Press Releases

Global Market for Space Vehicles and Guided Missiles on Solid Growth Trajectory

July 02, 2018

WELLESLEY, Mass., July 02, 2018 – The market for space vehicles and guided missiles manufacturing is registering strong growth due to rapid economic development, rising military tensions globally and rising investments in space observation by both public and private organizations, according to a new report from BCC Research.

With an expected compound annual growth rate (CAGR) of 7.9% from 2017 through 2022, the total market for space vehicles and guided missiles is forecast to reach nearly $446.1 billion by 2022, as outlined in the report Space Vehicles and Guided Missiles Manufacturing: Global Markets to 2022.

Major players in the market mentioned in this report include China Aerospace Science and Technology Corp (CASC), Lockheed Martin Corporation, MBDA Holdings SAS, Raytheon Company, The Boeing Company, among others.

Research Highlights

  • The Asia-Pacific region is the largest market for space vehicles and guided missiles, accounting for 37.6% of the global market.
  • Going forward, the Middle East is expected to witness the fastest growth in the space vehicles and guided missiles manufacturing market, with an estimated CAGR of 10.4%.
  • Guided missiles accounted for the largest share of the market for space vehicles and guided missiles in 2017 at 62.1%.

 “Space vehicles and guided missiles manufacturing companies are increasingly relying on analytics, robotics and artificial intelligence technologies to produce space vehicles and guided missiles,” the report notes. “Key emerging technologies being adopted in space programs include artificial intelligence, machine learning, IOT, robotics, cyber physical systems, high performance space computing, augmented virtual reality, nano devices and nano sensors, data analytics and others.”

Government Investments in Space and Military on the Rise

Governments globally have been investing heavily in the guided missiles and space vehicles manufacturing market to strengthen their defense and aerospace capabilities. The United States government increased its defense spending from $767.3 billion in 2016, to $818.2 billion in 2017, and $824.6 billion in 2018. Even developing countries are investing heavily in advanced military and defense systems to strengthen their military capabilities and combat terrorism. In 2017, South Africa allocated a budget of R46.8 billion ($4.2 billion) for the military and defense forces of the country.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Space Vehicles and Guided Missiles Manufacturing: Global Markets to 2022( MFG052A )
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