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    Guided Missile Market Report

    Guided Missile Market Report
    Report code - SR2891 Published On : May,2024 No. of Pages: 120
    Guided Missile Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppor See more...

    “The overall guided missile market is estimated to grow at a high CAGR of 6.1% during the forecast period, to reach a value of US$ 23.6 Billion in 2028.”

    Market Dynamics

    Introduction

    There have been several innovations in the defense industry in the past two decades, that have transformed the overall landscape of global warfare. With the advent of sophisticated guided missiles, there has been a steady increase in the use of advanced missile subsystems and components such as propulsion and guidance systems, thereby reducing the hazards for the crew in a high-risk environment. These missile components are tailored to ensure a safer missile launch and a higher impact upon its strike. Generally, the guided missiles use jet or rocket propulsion and rely on a guidance system that can alter the missile's direction mid-flight and point it directly at a target.

    Market Drivers

    There has been a steady increase in the demand for guided missiles in recent years, as a result of the growing geo-political tensions and increasing counter-terrorism efforts. For example, since the onset of the Russia-Ukraine war, there have been several new developments w.r.t the guided missile sphere in Europe, which has fuelled the market growth, immensely. The global market for guided missiles is being significantly influenced by factors including the increase in defense spending of several countries along with the rising number of regional conflicts and anti-terrorist missions. Many governments across the globe, including those in the US, China, India, and Russia, are investing considerably in modernizing their military and warfare capabilities. As a result, several weapon makers are reorienting their efforts to focus on developing guided missiles.

    Recent Market JVs and Acquisitions:

    There have been a few major mergers and acquisitions in the defense industry in recent years, which have significantly influenced the overall market dynamics.

    As a result of these mergers and acquisitions, the overall market scenario has been revamped.

    • In April 2020, Raytheon Technologies Corporation announced the successful completion of the all-stock merger of equals between Raytheon Company and United Technologies Corporation.
    • In June 2018, Northrop Grumman Corporation announced the successful acquisition of Orbital ATK Inc., a global leader in aerospace and defense technologies.

    Recent Product Development:

    There have been several investments, contracts, and agreements in the defense industry directed at guided missiles in recent times, which is likely to boost the overall market growth. Some of them are:

    • In Feb 2023, Lockheed Martin Corporation signed a contract worth more than US$ 2 billion with the US Navy, to integrate hypersonic strike capability onto surface ships and to integrate the Conventional Prompt Strike (CPS) weapon system onto ZUMWALT-class guided missile destroyers.
    • In April 2023, Raytheon Technologies Corporation signed a contract worth US$ 1.2 billion with the US Army, to provide Switzerland with the Patriot™ air defense system. Five Patriot fire units and a number of GEM-T guidance-enhanced missiles are included in the contract. The missile has a track record of taking down enemy aircraft, cruise missiles, and tactical ballistic missiles. 
    • In May 2022, Raytheon Technologies Corporation signed a contract worth US$ 217 million with the US Navy, to manufacture and provide 154 Tomahawk missiles for the US Navy, US Army, and US Marine Corps.
    • In February 2022, Bharat Dynamics Limited (BDL) signed a multi-million-dollar contract with the Indian Army, for the manufacture and supply of Konkurs-M anti-tank guided missiles.
    • In August 2021, the Russian Defence Ministry signed a contract with the Scientific and Production Association Mashinostroyenia, Russia, for the supply of 3M22 Zircon hypersonic missiles, which are designed to destroy sea-based and ground-based targets, at a distance of over 1,000 km.

    Market Segments' Analysis

    Segmentations

    List of Sub-Segments

    Segments with High Growth Opportunity

    Platform-Type Analysis

    Land-Based Platform, Airborne Platform, Naval-Based Platform.

    Land-based Platform is expected to remain dominant and the fastest-growing platform in the years to come.

    Product-Type Analysis

    Strategic Missile and Tactical Missile.

    Tactical missile is expected to be the demand generator for the guided missile market and is likely to grow at the fastest rate in the coming years.

    Guidance-Type Analysis

    GPS-guided Missiles, Laser-guided Missile, Infrared (IR)-guided Missile and Others.

    The GPS-guided missile is anticipated to contribute the largest share of the guided missile market.

    Propulsion-Type Analysis

    Solid Propulsion, Liquid Propulsion, and Others.

    Solid propulsion is estimated to remain dominant as well as the fastest-growing propulsion type in the forecast period.

    Actuation-Type Analysis

    Fin-Based Actuation System and Thrust-Based Actuation System.

    The thrust-based actuation system is likely to remain the dominant and faster-growing actuation type in the years to come.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World.

    North America is expected to maintain its reign over the forecast period.

     

    By Platform Type

    Land-based platform is likely to remain dominant and fastest-growing platform in the foreseeable future.”

    • The guided missiles market is segmented into land-based platform, airborne platform, naval-based platform.
    • With the increasing terror threats and border disputes, the land-based platform is expected to remain dominant as well as the fastest-growing platform of the market during the forecast period.
    • Currently, several countries are focusing on and strengthening the capabilities of their land-based warfare capabilities through the development and procurement of sophisticated ground-launched guided missile systems.

    By Product Type

    Tactical Missile is expected to be demand generator and faster-growing product of the market during the forecast period.”

