- Emerging technologies such as artificial intelligence (AI) -powered defense systems and 3D printing of entire weapon platforms are envisioned to have a profound effect on the current offerings of the market players and affect the market dynamics in the future.
- To enhance its military technologies, the US is investing heavily in the research and development of artificial intelligence (AI). The armed forces are integrating AI for ISR applications, command and control applications, enhancement of autonomy, and improvement of the lethality of weapon stations, among others. The US DoD (Department of Defense) has made investments in hypersonic missile technology and autonomy in military and military electronics, such as sensors, integrated circuits, electronic warfare (EW), and power electronics, among others.
- The military expenditure by various nations is expected to increase, which would result in a surge in investments for the development and procurement of ballistic missiles during the forecast period. The development of nuclear ballistic missiles by the major military superpowers is expected to generate a huge demand for ballistic missiles in the future.
Americas Ballistic Missile Market Trends
Intercontinental Segment to Experience the Highest Growth During the Forecast Period
- Owing to factors such as high accuracy over other small, medium, and intermediate-range missiles, intercontinental-range missiles are being researched and developed by the countries in the region. With a minimum range of 5,500 km, these missiles can travel much farther, making them a preferred choice for long-range strategic operations.
- In June 2022, the US Air Force (USAF) awarded BAE Systems plc an 18-year contract valued at USD 12 billion to continue supporting the sustainment of the nation’s intercontinental ballistic missiles (ICBMs). The company will provide systems engineering, integration, and test support—extensively utilizing digital engineering environments—for the Minuteman III (MMIII) and next-generation Sentinel (formerly known as the Ground Based Strategic Deterrent system) ICBMs. Such developments are likely to fuel the growth of the ballistic missile market in the Asia-Pacific region over the forecast period.
The United States is Projected to Dominate Market Share During the Forecast Period
- The country has also been strengthening its attack and defense systems with the increasing threat from its global rival, China. The aggressive military actions from China are also threatening the US allies in Asia, further driving the US military to keep the necessary weapons and defense systems ready at its disposal in bases in Japan and Taiwan.
- According to the Stockholm International Peace Research Institute (SIPRI), the US annual defense expenditure was estimated to be around USD 876.9 billion in 2022. Also, the US Department of Defense (DoD) announced that an estimated USD 813.3 billion was proposed for national defense for FY2023, most of which would be spent on strengthening the country's defenses by procuring advanced missiles and other weaponry or platforms. This is expected to create huge opportunities for the players in the market.
- Furthermore, the ongoing Russia-Ukraine war has encouraged the US to procure new missile systems and supply these weapons to its ally nations to safeguard the interests of NATO. This has resulted in the awarding of several contracts to weapon manufacturers. For instance, in July 2022, the US Air Force (USAF) partnered with Northrop Grumman Corporation to build LGM-35A Sentinel, formerly called the Ground Based Strategic Deterrent (GBSD), as a potential replacement for the existing LGM-35A Sentinel missiles.
Americas Ballistic Missile Industry Overview
The American ballistic missile market is semi-consolidated, with major players accounting for significant amounts of shares in the market. Some of the prominent companies in the market are BAE Systems plc, General Dynamic Corporation, Lockheed Martin Corporation, The Boeing Company, and Northrop Grumman Corporation. Major players in the region are entering into a partnership with the militaries of different countries to provide the best technology.
Government investments in state-owned companies for the development of advanced ballistic missiles are helping the regional players increase their presence in the market. Also, partnerships between players in various fields, like propulsion systems, warhead designs, and body designs, are likely to help companies develop advanced missile systems as they share technologies.
Americas Ballistic Missile Market Leaders
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Lockheed Martin Corporation
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General Dynamic Corporation
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Northrop Grumman Corporation
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The Boeing Company
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BAE Systems plc
*Disclaimer: Major Players sorted in no particular order
Americas Ballistic Missile Market News
- February 2023: The Boeing Company was awarded a USD 1.62 billion contract by the US Air Force to provide guidance subsystem support for the Minuteman III Intercontinental Ballistic Missile.
