Categories: Aerospace & Defence

Global Missile Seekers Market Forecast 2023-2032

The Missiles Global Market Report 2023 by The Business Research Company, provides missiles market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Missiles Global Market Report 2023, the global missiles market size will grow from $28.84 billion in 2022 to $31.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global missiles is expected to reach $40.2 billion by 2027, growing at a 6.4% CAGR.

Increased defence spending is expected to fuel the growth of the missile market. Countries around the world are investing in defence to protect their territories.

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The missiles market is segmented:

1) By Product Type: Cruise Missiles, Ballistic Missiles

2) By Range: Short Range Missile, Medium Range Missile, Intermediate Range Missile

3) By Propulsion Type: Ramjet, Scramjet, Turbojet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion

4) By Application: Defense, Homeland Security

Artificial intelligence is a key trend gaining popularity in the missiles 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 market report table of contents includes: