The Missiles and Missile Defense Systems Market is segmented by Range (Short, Medium, Intermediate, and Intercontinental), Missile Type (Missile Defense Systems, Anti-aircraft Missiles, Anti-ship Missiles, and Anti-tank Missiles), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Missiles and Missile Defense Systems Market Overview
The global Missiles and Missile Defense Systems Market size is projected to reach a CAGR of 4.4% from 2023-2030.
The missiles and missile defense systems market encompasses the traditional aspects of defense forces categorization, including the procurement, upgrade, and modernization plans for capability enhancement of global defense forces. Missile defense systems include land and marine-based technologies used by the defense forces to guard against a variety of missiles, including cruise and ballistic missiles. Amid the rise in conflicts and war-like situations across different parts of the world, the demand for missile defense systems has grown at a significant rate. Missile defense systems ensure the safety of national assets and citizens against missile attacks.
The growing conflicts between various countries and the increasing number of investments in missile defense systems being made by different countries worldwide are the major factors driving the market. Technological advancements, in terms of missiles and missile defense systems, may lead to various countries procuring advanced missile defense systems, which may propel growth in the near future.
In the current scenario of the rise in conflicts and war-like situations that are being witnessed across the world, the development or procurement of missile defense systems is crucial to defend national boundaries. However, the high costs of missile defense systems have resulted in their procurement being limited to only a few nations globally which will result as a restraining factor for the market and will further hamper the growth of market.
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The impact of COVID-19 on the missiles and missile defense systems market was negligible as the military spending and the investments of armed forces into the procurement of new-generation missiles remained unaffected. The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban the import–export of raw materials items for most of 2020 & few months in 2021. This led to a sudden fall in the availability of important raw materials for manufacturing ground defense equipment. Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding the development of modern missile defense systems globally.
Delvens Industry Expert's Standpoint
The missiles and missile defense systems market are a rapidly evolving industry that plays a crucial role in modern warfare. The market is driven by several factors, including geopolitical tensions, technological advancements, and increasing military spending by various countries. Despite challenges such as cost overruns and technical issues, the demand for missiles and missile defense systems is expected to grow significantly in the coming years.
Several countries are investing heavily in the development and deployment of advanced missile defense systems to protect their territories from potential missile attacks. At the same time, other countries are developing new missile technologies to overcome existing missile defense systems. This has led to a new arms race and an increased focus on research and development in the industry.
Key Findings
- The missiles and missile defense systems market encompasses the traditional aspects of defense forces categorization, including the procurement, upgrade, and modernization plans for capability enhancement of global defense forces
- The missile range segment is further segmented into Short (Up to 1,000 kms), Medium (Between 1,000 kms and 3,000 kms), Intermediate (Between 3,000 kms and 5,500 kms), and Intercontinental (More than 5,500 kms). The Intercontinental (More than 5,500 kms) missiles are anticipated to register the highest CAGR during the forecast period. Most advanced intercontinental missiles have a range exceeding 12,000 km. Intercontinental missiles can be launched from submarines and can be monitored and controlled using GPS guidance systems. Military powerhouses, such as the United States, the United Kingdom, China, and India, have been focused on augmenting their military firepower and defensive capabilities.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The asia-Pacific region is expected to dominate the global missiles and missile defense systems market from 2023 to 2030. The region is anticipated to be one of the most lucrative markets for suppliers of lucrative equipment due to increased defense spending by key countries such as India, China, and South Korea, among others.
- The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban the import–export of raw materials items for most of 2020 & few months in 2021. This led to a sudden fall in the availability of important raw materials for manufacturing ground defense equipment. Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding the development of modern missile defense systems globally.
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Missiles and Missile Defense Systems Market Regional Analysis
Asia Pacific to Dominate the Market
- Asia-Pacific region is expected to dominate the global missiles and missile defense systems market from 2023 to 2030. The region is anticipated to be one of the most lucrative markets for suppliers of lucrative equipment due to increased defense spending by key countries such as India, China, and South Korea, among others.
- China’s dominance in regional spending is attributed to its intention to bridge its military capability gap with the US and maintain its hegemony in the Asia-Pacific region. Furthermore, China has been growing its sphere of influence in the region and has also increased its military exports to several other smaller countries in the past decade.
Missiles and Missile Defense Systems Market Competitive Landscape
· Raytheon Company
· Boeing
· Lockheed Martin Corporation
· Northrop Grumman Corporation
· Frontier Electronic Systems Corp.
· Thales Group
· Israel Aerospace Industries Ltd
· ASELSAN A
· Kongsberg Gruppen ASA
· Saab AB
Missiles and Missile Defense Systems Market Recent Developments
- In January 2022, the Philippines signed an agreement with BrahMos Aerospace Private Ltd for the procurement of an anti-ship variant of the BrahMos supersonic cruise missile. The contract is the first export order for the missile and is worth USD 375 million.
- In November 2021, MBDA announced that the company successfully completed the final test firing of the Marte ER anti-ship missile. The functional capabilities and production hardware embedded in the missile are the same as the standard missile. However, the warhead of the missile is inert, unlike the live one in the standard missile. The missile system is expected to become operational by 2022.
Missiles and Missile Defense Systems Market Reasons to Acquire
- Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Missiles and Missile Defense Systems Market so as to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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