This market research report presents a detailed segmentation of the global intercontinental ballistic missile (ICBM) market by type (land-based and submarine-based ICBM) and by geography (the Americas, APAC, and EMEA). The leading vendors in the market are BAE Systems, Boeing, General Dynamics, Lockheed Martin, and Northrop Grumman.
Technavio’s market analysts estimate the global ICBM market to grow at a CAGR of almost 6% between 2016 and 2020. High investments in research and development in regions such as the Americas and Europe and the procurement of missile systems are the primary drivers for the growth of the intercontinental ballistic missile (ICBM) market. At present, the global ICBM market is dominated by the Americas, accounting for almost 41% of the overall market share. The high expenditure on the military is expected to the drive the ICBM market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the ICBM segments by type.
“The advent of 3D printing plays a key role in the growth of the global ICBM market. 3D printing enables cost-efficient and just-in-time (JIT) manufacturing of parts. Besides, it also permits quick design and rapid changes of internal features in the missile, unlike conventional manufacturing methods,” says Abhay Singh, Lead Analyst, Aerospace & Defense, Technavio Research.
The land-based segment dominated the global ICBM market in 2015 by accounting for over 54% of the total market share. The increase in the expenditure and investments for the military is primarily responsible for the growth of the land-based segment of the ICBM market. Continued investments on rocket propellers and military tanks by nations across the globe is expected to propel the land-based vertical of the global ICBM market over the next four years.
The key vendors in the market include BAE Systems, Boeing, General Dynamics, Lockheed Martin, and Northrop Grumman. The market is highly competitive as the vendors compete on the basis of cost, product quality, reliability, and aftermarket service to gain maximum market shares. The market will also be characterized by the presence of intense competition as the key vendors are constantly providing high-quality ICBMs with latest technology and materials to the consumers. This has propelled other players to invest in new, cost-efficient, and effective ICBMs for a wide array of military purposes.
A more detailed analysis is available on the Technavio report, Global ICBM Market 2016-2020.
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