Market Research Report
Gobal Nuclear Missiles and Bombs Market - Segmented by Type, Missile Range (Short-range missiles, Medium-range missiles, Intermediate-range missiles, Intercontinental missiles) and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||707245|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Gobal Nuclear Missiles and Bombs Market - Segmented by Type, Missile Range (Short-range missiles, Medium-range missiles, Intermediate-range missiles, Intercontinental missiles) and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: August 1, 2018||Content info: 104 Pages||
Nuclear warheads can be delivered by means of either nuclear missiles or can be dropped by gravity. Any missile that is capable of carrying a nuclear warhead can be termed as a nuclear missile, and gravity bombs are dropped either by an aircraft or by UAV. Nuclear Missiles and Bomb market is estimated to grow at a CAGR of 2% during the forecast period. The global increase in the military expenditure drives the need for the Nuclear Missiles and Bomb market. The main reason for this growth in expenditure are the conflicts among various countries and various security threats imposed externally and internally, the increasing threats of invasion, the quests of some nations for universal dominance, the volatile relations among the nations, and various technological advancements in the defense field. There has been a gradual increase in the money spent to procure modernized weaponry from all the countries across the world. This demands the countries to allocate more budget for the defense sector.
The theory of Mutual Assured Destruction (MAD) is also expected to be a driver for the market. MAD is a doctrine of national security policy and military strategy in which all the countries at war will have a full-scale use of nuclear weapons, which would cause the complete destruction of both the attacking and the defending nations. MAD is based on the theory of deterrence, which says that the enemy's threat of using strong weapons can be prevented by the use of the same weapons by the defending country. Thus, neither of the sides will initiate an attack using powerful weapons because that would ensure mutual destruction.
There are only a few countries on the planet having nuclear weapons, but two countries - Russia and the United States combined together have a vast share in the market. As of 2017, Russia has the highest number of nuclear warheads in the world, followed closely by the United States. These two countries account for more than 90% of the total number of nuclear warheads in the world.
In April 2018, a USD 143.3 million order was given to the smart munitions experts at the Raytheon Company, which is expected to build 100 Tomahawk Block IV long-range cruise missiles for the US Navy. Each of the missiles are capable of delivering a unitary warhead or nuclear warhead or a conventional sub-munitions dispenser. Following this, in May 2018, U.S. Air Force announced that it has conducted several developmental flight tests of the B61-12 guided nuclear gravity bomb that is intended to be three times more accurate than its predecessors. Meanwhile, Russia, the counterpart of the United States, is also in line with its objective of strengthening its missile and the missile defense systems. In April 2018, the upgraded 'Project 667.BDRM' for SSBN Delta Class IV nuclear-powered ballistic missile submarines was delivered to the Russian Navy. Countries like France, China, the United Kingdom, Pakistan, India, Israel, and North Korea are next to follow, but their total sum does not even account for 10% of the total number of nuclear warheads in the world. Thus, Russia and the United States currently have the largest market share in the Nuclear Missile and Bomb market, mainly driven by the fact that there was a continuous demand from these militaries for the nuclear warheads, owing to their engagement in various global conflicts. These two countries are expected to continue their dominance in the Nuclear Missile and Bomb market during the forecast period.
Nuclear Missile and Bomb Market Major Players:
MBDA, Raytheon Company, Lockheed Martin Corporation, Northrop Grumman Corporation, and Thales Group among others.
Nuclear Missile and Bomb Market Recent Developments:
Mar 2018: Russia announced that it has successfully carried out the second test launch of its most advanced nuclear-capable intercontinental ballistic missile. This missile was named as 'Satan 2' by NATO.
Jul 2016: North Korea is currently working on the development of a submarine capable of firing nuclear missiles.
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