Intercontinental Ballistic Missiles are missiles that are guided. It exhibits a greater degree of speed and accuracy as compared to other ballistic missiles. These can carry warheads and can target a large chunk at the same time. From various platforms such as trucks, submarines, and missile silos, intercontinental missiles can be operated. Intercontinental ballistic missile is commonly known as ICBM. It has the longest range. It is capable of delivering so many types of weapons; they are, nuclear, biological, and chemical. It is much faster in speed compared to Medium-range ballistic missiles and intermediate-range ballistic missiles. Presently, countries are developing new ICBMs with greater range, advanced propulsive systems, and high destructive power. For example, ICBMs are invented to support Multiple Independently Targetable Re-entry vehicles, which enables a single missile to carry multiple warheads. Each of the warheads is capable of striking different targets. Due to their advantage over small, medium, and intermediate missiles in high accuracy and high range, countries are started developing these missiles, which in turn enhances the growth of the intercontinental ballistic missile. In addition, a rise in security threats concerns and border threats also will drive the demand for an intercontinental ballistic missiles. The missile system does not allow to get to know the origin of the missiles and hence the enemy attack risk is minimized. The development of smokeless missiles also fuel the growth of intercontinental ballistic missiles. ICBM’s primary objective is to deliver nuclear warheads. The countries, which have operational ICBMs, are Russia, The U.S, India, North Korea, China, France, and the United Kingdom. ICBMs origin lies in World War II, Germany. From, then there had been massive changes occurred to make it accurate and efficient.
Major factors driving the growth of the market
ICBM increases defense budgets across the countries of the world. Due to the increase in GDP (Gross Domestic Product), the defense budget is also increasing which enhances and drives the growth of Intercontinental ballistic missiles. There is a rise in national security concerns and frequent border disputes, to decrease these fear the countries are heavily investing in order to defend themselves. Intercontinental missile technology has become more reliable and efficient with the usage of cutting-edge technology. This is also expected to drive market growth. The development to invent sophisticated technologies that are intercontinental ballistic missiles would increase the demand for these missiles. In the forthcoming period, the development of missiles will grow exponentially. The use of strategic management, machine learning, and sophisticated business intelligence technology would be prevalent. Nuclear intercontinental ballistic missiles are developed by the military superpowers, which are anticipated to drive the ICBM market worldwide. To protect themselves from security threats from the sea, countries around the world are investing in submarine-based intercontinental ballistic missiles. This in turn is expected to boost the market growth of Intercontinental Ballistic Missiles.
Trends influencing the growth of the market
Accuracy, speed, and range are the drivers for guided weaponry, whatever the nature of the requirement and class of the system. Together they all contribute to the effectiveness of the missile lethality. Only a small number of weapons is needed to engage if the high probability target is need to be reached. If suppose, a greater number is to be used, then the mow probability of reaching the target should be accepted. The interest of Europe was further spurred by the use of conventional cruise missiles. The Storm Shadow and the German Taurus began their development. Both of them use imaging infrared seekers for terminal guidance and in the midcourse correction, inertial and satellite navigation are used.
The causes, such as increasing border threats, concerns in national security, and changing dynamics of warfare in countries such as The U.S and Russia, and other countries wanted to incline their enhancement towards missile arsenal, which in turn fueled the growth of the intercontinental ballistic missile market. The old missiles are modernized with new warheads and propulsion systems. Some of the restraints are technology is of high cost. The cost of innovation is increased significantly if the technology involved in the development of intercontinental ballistic missiles is increased rapidly. In the forthcoming years, the cost of skilled labor involved in the technology will also be increased; all of these will negatively affect the market growth.
BAE system was awarded a contract by The U.S air force. It is an 18-year, $12 billion contract, to continue supporting the nation’s ICBMs (Intercontinental Ballistic Missiles). A contract was awarded to Northrup Grumman by the U.S forces; it is an Engineering and manufacturing development contract for the GBSD (Ground Based Strategic Deterrent) ICBM (Intercontinental Ballistic Missile) program.