Americas Ballistic Missile Market: By Key Players, Market Size, Deployment Type, Applications, Vertical, and Forecast: 2022-2031

The Americas ballistic missile market is projected to grow with a CAGR of more than 3% during the forecast period.

– The increasing GDP, increasing national security concerns, consequent growth in the defense budgets of countries across the Americas, and the development of nuclear ballistic missiles by the major military superpowers are expected to result in a surge in investments for the development and procurement of ballistic missiles during the forecast period.
– The United States Defense Department has requested USD 96 million in the 2020 fiscal year budget for developing three types of intermediate-range missiles. But the Congress allotted USD 40 million less than requested in the final fiscal year 2020 defense appropriations bill.
– The New START treaty of 2010 which is the last treaty that is posing limitation on the United States and Russian nuclear weapons is expiring in February 2021. The United States administration has indicated a negligible interest in extending the treaty, although it can be extended for as long as five years without renegotiation of its main terms. This move will support the United States to further increase its dominance in the region.

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Key Market Trends

Increase in Defense Spending of the Countries is driving the Market

Military expenditure in the Americas reached USD 815 billion in 2019 with a 4.7% increase as compared to 2018 and accounted for around 43% of the global military expenditure. The top countries in the region are the United States, Brazil, and Canada.

In Canada Department of National Defense is the largest department within the Canadian federal government in terms of budget, and the country’s 2019-20 defense budget is USD 22.2 billion compared to USD 21.6 billion. Whereas South America’s military expenditure was relatively unchanged in 2019, at USD 52.8 billion, up by 0.2% from 2018.

Moreover, in 2019, The United States formally withdrew itself from the Intermediate-Range Nuclear Forces Treaty (INF), which was signed by US President Ronald Reagan and Soviet leader Mikhail Gorbachev in 1987. This treaty has banned missiles with ranges between 500 and 5,500 km. After that in January 2020, The United States conducted a second test of a prototype, conventionally configured, a ground-launched ballistic missile from its Vandenberg Air Force Base, California. Although, the missile flew just more than 500 kilometers which near to the range of the old IAF treaty. Such intensified developments and testing of new ballistic missiles are largely contributing to the growth of the market for ballistic missiles.

United States is Projected to hold the major share in the Market

In North America, Canada and the United States accounted for 92% of the total military spending in the Americas, as the United States has the highest defense budget in the world. In 2019, the US military spending grew by 5.3%, thus, reaching USD 732 billion from USD 649 billion in 2018. For 2021, the United States defense budget was USD 704.6 billion to improve military readiness and invest in the modernization of armed forces. As the country faces a huge threat from terrorism and countries such as Iran owing to that the military has to procure advanced technology equipment and replace the aging equipment. The DoD (Department of Defense) made investments in hypersonic missile technology and autonomy in military and military electronics, such as sensors, integrated circuits, electronic warfare (EW), and power electronics, among others. To enhance its military technologies, the country is investing heavily in the research and development of artificial intelligence (AI). The armed forces are integrating AI for ISR applications, command and control applications, enhancement of autonomy, and improvement of the lethality of weapon stations, among others.

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Competitive Landscape

The Americas ballistic missile market is consolidated, with major players accounting for significant amounts of shares in the market. Some of the prominent companies in the market are BAE Systems PLC, General Dynamic Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation. Major players in the region are entering into a partnership with the militaries of different countries to provide the best technology. Also, partnerships between players in various fields, like propulsion systems, warhead designs, and body designs, are likely to help companies develop advanced missile systems, as they share technologies with each other.

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