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Intercontinental Ballistic Missile (ICBM) Market 2018 World Analysis and Forecast to 2023
Market Research Future added New Report Named "Global Intercontinental Ballistic Missile (ICBM) Market Research Report- Forecast 2023" to its Database(PresseBox) ( Pune, )
Intercontinental ballistic missile is a missile with the longest range. It is deployed from land or submarines. It is capable of delivering many types of weapons, namely chemical, nuclear, and biological. Nowadays, countries are aiming at developing new ICBMs with advanced propulsion systems that have greater range and high destructive power. Nowadays, possession of ICBMs has become a determining factor for evaluating the country’s military power.
Intercontinental ballistic missile, commonly termed as ICBM, is a guided ballistic missile that is capable of delivering one or more nuclear warheads. It has a minimum range of 5,500 km and is faster and covers greater range when compared to other ballistic missiles, such as Medium-Range Ballistic Missile (MRBM) and Intermediate-Range Ballistic Missiles (IRBM). Modern ICBMs support Multiple Independently Targetable Re-Entry Vehicles (MIRVs), enabling a single missile to carry multiple re-entry vehicles (warheads), each of which is capable of striking a different target. ICBMs are major nuclear deterrents, and only a few nations possess the technology to launch such long-range weaponry. They can be deployed from multiple platforms, such as missile silos, trucks, and submarines.
Owing to the increasing border threats, national security concerns, and changing nature of warfare, countries such as Russia, the U.S., and others are inclined towards enhancing their missile arsenal. They are also modernizing their old missiles with the new propulsion system and warheads, among other upgrades.
For the study, the global intercontinental ballistic missile market is segmented into type, payload, range, and region.
On the basis of type, land based segment accounted for the largest market share of 60.82% in 2016, with a market value of USD 4,268.7 million and is projected to witness a CAGR of 5.72% during the forecast period. The submarine based segment was the second-largest market in 2016, valued at USD 2,749.9 million in 2016; it is projected to witness the highest CAGR of 6.16%.
On the basis of payload, multiple warheads accounted for the largest market share of 91.42% in 2016, with a market value of USD 6,416.4 million and are projected to witness a CAGR of 5.88% during the forecast period. Single warhead was the second-largest market in 2016, valued at USD 602.2 million in 2016; it is projected to witness the highest CAGR of 6.04%.
On the basis of range, above 10,000 km segment accounted for the largest market share of 79.77% in 2016, with a market value of USD 5,598.7 million and is projected to witness the highest CAGR of 5.97% during the forecast period. Below 10,000 km segment was the second-largest market in 2016, valued at USD 1,419.9 million in 2016; it is projected to witness a CAGR of 5.59%.
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Global ICBM Market Segmentation:
On the basis of region, the market has been segmented into the following regions, namely Europe, North America, Asia Pacific, and the Middle East & Africa. In North America, The U.S. is the only country that is active in developing intercontinental ballistic missiles. According to the Stockholm International Peace Research Institute (SIPRI), the U.S. accounts for more than 35% of the global military expenditure. The country has spent more than USD 40 billion on missile defense projects over the past 15 years. The intercontinental ballistic missile market in North America is projected to witness a CAGR of 5.95% during the forecast period. The intercontinental ballistic missile market in Asia Pacific is projected to witness the highest CAGR of 6.13% during the forecast period. Countries such as Pakistan, South Korea, and Taiwan are making significant strides in enhancing their missile capability. Whereas, in the Middle East and Africa region, Israel is believed to have one among the most advanced missile arsenals in the Middle East.
Various growth strategies are being adopted by the key players to retain and/or expand their market share. These players try to grow and sustain in the market by adopting a mix of both organic and inorganic growth strategies. Intense competition, rapid advances in technology, and launch of new products and services are the key factors that fuel the market growth.
February 2018, The European Commission approved the acquisition of Orbital ATK by Northrop Grumman Corporation.
Aug-2017, Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc. was selected by Northrop Grumman providing propulsion system support to Northrop Grumman's ground based strategic deterrent program.
Feb-2016, Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc. was awarded a contract worth USD 3 million by Hill Air Force Base to evaluate various advanced technology propulsion systems for the Intercontinental Ballistic Missile (ICBM) Demonstration and Validation Post Boost Program.
February 2015, Orbital Sciences merged their operations with ATK Alliant Techsystems at USD 5 billion to provide support to the military assets globally.
Hence, intercontinental ballistic missile market is projected to reach USD 10,409.8 million by 2023 at a CAGR of 5.89% throughout the review period, 2017-2023.
The key players of ICBM market are Aerojet Rocketdyne Holdings, Inc. (U.S.), BAE Systems (U.K), Boeing (U.S.), General Dynamics Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), Lockheed Martin (U.S.), Northrop Grumman Corporation (U.S.), and Orbital ATK, Inc. (U.S.).
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