    • The market is segmented into strategic missiles and tactical missiles.
    • Among these missile types, tactical missiles account for the dominant market share, as these short-range missiles are procured in a larger number as compared to their counterparts.
    • On the contrary, it is likely that the strategic missile market sub-segment would witness the fastest growth, during the forecast period.
    • Lockheed Martin Corporation and Raytheon Technologies Corporation are the two major manufacturers of strategic or long-range nuclear-powered such as inter-continental ballistic missiles (ICBM) and submarine-launched ballistic missiles (SLBM).

    By Guidance Type

    GPS-guided Missile is anticipated to contribute the largest share of the guided missile market.

    • Based on guidance type, the market is segmented as GPS-guided missiles, infrared (IR)-guided missiles, laser-guided missiles, and others.
    • Among these sub-segments, GPS-guided missiles are the most commonly used missile systems, across the globe, and contribute to the major market share.
    • On the other hand, laser-guided and IR-guided missiles are generally tactical missiles, which are rarely used currently, after being replaced by GPS-guided missiles.

    By Propulsion Type

    Solid Propulsion is estimated to remain the dominant and fastest-growing propulsion type in the missile market during the forecast period.”

    • Based on the propulsion type, the market is segmented into solid propulsion, liquid propulsion, and others.
    • Among the various propulsion types, solid propulsion accounts for supreme market share as it generates a significantly high initial thrust, which enables the missiles to fly with enough speed and strike their intended target.

    By Actuation Type

    Thrust-based actuation is anticipated to be the leading and fastest-growing actuation type during the forecast period.

    • Based on the actuation type, the market is segmented into a fin-based actuation system and a thrust-based actuation system.
    • As the thrust-based actuation systems are mostly used for self-propelled munitions such as guided missiles, it is likely to maintain its market dominance, throughout the forecast period.
    • In addition, the thrust-based actuation system is even operational at high altitudes, where the atmosphere is too thin, thereby ensuring the effective functioning of the guided missile system.
    • With the advancement of guided missiles that leave the Earth's atmosphere, such actuation systems are becoming increasingly prevalent in missile systems, across the globe.

    Regional Analysis

    North America is expected to maintain its reign for Guided missiles during the forecast period.

    • In terms of regions, North America is likely to maintain its supremacy in the global guided missile market, throughout the forecast period.
    • This is mostly due to the large investments made by the US Department of Defense (DoD) on guided projectiles in recent times along with the active presence of major companies such as General Dynamics Corporation, Northrop Grumman, and Raytheon Technologies Corporation, among others, in the region.
    • Concurrently, Asia-Pacific is an emerging region in the global market as the entire continent is quite vulnerable to high-tension border conflicts and terror threats.

    Key Players

    There is stiff competition in the global guided missile market, with the top five companies comprising a mammoth share of over 95% of the overall market. The growth of the companies is directly dependent on the total defense expenses focused on missile systems, industry conditions, and government support. These companies primarily differentiate their guided missile product offering based on their quality, range, and penetration in the target and emerging markets.

    Here is the list of the Top Players (Based on Dominance)

    • Lockheed Martin Corporation
    • Raytheon Technologies Corporation
    • Northrop Grumman
    • Boeing
    • Bharat Dynamics Limited (BDL)

     

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
    • COVID-19 impact and its recovery curve.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The guided-missile market is segmented into the following categories. 

    Guided Missile Market, by Platform Type

    • Land-Based Platform (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Airborne Platform (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Naval-Based Platform (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Guided Missile Market, by Product Type

    • Strategic Missile (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Tactical Missile (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Guided Missile Market, by Guidance Type

    • GPS-guided Missiles (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Infrared (IR)-guided Missiles (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Laser-guided Missiles (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Guided Missile Market, by Propulsion Type

    • Solid Propulsion (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Liquid Propulsion (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Guided Missile Market, by Actuation Type

    • Thrust-based Actuation System (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Fin-based Actuation System (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Guided Missile Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, Ukraine, Italy, and The Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, Australia, Pakistan, and The Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, Iran, Israel, and Others)

    Research Methodology

    • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Guided missile market realities and future market possibilities for the forecast period. 
    • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
    • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
    • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
    • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
    • We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    A guided missile is a weapon equipped with a guidance system that enables it to adjust its flight path in real-time to precisely strike designated targets.

    The guided-missile market is estimated to grow at a CAGR of 6.1% in the coming five years. This steady growth is mostly attributable to the increase in military spending of various countries as well as the rising focus on strengthening national warfare capabilities.

    Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman, Boeing, and Bharat Dynamics Limited (BDL) are some of the major players in the guided missile market. These companies are responsible for the end-to-end configuration of the guided missile and account for a mammoth share of over 95% in the overall guided missile sector.

    North American region is estimated to maintain its market dominance in the coming years. This is due to the rising annual military spending of the region along with the widespread presence of market-leading companies such as Raytheon Technologies Corporation, Northrop Grumman, and Lockheed Martin Corporation, which are the major guided missile contractors for the US Department of Defence (DoD).

    Asia-Pacific is estimated to grow at the fastest pace in the guided missile market in the coming years, as a result of increasing defense expenditure of countries mainly China and India. In Addition to this rising geopolitical tensions, technological advancement in guided munition technologies, focussing on air and naval power projection and changing threat landscape are also some of the key factors driving the growth of the guided missile market at a faster pace in the region.

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