Nuclear Bombs and Missiles Market to Garner $137.3 Billion, Globally, by 2032 at 5.4% CAGR: Allied Market Research

jayfer2 0 Comments December 3, 2023

The growth of the nuclear bombs and missiles market is driven by factors such as an increase in investments by government bodies and corporate giants, increase in cross-border conflicts, and rise in nuclear testing and technology transfers.

PORTLAND, Ore., Nov. 30, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Nuclear Bombs and Missiles Market by Type (Aircraft Bomber and Land-based missiles, Inter-Continental Ballistic Missile (ICBM), Submarine-Launched Ballistic Missile (SLBM), and Others), Range (Less Than 1,000km, 1,000Km to 5,000km, and Greater than 5,000km), and Status (Active, and Reserve and Retired): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global nuclear bombs and missiles industry generated $81.7 billion in 2022 and is anticipated to generate $137.3 billion by 2032, witnessing a CAGR of 5.4% from 2023 to 2032.

Prime determinants of growth

The growth of the global nuclear bombs and missiles market is driven by factors such as rise in awareness of the capabilities and benefits of nuclear bombs and missiles, increase in the need for streamlined operations, and government investments in R&D. However, stringent regulatory compliance and certification requirements as well as budgetary constraints hamper the growth of the market. On the contrary, increase in emphasis on sustainability coupled with rise in environmental awareness and technological advancements are expected to offer remunerative opportunities for the expansion of the nuclear bombs and missiles market during the forecast period.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$81.7 billion
Market Size in 2032	$137.3 billion
CAGR	5.4 %
No. of Pages in Report	260
Segments Covered	Type, Range, Status, and Region.
Drivers	Increase in investments by government bodies and corporate giants Increase in cross-border conflicts Rise in nuclear testing and technology transfers
Opportunities	Collaboration with government bodies and defense organizations Technological advancements
Restraints	International treaties and consortiums discouraging nuclear testing High initial investment and maintenance cost

Impact of Russia-Ukraine War Scenario

On February 24, 2022, Russia initiated an invasion of Ukraine, marking a significant escalation in the ongoing Russo-Ukrainian War that commenced in 2014. In such periods of conflict, countries frequently boost their defense budgets to fund the development, modernization, and maintenance of their military capabilities. Elevated geopolitical tensions often result in a heightened demand for advanced military capabilities, which may encompass nuclear weapons and missile systems. Nations directly involved or situated in proximity to the conflict may perceive the necessity of fortifying their defense capabilities, potentially instigating investments in nuclear arsenals and missile technologies.
In response to the conflict, countries might reevaluate their existing nuclear capacities, instigating efforts to modernize and augment the effectiveness and reliability of their nuclear weapons. This reevaluation can manifest in activities encompassing research, development, and procurement related to nuclear bombs and missiles.

The others segment to maintain its leadership status throughout the forecast period.

Based on type, the others segment held the highest market share in 2022, accounting for more than one-third of the global nuclear bombs and missiles market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is implementation of non-nuclear treaties, with the influence exerted by major global organizations advocating for the reduction of nuclear arsenals. Moreover, the Inter-Continental Ballistic Missile (ICBM) segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032, owing to a rise in the allocation of resources to advance ICBM technology, aiming to fortify national security by acquiring the capability to target distant locations.

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The greater than 5,000 km segment to maintain its leadership status throughout the forecast period.

Based on the range, the greater than 5,000 km segment held the highest market share in 2022, accounting for more than four-fifths of the global nuclear bombs and missiles market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a surge in the advancement in missile technology and propulsion systems, which plays a pivotal role in crafting missiles with high reach. However, the 1,000Km to 5,000km segment is projected to manifest the highest CAGR of 14.6% from 2023 to 2032, owing to an increase in demand for the modification of the existing warheads of various countries.

