Japan, Japan, Wed, Mar 30, 2022 11:51:50 PM / Comserve Inc. / — The nuclear missile and bomb market is expected to register a CAGR of over 2% during the forecast period.
the nuclear missiles and bombs market is expected to register a CAGR of over 2% during the forecast period.
– Increase in military expenditures and growing threats to various countries due to border security concerns and growing terrorism, along with advancements in hypersonic missile technologies are the major factors expected to drive the market growth.
– However, the treaty on the prohibition of nuclear weapons, which aims to ban the use of nuclear weapons, may restrain the growth of the market during the forecast period.
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Main market trends
Growing defense budgets drive the market
Military powers, such as the United States, United Kingdom, China and India, are focused on increasing their military firepower and defensive capabilities, following growing threats from other nations. Uncertainties over territorial rights and the growing quest of nations for global dominance are among the main causes of disruption in geopolitical climates. The most common reaction of governments to counter the slave trade is to increase military spending, in order to improve the security situation in their respective countries. According to SIPRI, global military spending reached $1.917 billion in 2019, an increase of 3.6% from 2018, the highest annual spending growth since 2010. The United States, China, the India, Russia and Saudi Arabia were the top five countries. spenders in 2019. Growing defense budgets will help nations improve their combat capabilities and help them execute their defense strategies as planned. Since nuclear weapons play a major role in the defense strategies of all the world’s nuclear powers, a certain amount is allocated in defense budgets for the development of nuclear weapons or missiles capable of carrying nuclear warheads. Thus, growing defense budgets will contribute to the growth of the market over the forecast period.
The nuclear missile segment held the largest market share in 2019
By type, the nuclear missile segment accounted for the largest market share in 2019. The main reason for the higher share of the segment is the advantages offered, compared to gravity bombs. Nuclear missiles have a wide range of operation, up to thousands of kilometers, which is not the case with gravity bombs. Additionally, nuclear missiles can be operated remotely, so the person launching the weapon will have no physical or radiological effects after the explosion. This may not be the case with gravity-dropped bombs, in which the pilot will be in close proximity to the bomb. If gravity bombs are dropped by means of a UAV, it must be tough enough to penetrate modern air defenses and drop nuclear gravity bombs on enemy territory, which only a few aircraft are currently capable of. Due to these advantages, the development and supply of the nuclear missile segment is currently high. Several countries are developing new nuclear missiles, while other countries plan to build new ones in the coming years. For example, the United States plans to develop a new submarine-launched nuclear-armed cruise missile, with the goal of deploying the weapon in about 7-10 years. Such developments are considered to bolster the outlook for the nuclear missile market over the forecast period.
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MBDA, Raytheon Technologies Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation and Thales Group are some of the major market players. Market players are focusing on developing advanced missiles with higher velocities and lethality which will help them secure new contracts with the military. As such, there has been an increased focus on developing nuclear-capable hypersonic missiles capable of penetrating advanced air defense systems, with major defense contractors currently working on the development of such technologies. Partnerships between players will facilitate the transfer of technology, thus contributing to the growth of players over the forecast period.
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