The global rocket & missiles market size is set to enlarge as a result of heightened pace of build-up of ballistic missile systems around the world. The Arms Control Association (ACA) provides a list of 31 countries who have active ballistic missiles in their arsenal. Of these, the ACA reports, 9 countries, including India, China, and Pakistan, have produced and tested ballistic missiles ranging 1,000km and beyond in the past couple of decades. For instance, in 2018, India successfully test-fired its nuclear-capable long range ballistic missile (LRBM), Agni-5, which has a strike range of 5,000km.
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Key Players Profiled in the Rocket & Missiles Market Report:
- Safran S.A.
- General Dynamic Corporation
- Saab AB
- Lockheed Martin Corporation
- Bionic Power
- Rafael Advanced Defense Systems
- Raytheon Company
- MBDA Inc.
Similarly, China announced in December 2019 that its Type 055 cruisers have the capacity to carry and launch land-attack cruise missiles. In addition to this, non-UN members, mainly North Korea, have increased the frequency of testing its rockets and missiles. For example, between 2017 and 2019, North Korea tested two ballistic missiles that flew over Japan. Such incidents have compelled other countries to upgrade their defense systems, which is fueling the rocket & missiles market growth.
In its report, titled “Rocket & Missiles Market Size, Share & Industry Analysis, By Type (Ballistic Missile, Cruise Missile), By Rocket Type (Artillery Rocket, Air-launched Rocket), By Launch Mode (Surface-to-surface, Surface-to-air, Air-to-surface, Air-to-air, Subsea-to-surface), By Propulsion (Solid, Liquid, Hybrid) and Regional Forecast, 2019-2026”, Fortune Business Insights™ provides valuable market information in the following manner:
- Segmentation of the market and worm’s eye-view study of the individual segments;
- Meticulous research into the drivers and factors shaping the market;
- Comprehensive understanding of the market restraints; and
- Detailed assessment of the regional and competitive developments that will influence the market in the given time period.
High Cost of Developing and Maintaining Ballistic Missiles to Hinder Growth
Ballistic missiles are a costly undertaking, posing a massive burden on a nation’s economy. A study called the Atomic Audit, published in 1998, found that the US alone had spent close to $5 trillion since 1940 in building and maintaining its nuclear arsenal. In January 2019, the US Congressional Budget Office revealed that the US government plans on spending $500 billion to upgrade its current nuclear weapons system; in the next 30 years, this number is slated to reach $2 trillion. Furthermore, analysis by the South Korean government pegs nuclear spending by North Korea at approximately $3 billion. Such astronomical expenses of upgrading and maintaining advanced defense systems has drawn flak from various corners of the world. This criticism is set to get even more heightened owing to the global movement towards nuclear non-proliferation, thus impeding the growth of this market.
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North America to Remain the Center of Gravity of the Market
North America is projected to dominate the rocket & missiles market share in the forthcoming years on account of a sky-high defense spending and rapid adoption of next-generation military technologies. Moreover, increasing pace of joint military and naval exercises and rising investment in R&D will further propel the regional market. Asia-Pacific will showcase remarkable growth owing to increasing military expenditure and introduction of hypersonic cruise missiles in the defense arsenal of India and China. Besides this, historical border conflicts between India & Pakistan and India & China have created an explosive situation in the region, boding well for the market.
Enhanced R&D Capacities to Broaden Competition Outlook
The rocket & missiles market analysis finds that the market’s competitive landscape will be dotted by major companies increasing their investment to elevate their R&D capacities. Along with this, many players are collaborating with other regional competitors to expand their geographic presence in this market.
- July 2019: Israel’s Rafael Advanced Defense Systems and India-based Kalyani Group’s joint venture, Kalyani Rafael Advanced Systems (KRAS), received its first big order worth $100 million from its parent company, Rafael, to make Barak 8 MR-SAM missile kits. The kits will be supplied by India’s state-run manufacturer Bharat Dynamics Limited.
- April 2019: Raytheon Company successfully conducted a static test of its new DeepStrike® missilerocket motor. The product is an advanced surface-to-surface weapons system, slated for its maiden flight in late 2019. The missile rocket will become part of the US Army’s Precision Strike Missile (PrSM) program, which will replace the soon-to-be-defunct Army Tactical Missile System.
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