The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased defence spending are expected to drive innovation in missiles manufacturing, thus driving the market during the forecast period.

The global missiles market is expected to grow from $28.84 billion in 2022 to $31.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The global missiles market is expected to reach $40.2 billion by 2027, growing at a 6.4% CAGR.

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Global Missiles Market Segments Include:

• By Product Type: Cruise Missiles, Ballistic Missiles
• By Range: Short Range Missile, Medium Range Missile, Intermediate Range Missile
• By Propulsion Type: Ramjet, Scramjet, Turbojet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
• By Application: Defense, Homeland Security
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global missiles market in 2021.

Major Market Players in the missiles market include BAE Systems, Lockheed Martin Corporation, Raytheon Technologies, Northrop Grumman Corporation, Boeing, Tactical Missiles Corporation, Aerojet Rocketdyne.

Artificial intelligence is a key trend gaining popularity in the missile market. Countries across the world are designing artificial intelligence missiles to hit targets that humans cannot reach. Artificial intelligence gives missiles the potential to strike moving targets and also provides greater accuracy than other technologies. For instance, in July 2021, Rafael Advanced Defense Systems Ltd., an Israel-based defense technology company, unveiled its new Sea Breaker maritime and land-based long-range missile, a fifth-generation weapon system that combines artificial intelligence and decision-making algorithms. Up to 300 km away, Sea Breaker can deliver surgical, pinpoint precision strikes. It has an advanced IIR (imaging infrared) seeker that makes it perfect for engagements with stationary or moving maritime and land targets in advanced Anti Access/Area Denial (A2/AD) arenas, as well as in littoral or brown water, including archipelagos, as well as for engagements where earlier RF-seeker-based missiles are ineffective.

The Missiles Global Market Report 2023  provides a missiles market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The missiles market forecast analyzes missiles market size, missiles market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A missile is a guided airborne ranged weapon designed to deliver an explosive warhead at high speed with great accuracy. The components of missiles include the targeting system, guidance system, flight system, engine, and warhead.

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