Allied Market Research recently published a report, titled, “Nuclear Bombs and Missiles Market by Type (Aircraft Bombers, ICBM, SLBM, Other), by Range (<1000km, 1000km-5000km, >5000km), by Status (Active, Reserve And Retired): Global Opportunity Analysis and Industry Forecast, 2020-2030″. As per the report, the global nuclear missiles and bombs industry was accounted for $72.64 billion in 2020, and is expected to reach $126.34 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in geopolitical conflicts and rise in defense budget allocations have boosted the growth of the global nuclear missiles and bombs market. However, international treaties and consortiums discourage nuclear testing. This hampers the market growth. On the contrary, collaborations with governments, think tanks, and lobbyist would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 outbreak severely affected the defense sector. The lockdown delayed delivery dates, disrupted operations, and postponed review conferences.
- The cross-border conflicts and implications on Chinese governments by other nations due to Covid-19 outbreak affected the market.
- Due to global pandemic, the budget allocated to R&D or new product launch was put on hold and the funding was re-allocated toward managing the Covid-19 crisis.
The SLBM segment held the largest share
By type, the SLBM segment held the largest share in 2020, accounting for around one-fourth of the global nuclear missiles and bombs market. However, the aircraft bomber and land based missiles segment is expected to register the highest CAGR of 5.8% during the forecast period, owing to rise in demand for small nuclear warhead as they can be easily deployed through aircraft bombers and land-based missiles.
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The active segment dominated the market
By status, the active segment held the lion’s share in 2020, contributing to more than two-thirds of the global nuclear missiles and bombs market, due to increase in investment to modify the existing nuclear arsenal and surge in acquisition of new warheads. However, the reserve and retired segment is estimated to manifest the highest CAGR of 6.1% from 2021 to 2030, owing to rise in influence of non-nuclear proliferation treaties and efforts by numerous countries to dismantle existing arsenal.
North America held the largest share
By region, the market across North America dominated in 2020, holding more than half of the market, owing to increase in defense budget expenditure and possession of the biggest nuclear arsenal. However, the global nuclear missiles and bombs market across Asia-Pacific is expected to register the highest CAGR of 6.5% during the forecast period, due to increase in nuclear arsenal across the region and initiatives taken by governments of India, Pakistani, and China.
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Major market players
- Airbus Group
- BAE Systems
- ArianeGroup SAS
- Lockheed Martin Corporation
- brahmos aerospace
- Northrop Grumman Corporation
- mbda
- Raytheon Technologies Corporation
- Rafael Advanced Defense Systems Ltd.
- The Boeing Company
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