Guided Missile & Space Vehicle Manufacturing
Companies in this industry manufacture guided missiles and related defense systems, along with space vehicles. Major companies include US-based Boeing, Lockheed Martin, Northrop Grumman, Raytheon Technologies, and Space Exploration Technologies, plus Airbus Group (the Netherlands), Almaz-Antey (Russia), BAE Systems (the UK), China National Precision Machinery, Leonardo (Italy), Mitsubishi Heavy Industries (Japan), and SAFRAN and Thales (both of France).
Global economic activity in the space industry, which includes space vehicles, is valued at about $450 billion in 2020, according to the Space Foundation. Top exporters for guided missile and space vehicle manufacturers include Saudi Arabia, United Arabian Emirates, Kuwait, Qatar, and South Korea.
The US guided missile and space vehicle manufacturing industry includes about 40 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $18 billion. Manufacture of space satellites is not included in this industry.
Demand for guided missiles depends on government spending on defense. Demand for space vehicles is driven by the need to deliver commercial and noncommercial payloads into Earth orbit or beyond. Large companies enjoy economies of scale in design, manufacturing, and purchasing. Small companies can compete by providing niche products to prime contractors, and by forming joint ventures with larger contractors. The US industry is highly concentrated: the top four companies account for 90% of industry revenue.
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A missile is self-propelled by a rocket engine, guided or unguided vehicle carrying a weapons payload. Missiles are either strategic or conventional. Strategic
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