Ballistic Missile Market Size (2024 - 2029)

The ballistic missile market is anticipated to experience growth driven by increasing defense budgets and rising military expenditures globally. Despite the moderate impact of the COVID-19 pandemic on supply chains, the market has stabilized and expanded in subsequent years. The ongoing tensions between nations and the development of nuclear ballistic missiles by major military powers are expected to contribute significantly to the market's expansion during the forecast period.

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Market Size of Ballistic Missile Industry

Ballistic Missile Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Ballistic Missile Market Major Players

*Disclaimer: Major Players sorted in no particular order

Ballistic Missile Market Analysis

The ballistic missile market is expected to grow at a CAGR of 5% during the forecast period.

The COVID-19 pandemic had a moderate effect on the market because of the disruption in the supply chain in 2020. However, the market became stable within a short time and has also grown in 2021 and 2022. With the increase in the defense budgets of countries worldwide, the market is expected to grow. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure in 2021 reached USD 2 trillion, an increase of 0.7% compared to the global military expenditure in 2020. The global military budget has been increasing every year for the past 8 years, and with tensions between the nations, 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 huge demand for ballistic missiles in the future.

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. 

The ballistic missile market is segmented by launch mode, range, and geography. By launch mode, the market is segmented into surface-to-air, air-to-surface, surface-to-surface, air-to-surface, and subsea-to-air. By range, ballistic missiles are classified into short-range, medium-range, intermediate-range, and intercontinental. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and the Rest of the World. The report also covers the market sizes and forecasts across major regions. For each segment, the market sizing and forecasts are based on value (USD billion).

Launch Mode
Surface-to-Surface
Surface-to-Air
Air-to-Surface
Air-to-Air
Subsea-to-Air
Range
Short-range
Medium-range
Intermediate-range
Intercontinental
Geography
North America
United States
Canada
Europe
United Kingdom
France
Russia
Germany
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Middle East and Africa
UAE
Israel
Saudi Arabia
South Africa
Rest of the World
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Ballistic Missile Market Size Summary

The ballistic missile market is poised for significant growth, driven by increasing defense budgets and geopolitical tensions worldwide. The market experienced a moderate impact from the COVID-19 pandemic due to supply chain disruptions but quickly stabilized and continued to expand in subsequent years. The rising military expenditures, as reported by the Stockholm International Peace Research Institute, have been a key factor in this growth, with nations investing heavily in the development and procurement of ballistic missiles. The demand for nuclear ballistic missiles, particularly from major military superpowers, is expected to further propel the market. The intercontinental segment is anticipated to witness the highest growth rate, fueled by advancements in missile technology and the strategic advantages these systems offer. Countries are actively developing and testing new intercontinental ballistic missiles, such as the US Air Force's LGM-35A Sentinel and Russia's Samrat, which are expected to enhance the market's expansion during the forecast period.

The market's growth is also supported by the increasing defense budgets of countries aiming to bolster their military capabilities amid regional tensions. Nations like China and India are investing significantly in indigenous missile development, reducing reliance on imports. Recent missile tests and firings by North Korea have further heightened regional tensions, particularly in the Asia-Pacific region, contributing to the market's growth. The ballistic missile market is characterized by a high concentration of key players, including BAE Systems, General Dynamics, Lockheed Martin, Northrop Grumman, and Boeing. These companies benefit from government investments and strategic partnerships, which facilitate the development of advanced missile systems through technology sharing. Notable developments, such as the US Air Force's test of an international ballistic missile and India's nuclear-capable missile launch, underscore the dynamic nature of the market and its potential for continued expansion.

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Ballistic Missile Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

      1. 1.1.1 World-wide Ballistic Missiles Inventory

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Launch Mode

      1. 2.1.1 Surface-to-Surface

      2. 2.1.2 Surface-to-Air

      3. 2.1.3 Air-to-Surface

      4. 2.1.4 Air-to-Air

      5. 2.1.5 Subsea-to-Air

    2. 2.2 Range

      1. 2.2.1 Short-range

      2. 2.2.2 Medium-range

      3. 2.2.3 Intermediate-range

      4. 2.2.4 Intercontinental

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 France

        3. 2.3.2.3 Russia

        4. 2.3.2.4 Germany

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 UAE

        2. 2.3.4.2 Israel

        3. 2.3.4.3 Saudi Arabia

        4. 2.3.4.4 South Africa

      5. 2.3.5 Rest of the World

Ballistic Missile Market Size FAQs

The Ballistic Missile Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

BAE Systems PLC, General Dynamic Corporation, Northrop Grumman Corporation, Lockheed Martin Corporation and The Boeing Company are the major companies operating in the Ballistic Missile Market.

Ballistic Missile Report Snapshots

Ballistic Missile Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)