The capacity of destructive weapons was largely underestimated, until a century ago. In 1945, however, the nuclear attacks on the Japanese cities, Hiroshima and Nagasaki, caused a sudden surge of concern regarding the lethality and the magnitude of destruction of the weapons that humans are capable of producing. The United States used the B-29 Bomber to drop the nuclear bomb. Almost at the same time, the Germans developed guided missiles, V-1 and V-2, which marked the introduction of missile technology into the modern combat era.
Since the technology of guided missiles came to be noticed, many countries, especially the United States and Russia, shifted their focus toward the development and advancement of missile technology. Gradually, guided missiles became an integral part of warfare. They were seen as the best means to deploy nuclear warheads from one part of the globe to another, instead of having to drop them over the target. This marked the beginning of ICBMs (Inter Continental Ballistic Missiles), which were primarily designed for the delivery of nuclear weapons. The magnitude of destruction of ICBMs made countries consider ways of defending themselves from these lethal weapons. This focus has led to the development of missile defense systems, which were originally developed as a measure of protection against ICBMs that carried nuclear warheads. But in due course of time, the application has broadened to include medium- and short-range missiles too. The market for Missiles and Missile Defense systems has been growing continuously. According to Mordor Intelligence, the market for Missiles and Missile Defense systems is expected to grow at a CAGR of around 6%, during the forecast period.
The Missile Market Driven by Volatile Relations among Nations and Aggressive Military Spending:
The aggressive nature of the global superpowers always serves as a major driver for the missile market. In a recent study by the Stockholm International Peace Research Institute (SIPRI), it was found that the United States spent as much as USD 610 billion, just for military purposes. At this scale, the market for weaponry, especially that of missiles, in the United States, is formidable. This applies not only for the United States, but for many countries of the world.
Regionally, North America has the largest share in the Missile and Missile Defense Systems market, mainly due to continuous demand from the US military. The Asia-Pacific is the second largest spending region in the Missiles and Missile Defense Systems market, with China, India, Japan and South Korea accounting for a large share of the expenditure. In terms of amount spent in developing missiles and missile defense systems in the Asia-Pacific region, India and China are followed by South Korea and Japan. India has undertaken a Ballistic Missile Defense Program to develop and deploy a multi-layered ballistic missile defense system, in order to protect its borders. Both South Korea and Japan have been majorly spending on missiles and missile defense systems, owing to their political issues with North Korea. All these factors are propelling the growth of the Missiles and Missile Defense Systems market.
Some of the companies that manufacture missiles and missile defense systems are Boeing, Raytheon Company, BAE Systems, and Lockheed Martin Corporation, among others. Raytheon Company manufacturers the well acclaimed Tomahawk missiles, used by the US defense. BrahMos, developed by a joint venture between the Defense Research and Development Organization (DRDO) of India and NPO Mashinostroyenia of Russia, is also currently gaining popularity in the global market. Boeing manufactured one of the most effective missiles till date, the LGM-30 Minuteman III ICBM, which has a range of more than 6000 miles, and can reach speeds up to 15,000 mph. As the manufacturers attempt to increase missile speeds, the focus has shifted toward the development of Hypersonic Cruise Missiles (HCMs) and Hypersonic Glide Vehicles (HGVs), which have the capability to nullify existing Missile Defense Systems, and thus, are more threatening. Although critical advancements like these exhibit the potential of ever-growing technology, it is worth noting that they could shape modern warfare into a reason for the death of millions.
About the market
The Missiles and Missile Defense Systems market is expected to register a CAGR of 6%, during the forecast period (2018-2023). The defense expenditure of nations, across the world, has been growing every year, providing great impetus to the Missiles and Missile Defense Systems market.
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