Intercontinental ballistic missiles are known for their longest range. Mostly, deployed from land or submarine, these missiles can change the ways of war considerably. The sector is also witnessing efforts to include ICBM for better propulsion, range, and higher degree of damage. The global intercontinental ballistic missile market is expected to project 5.89% CAGR during the forecast period (2015-2023). Market Research Future (MRFR) in their report on the intercontinental ballistic missile market claims that the industry would easily cross the estimated valuation by the end of 2023.
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National security concerns, increasing border threats, higher defense expenditure, advancing warfare, are some of the factors to impact the intercontinental ballistic missile market in the coming years. Along with it, participation from private players can change the market dynamics and increase the market scope for better operations.
Type, payload, and range are three segments in which MRFR had segmented the global intercontinental ballistic missile market for a better analysis. The report has its focus on the volume-wise and value-wise analysis of the entire market.
Based on the type, the intercontinental ballistic missile market can be segmented into land-based and submarine-based. The land-based segment encompassed 60.82% in 2016 and was the leading segment with a market valuation of USD 4,268.7 million. The segment is projected to grow with a CAGR of 5.72% during the forecast period. The submarine-based segment was valued at USD 2,749.9 million in 2016. The market is expected to register the highest CAGR of 6.16% during the forecast period.
Based on the payload, the intercontinental ballistic missile market can be segmented into multiple warhead and single warhead. The multiple warheads segment had a market coverage of over 91.42% in 2016, and it was valued at USD 6,416.4 million. The segment is now projected to witness 5.88% CAGR over the review period. The single warhead was valued at USD 602.2 million in 2016. Its market is anticipated to grow with the fastest CAGR 6.04% throughout the assessment period.
Based on the range, the intercontinental ballistic missile market can be segmented into above 10,000 and below 10,000 km. The above 10,000 km segment encompassed 79.77% of the global market in 2016, with its valuation touching USD 5,598.7 million. It is also expected to rise with the highest CAGR of 5.97% during the forecast period. The below 10,000 km segment was valued at USD 1,419.9 million in 2016 with a projected CAGR of 5.59% during the forecast period.
North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA) are regions in which the global intercontinental ballistic missile market has been segmented for a geographical study by MRFR.
North America is leading the global market from the forefront due to the hike in the investment and technological advancement enjoyed by the regional market. The region has the U.S. who has the largest military budget in the world and Canada, a strong economy to support defense expenses.
Europe has several countries such as Germany, the U.K., France, Belarus, and others spending notably to take forward the global market. The industry is also getting propelled by innovation which is helping the market stay afloat.
In the APAC region, India and China are contributing the most by constantly spending for research and investment and integrating arms in their respective defense sectors.
Several companies are investing substantially in the global intercontinental ballistic missile market as the market is expanding due to increasing budget allocations from governments. Companies that have been profiled by MRFR for the intercontinental ballistic missile market report are BAE Systems (U.K), Aerojet Rocketdyne Holdings, Inc. (U.S.), General Dynamics Corporation (U.S.), Boeing (U.S.), Lockheed Martin (U.S.), Northrop Grumman Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), and Orbital ATK, Inc. (U.S.).
In May 2019, Russia launched their new Topol-M intercontinental ballistic missiles to show their might. This new missile is the first to get developed after the dissolution of Soviet Union. The missile can work with MIRV warheads and is made of winding carbon fiber. It has been developed by engineers from the Soyuz Federal Center for Dual-Use Technologies.
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