Missile Market Expands with Growth in Surface-to-Air Systems

The global missile market size was estimated at USD 55.70 billion in 2023 and is projected to reach USD 93.56 billion by 2030, growing at a CAGR of 7.4% from 2024 to 2030. Market growth is primarily driven by increasing defense expenditures, rapid advancements in missile technology, a heightened focus on national security, and the growing need for effective deterrence against threats such as terrorism and regional conflicts.

The consistent demand for advanced missile systems reflects global efforts to enhance defense capabilities and secure national borders. This has led to increased investments in long-range, precision-guided missile systems that can counter evolving threats with higher efficiency and lower collateral damage.

Ongoing military modernization efforts across countries are propelling further investments in advanced systems. Governments are prioritizing the integration of cutting-edge technologies, including improved radar seekers, GPS navigation, and inertial navigation systems, which enhance strike accuracy and operational efficiency. The trend toward miniaturization and enhanced computational capabilities in guidance systems continues to influence product innovation.

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Key Market Trends & Insights

• North America dominated the global missile market with a revenue share exceeding 39.37% in 2023.
• United States is projected to experience significant market growth during the forecast period.
• By component, the guidance system segment accounted for over 27.36% of global revenue in 2023.
• By launch mode, the surface-to-surface segment held the largest market share in 2023.
• By end use, the air segment led the market with a revenue share of 42.3% in 2023.

Market Size & Forecast

• 2023 Market Size: USD 55.70 Billion
• 2030 Projected Market Size: USD 93.56 Billion
• CAGR (2024–2030): 7.4%
• Largest Market: North America
• Fastest Growing Market: Asia Pacific

Key Missile Company Insights

Prominent players in the global market include Lockheed Martin Corporation and Northrop Grumman Corporation.

• Lockheed Martin Corporation is a global aerospace and security company offering advanced technology systems and services. It is heavily involved in missile systems, satellite platforms, and space exploration technologies.
• Northrop Grumman Corporation is a key aerospace and defense player specializing in autonomous systems and advanced satellite bus platforms used in both civilian and military applications. The company has secured major contracts, including those supporting the Space Development Agency’s Transport Layer alongside Lockheed Martin.
• Emerging companies such as Airbus SE and Honeywell International Inc. are also contributing to innovation within the market.
• Airbus SE designs and manufactures satellite systems and launch vehicles through its Defense and Space division, leveraging its deep aerospace expertise.
• Honeywell International Inc. plays a critical role through its advanced guidance, navigation, and control systems. Its portfolio includes inertial measurement units, gyroscopes, and accelerometers that are essential to enhancing missile precision and reliability.

Key Missle Companies

• Airbus SE
• Honeywell International Inc.
• Lockheed Martin Corporation
• Northrop Grumman
• Thales Group
• BAE Systems Inc.
• Israel Aerospace Industries Ltd. (IAI)
• ISRO
• RTX Corporation
• The Boeing Company

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Conclusion

The global missile market is evolving rapidly in response to heightened geopolitical tensions, ongoing military modernization efforts, and the need for advanced defense technologies. Continuous investments in R&D, coupled with rising demand for precision-strike capabilities and sustainable propulsion systems, are set to drive market expansion in the coming years. With countries prioritizing strategic deterrence and integrated defense solutions, the missile market is poised for sustained growth, underpinned by innovation, collaborations, and technological advancements from both established and emerging industry players.