Global Missiles and Missile Defense Systems Market Report 2023: Rising Military Spending Worldwide Bolsters Sector - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 6, 2023--
The “Global Missiles and Missile Defense Systems Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Range, Missile Type, Missile Defense system and Region” report has been added to ResearchAndMarkets.com’s offering.
According to this analysis, the Global Missiles and Missile Defense Systems Market was valued at ~US$ 20 billion in 2017. The market for Missiles and Missile Defense Systems will be driven by government spending on missiles and missile defense systems across national land and water borders is being driven by rising military budgets in response to rising geopolitical tensions among various countries and fears about terrorism.
It is estimated to be ~US$ 26 billion in 2022 and is expected to reach a market size of ~US$ 40 billion by 2028 growing at a CAGR of ~7% during 2022-2028.
Stand-off weaponry, bombers, helicopters, unmanned aerial vehicles (UAVs), and combat aircraft are all attacked with missile defense systems. Systems for missile defense are made to deal with aerial threats over a variety of lengths, from short to extend to long. Additionally, countries are raising their military budgets in response to escalating geopolitical tensions and worries about terrorism, which is driving up spending on missile defense systems along land and marine borders. This is expected to be the main factor driving the market’s expansion over the forecast timeframe.
Governments are boosting their military spending as a result of escalating geopolitical tensions and worries about terrorism, which is leading to significant investments in missile defense systems (and accompanying missiles) across its land and water borders.
Government agencies and the private sector are collaborating to develop hypersonic missiles and missile defense systems that are technologically cutting edge. The application of artificial intelligence to missile systems is anticipated to hasten the market’s future growth.
The rising expenses of creating missile defense systems and worldwide ambitions to transport such systems and weapons across other nations are the two most important variables that could restrain the market’s expansion.
Key Trends by Market Segment
By Range - The Short (Up to 1,000 kms) segment dominated the market in 2021. It is employed in regional conflicts in the past and in the future because of the close proximity of some nations, as well as its affordability and simplicity of configuration.
- The need for short-range missiles to protect against close, short-range threats from adversary attacks has been fueled by military conflicts involving numerous nations
- In January 2022, the Indian navy, in partnership with the DRDO, successfully tested the Vertical Launch Short Range Surface to Air Missile (VL-SRSAM), which will be outfitted with Indian naval warships
By Missile Type - The Anti-aircraft Missiles segment is expected to be the fastest growing market during the forecast period owing to the adoption of the anti-aircraft missile by various countries worldwide.
- Anti-aircraft missiles are guided weapons intended to harm or kill airplanes and include surface-to-air missiles, air-to-air missiles, and subsurface-to-air missiles
- In June 2022, Germany promised to provide Ukraine with cutting-edge anti-aircraft systems
By Missile Defence system - The Surface-To-Surface Missiles segment accounted for the highest market share in 2021 in the global missile and missile defense system market.
- The growth is primarily due to Surface-to-air missiles (SAMs) of any type can be launched from the ground using missile launchers to combat incoming enemy missiles
- In December 22, 2021, the Defence Research and Development Organization (DRDO), India successfully carried out the first flight test of the home-grown surface-to-surface missile ‘Pralay’ from Dr. A P J Abdul Kalam Island off the coast of Odisha, India
By Geography: North America accounted for the largest market share among all regions in 2021 owing to the rise in investments for defense and military systems in USA
According to the U.S. Missile Defense Agency (MDA), in November 2020 a Standard Missile 3 (SM-3) Block IIA interceptor successfully destroyed an intercontinental-range ballistic missile (ICBM) target in a test for the first time. The SM-3 Block IIA is now the second American interceptor type to demonstrate this capability, a significant accomplishment. The effects for future weapons control and geopolitical stability are grave.
Key Topics Covered in the Report
- Snapshot of Missiles and Missile Defense Systems Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Missiles and Missile Defense Systems Market
- Historic Growth of the Overall Missiles and Missile Defense Systems Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Missiles and Missile Defense Systems Market Industry
- Overview, Disorder Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Missiles and Missile Defense Systems Market
- Future Market Forecast and Growth Rates of the Total Missiles and Missile Defense Systems Market and by Segments
- Market Size of Segments with Historical CAGR and Future Forecasts
- Analysis of the Missiles and Missile Defense Systems Market in Global Regions
- Major Missiles and Missile Defense Systems Type/Supply and Consumption/Demand Hubs in the Region
- Region-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within the Region
Notable Key Players Mentioned in the Report
- MBDA Inc
- BAE Systems
- General Electric
- Lockheed Martin Corporation
- Northrop Grumman
- Bharat Dynamics Limited
- L3Harris Technologies, Inc
- Israel Aerospace Industries Ltd
- ESSI Security and Defence
- TechEagle Innovations
- Chara Technologies
- Evigway Technologies
For more information about this report visit https://www.researchandmarkets.com/r/i3gjik
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INDUSTRY KEYWORD: GOVERNMENT TECHNOLOGY AEROSPACE MANUFACTURING DEFENSE MILITARY
SOURCE: Research and Markets
Copyright Business Wire 2023.
PUB: 01/06/2023 07:27 AM/DISC: 01/06/2023 07:28 AM