Missile Market by Platform and Geography - Forecast and Analysis 2020-2024

  • Published: Sep 2020
  • Pages: 120
  • SKU: IRTNTR45012
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The missile market size has the potential to grow by USD 7.63 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by platform (surface-to-air, surface-to-surface, air-to-surface, and air-to-air) and geography (North America, APAC, Europe, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Denel Dynamics, General Dynamics Corp., Lockheed Martin Corp., MBDA, Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, Safran SA, Thales Group, and The Boeing Co.

Market Overview

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Market Competitive Analysis

The market is fragmented. The key vendors in the market are focusing on M&A activities to increase their market share. Denel Dynamics, General Dynamics Corp., and Lockheed Martin Corp. are some of the major market participants. Although the increasing defense expenditure will offer immense growth opportunities, the high cost and long duration process of missile development will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this missile market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this missile market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Denel Dynamics
  • General Dynamics Corp.
  • Lockheed Martin Corp.
  • MBDA
  • Northrop Grumman Corp.
  • Raytheon Technologies Corp.
  • Saab AB
  • Safran SA
  • Thales Group
  • The Boeing Co.

Missile Market: Segmentation by Geography

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North America was the largest missile market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. High GDP, investments in missile technology, the presence of strong vendors, and a high defense budget will significantly drive missile market growth in this region over the forecast period.

37% of the market’s growth will originate from North America during the forecast period. The US is one of the key markets for missiles in North America. Market growth in this region will be slower than the growth of the market in APAC.

Missile Market: Key Drivers and Trends

The demand for defense equipment, including missiles, increases or decreases in accordance with changes in global defense spending. This is because an increase in the defense budget drives the military’s capital expenditure. Geopolitical tensions between countries have contributed to a significant increase in military spending worldwide, along with driving the revenue for defense equipment manufacturers. In 2019, the military expenditure of countries India, China, France, Saudi Arabia, and the US accounted for a major part of the overall defense market. For instance, in 2019, the US defense budget allocated $12.9 billion for missile defense, including $9.9 billion for the Missile Defense Agency (MDA). The Department of Defense will develop an additional missile field in Alaska. Such a rise in defense expenditure is attributed to the growing focus of governments on modernizing their defense capabilities in response to the rising territorial disputes with neighboring countries. Increasing defense expenditure, coupled with the rise in spending on missile development and technologies, is expected to drive the growth of the market.

Increasing national security concerns and border threats is one of the key trends which will influence the growth of the market at a CAGR of over 4% during 2020-2024. Territorial and maritime conflicts among nations challenge world peace. For example, a recent South China Sea dispute which involves disputes over China creating artificial islands along the common sea body for personal trade purposes, Indo-Pak struggle over Kashmir, and the Syrian Civil War which involved resentment for the Syrian government due to high unemployment, lack of freedom, and economic woes. Such activities result in tension and security concerns. Therefore, such prevailing tensions among countries have promoted the development and procurement of advanced weapons that can travel long distances with a high rate of accuracy, high travel speed, and high lethality, which, in turn, will drive the growth of the market.

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Missile Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive missile market growth during the next five years
  • Precise estimation of the missile market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the missile market industry across North America, APAC, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of missile market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Platform

  • Market segments
  • Comparison by Platform
  • Surface-to-air - Market size and forecast 2019-2024
  • Surface-to-surface - Market size and forecast 2019-2024
  • Air-to-surface - Market size and forecast 2019-2024
  • Air-to-air - Market size and forecast 2019-2024
  • Market opportunity by Platform

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Competitive scenario
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Denel Dynamics
  • General Dynamics Corp.
  • Lockheed Martin Corp.
  • MBDA
  • Northrop Grumman Corp.
  • Raytheon Technologies Corp.
  • Saab AB
  • Safran SA
  • Thales Group
  • The Boeing Co.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The missile market growth will increase by $7.63 billion during 2019-2024.
The missile market is expected to grow at a CAGR of 4.49% during 2019-2024.
Technavio has segmented the missile market by platform (Surface-to-air, Surface-to-surface, Air-to-surface, and Air-to-air) and geographic (North America, APAC, Europe, MEA, and South America).
Denel Dynamics, General Dynamics Corp., Lockheed Martin Corp., MBDA, Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, Safran SA, Thales Group, The Boeing Co. are a few of the key vendors in the missile market.
North America will register the highest growth rate of 37.09% among the other regions. Therefore, the missile market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • Saudi Arabia
  • Russian Federation
  • India
  • UK
The key factors driving the missile market growth are:
  • Increasing defense expenditure
The missile market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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