- September 2022: the US Air Force (USAF) announced testing an unarmed international ballistic missile, which is equipped with three test re-entry vehicles, from the Vandenberg Space Force Base in California.
Americas Ballistic Missile Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Launch Mode
- 5.1.1 Surface
- 5.1.1.1 Surface-to-Surface
- 5.1.1.2 Surface-to-Air
- 5.1.2 Air
- 5.1.2.1 Air-to-Surface
- 5.1.2.2 Air-to-Air
- 5.1.3 Subsea
- 5.1.3.1 Subsea-to-Air
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5.2 Range
- 5.2.1 Short-range
- 5.2.2 Medium-range
- 5.2.3 Intermediate-range
- 5.2.4 Intercontinental
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.2 Latin America
- 5.3.2.1 Mexico
- 5.3.2.2 Brazil
- 5.3.2.3 Rest of Latin America
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 BAE Systems plc
- 6.2.2 General Dynamic Corporation
- 6.2.3 Lockheed Martin Corporation
- 6.2.4 Northrop Grumman Corporation
- 6.2.5 The Boeing Company
- 6.2.6 Aerojet Rocketdyne (L3Harris Technologies, Inc.)
- 6.2.7 MBDA
- 6.2.8 Rafael Advanced Defense Systems Ltd.
- 6.2.9 RTX Corporation
- 6.2.10 Saab AB
- 6.2.11 Kongsberg Gruppen ASA
- 6.2.12 THALES
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Americas Ballistic Missile Industry Segmentation
A ballistic missile is a rocket-propelled self-guided strategic weapon system, that uses projectile motion to deliver a warhead on the target. Typically, these missiles are segregated by range as short, medium, intermediate, and intercontinental ballistic missiles. Short-range ballistic missiles are missiles that have a range between about 150 km and 300 km. Medium-range ballistic missiles have a range between about 300 km and 3,500 km. Intermediate-range ballistic missiles have a range between about 3,500 km and 5,500 km. Intercontinental ballistic missiles have a range greater than 5,500 km.
America's ballistic missile market is segmented based on launch mode and range. By launch mode, the market has been divided into air, surface, and sub-sea. By range, the market has been divided into short-range, medium-range, long-range, intermediate-range, and intercontinental. The report also offers the market size and forecasts for four countries across the region.
For each segment, the market sizing and forecasts have been done based on value (USD).
| Launch Mode | Surface | Surface-to-Surface |
| Surface-to-Air | ||
| Launch Mode | Air | Air-to-Surface |
| Air-to-Air | ||
| Launch Mode | Subsea | Subsea-to-Air |
| Range | Short-range | |
| Medium-range | ||
| Intermediate-range | ||
| Intercontinental | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Latin America | Mexico |
| Brazil | ||
| Rest of Latin America |
Americas Ballistic Missile Market Research FAQs
How big is the Americas Ballistic Missile Market?
The Americas Ballistic Missile Market size is expected to reach USD 3.15 billion in 2024 and grow at a CAGR of 3.70% to reach USD 3.79 billion by 2029.
What is the current Americas Ballistic Missile Market size?
In 2024, the Americas Ballistic Missile Market size is expected to reach USD 3.15 billion.
Who are the key players in Americas Ballistic Missile Market?
Lockheed Martin Corporation, General Dynamic Corporation, Northrop Grumman Corporation, The Boeing Company and BAE Systems plc are the major companies operating in the Americas Ballistic Missile Market.
Which is the fastest growing region in Americas Ballistic Missile Market?
Latin America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Americas Ballistic Missile Market?
In 2024, the North America accounts for the largest market share in Americas Ballistic Missile Market.
What years does this Americas Ballistic Missile Market cover, and what was the market size in 2023?
In 2023, the Americas Ballistic Missile Market size was estimated at USD 3.03 billion. The report covers the Americas Ballistic Missile Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Americas Ballistic Missile Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Americas Ballistic Missile Industry Report
Statistics for the 2024 Americas Ballistic Missile market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Americas Ballistic Missile analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
