Intercontinental Ballistic Missile (ICBM) Market
By Launch Platform (Land Based, Submarine Based),
By Range (5,000km to 8,000km, 8,001km to 15,000km, More than 15,000km),
By Propulsion (Liquid Propulsion, Solid Propulsion, Hybrid Propulsion),
By Speed (Supersonic, Hypersonic),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033.
The global intercontinental ballistic (ICBM) missiles market is to be worth more than USD 18.21 billion by 2033.
The ongoing proliferation of regional conflicts coupled with growing technological advancements in developing regions is predicted to enormously support intercontinental ballistic missile market growth. The analysis has represented vast opportunities in Asia- pacific region, where governments are forming critical alliances with well-developed nations along with the rise in conflicts between neighboring nations. The growing preference for a well-developed arsenal is propelling more global demand for intercontinental ballistic missiles. With the advent of Hypersonic technology, Intercontinental ballistic missiles are likely to change the face of ballistic missiles in the future.
Another triggering factor for intercontinental ballistic missile market growth lies in the fact that intercontinental ballistic missiles offer adaptability to be incorporated into a form that can align with space operations demands. ICBMs can be used as a spinoff for spacecraft since both use the same propulsion systems. The growth of ICBMs is majorly hindered due to their operational cost. For instance, in 2021, the U.S. had to allocate 5.7% of the total defense budget toward nuclear weapon spending, which in 2030 is expected to rise to 8.0% of the total defense spending. With the Covid pandemic demanding countries to develop the healthcare infrastructure, military developments such as ICBM development could put a strain on the nation's economy. Various nations are also signing treaties so that they can monitor the growth of other nations. For instance, in February 2011, New Star Treaty was signed by the United States of America and the Russian Federation. The treaty enhances U.S. national security by employing certifiable limits on all Russian-installed intercontinental-range nuclear weapons. The United States and the Russian Federation have approved to extend the treaty through February 4, 2026. Although ICBMs have never been used in history, maintaining them in the arsenal provides a sense of reassurance against nuclear-powered nations.
The companies operating within the intercontinental ballistic missiles industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, in March 2023, North Korea launched an intercontinental ballistic missile hours before the leaders of South Korea and Japan were to meet at a Tokyo summit. The missile flew about 1,000 kilometers (620 miles) with a maximum altitude of 6,000 kilometers (3,730 miles) during the 70-minute flight. The intercontinental ballistic missile launched by North Korea perished in the waters between the Korean Peninsula and Japan after being launched on a steep trajectory, seemingly to avoid neighboring countries. The motive behind the launch of the ICBM is still unclear, but it is anticipated that it was a warning for either Japan or the U.S.
According to the CXOs and primary research conducted, the rise in a number of geopolitical conflicts and the advancement of technology in developing or developed regions would aggressively impact intercontinental ballistic missile market growth. The reason behind these rising conflicts is most often the need to assert regional dominance. Moreover, the advent of Hypersonic technology, which means moving at a speed significantly in excess of the speed of sound, is likely to reassure the U. S's military dominance globally. These factors are fueling the market growth of the intercontinental ballistic missile market.
The intercontinental ballistic missiles market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-pacific region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. The quick rise in geopolitical conflicts, emerging Hypersonic technology, government alliances, and major industry players within the region are primary factors supporting market potential within the Asia- Pacific region. The major companies operating within the market are Aerojet Rocketdyne Holdings, Inc., BAE System plc, Boeing, DRDO, General Dynamic Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Orbital ATK, Inc., Rafael Advanced Defense Systems, and Thales Group.