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

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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