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. Read More

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. Read More

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. Read More

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). Read More

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. Read More

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. Read More

Americas Ballistic Missile Market Trends

Statistics for the 2023 & 2024 Americas Ballistic Missile market trends, created by Mordor Intelligence™ Industry Reports. Americas Ballistic Missile trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Americas Ballistic Missile Industry

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.

Americas Ballistic Missile Market: Defense Spending, in USD Billion, by Country, 2022

Understand The Key Trends Shaping This Market

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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.