The Intercontinental Ballistic Missile market is expected to grow at the CAGR of 5.89% during the period 2017 to 2023.
The global intercontinental ballistic missile market is segmented into type, payload, range, and region. In case of range segment, the market is classified as above 10,000 km, and below 10,000 km This segment covers the intercontinental ballistic missiles that can hit targets beyond the range of 10,000 km. Countries such as US, Russia, among others are pioneers in long-range missiles while countries in the Asia Pacific regions, such as North Korea and China, are recently developing such missiles. Thus, the above 10,000 km range based intercontinental ballistic missile market segment is projected to grow at a higher CAGR of 5.97% during the forecast period.
In case of technological development, thermal management of missile systems is the increasing demand for the ICBMs in several countries, across the globe, has resulted in the innovation of superior quality Thermal Protection System (TPS) to protect missile airframe from strength deterioration and malfunctioning of electronic packages due to severe aerodynamic heating. Therefore, the primary goal of TPS is to keep excessive heat away from the destruction or damage of the space vehicle and the components within it.
There is a high growth potential of Intercontinental ballistic missile market, factors such as the requirement of high investments, technical expertise, and regulatory acceptance required in the market deter the entry of new vendors. Moreover, the market has well-established players with wide geographic reach. It is difficult for the new entrants to attain the economies of scale, which the leading players already possess. Therefore, the new entrants present a very low threat to the major stakeholders of the market.
There is intense competition among the existing players in the market with the vendors investing extensively and using advanced technology to develop modern ICBMs. Therefore, the intensity of the competitive rivalry is high. As a result, it is expected that the global market would grow at a significant pace during the forecast period.
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