The active segment to maintain its lead position during the forecast period

Based on status, the active segment accounted for the largest share in 2022, accounting for nearly three-fourths of the global nuclear bombs and missiles market revenue, and is estimated to maintain its leadership status throughout the forecast period as there are evolving geopolitical threats and the need for modernization to counter emerging challenges. However, the reserve and retired segment is projected to manifest the highest CAGR of 13.8% from 2023 to 2032, owing to arms reduction agreements, technological advancements, and diplomatic efforts to reduce the overall number of nuclear weapons.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the nuclear bombs and missiles market revenue, and is expected to dominate the market during the forecast period, as there is an increase in allocation of defense budgets for nuclear weapons, and rise in the testing of existing nuclear weapons such as missiles to maintain reliability and functionality. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.6% from 2023 to 2032, owing to a rise in the development and testing of nuclear weapons such as missiles by countries in the region to maintain national security.

Recent Developments in the Nuclear Bombs and Missiles Industry:

In February 2022, Northrop Grumman Corporation collaborated with HDT Global in an agreement to provide engineering and manufacturing expertise for the Air Force’s Ground-Based Strategic Deterrent initiative. This includes weapon systems engineering, development, testing, evaluation, and nuclear certification.
In January 2021, France conducted the inaugural test launch of a modified MBDA ASMPA nuclear missile from a Dassault Rafale fighter jet. MBDA reported significant improvements in the missile’s penetrating and range performance due to the incorporation of a different medium-energy thermonuclear component.
In September 2021, The Boeing Company retained its contract with the U.S. Air Force to maintain the guidance system for the Minuteman III intercontinental ballistic missile (ICBM). Boeing’s ICBM weapon system has been a reliable and enduring component of the U.S. nuclear triad.
In July 2021, Raytheon Technologies Corporation secured a $2 billion contract from the U.S. Air Force to develop the Pentagon’s next air-launched nuclear cruise missile. This project involves advancing the Long-Range Standoff Weapon (LRSO), intended to replace the AGM-86B Air-Launched Cruise Missile (ALCM) from the 1980s.
In June 2021, Raytheon Technologies Corporation inked a $2 billion contract with the U.S. Air Force to develop a long-range standoff nuclear cruise missile designed for deployment on B-52 and B-21 bombers.
In September 2020, Northrop Grumman Corporation signed a contract to update the U.S. Air Force’s aging intercontinental ballistic missile (ICBM) system. The project, spanning 8.5 years, encompasses weapon systems integration, qualification, testing and evaluation, and nuclear certifications, as per the Air Force Nuclear Weapons Center.

Key Highlights of the Report:

The market study on nuclear bombs and missiles spans over 15 countries, conducting a segment analysis for each country in terms of value ($ million) over the projected period of 2022-2032.
Integrating high-quality data, professional insights, and critical independent perspectives, the study adopts a research approach aimed at providing a comprehensive and balanced view of global markets. The goal is to assist stakeholders in making well-informed decisions to achieve their ambitious growth objectives.
The research involved a thorough review of over 3,700 product literature, annual reports, industry statements, and comparable materials from major industry participants. This extensive review enhances understanding and insight into the market dynamics.

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Leading Market Players: –

Airbus
Ariane Group SAS
BAE Systems
Brahmos Aerospace
Lockheed Martin Corporation
MBDA
Northrop Grumman Corporation
Rafael Advanced Defense Systems Ltd
Raytheon Technologies Corporation
Boeing.

The report provides a detailed analysis of the key players in the global nuclear bombs and missiles market. These players have adopted various strategies such as contract, product upgrade/development, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Similar Reports We Have on Defense Industry:

U.S. Nuclear Bombs and Missiles Market Research Report 2023-2032

Europe Nuclear Bombs and Missiles Market Research Report 2023-2032

Russia Nuclear Bombs and Missiles Market Research Report 2023-2032

China Nuclear Bombs and Missiles Market Research Report 2023-2032

Rocket and Missiles Market Research Report 2023-2032

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