The Global Missile Defense System Market size is expected to grow from USD 24.86 billion in 2022 to USD 36.17 billion by 2030, at a CAGR of 4.8% during the forecast period (2023-2030).
Market Overview:
Missile defense systems are land and sea-based technology that defense forces utilize to defend against a range of missiles, including cruise and ballistic missiles. The need for missile defense systems has increased significantly as a result of the growth in hostilities and war-like conditions in many regions of the world. Missile defense systems keep national assets and individuals safe from missile assaults. Missile defense systems are a sort of missile defense that protects a country from incoming missiles like intercontinental ballistic missiles (ICBMs) and other ballistic missiles.
Top Key Players for Missile Defense System Market:
The Boeing Company, Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman Corporation, United Technologies, BAE Systems plc, General Dynamics Corporation, Leonardo Spa, MBDA, Rheinmetall AG, Thales Group, and other major players.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.
Market Dynamics and Factors for the Missile Defense System Market:
Drivers:
Defense Spending is on The Rise All across the World
In recent years, global defense spending has increased at an exponential rate. Global defense spending hit $1,981 billion in 2020, up 2.6 percent year on year, according to the Stockholm International Peace Research Institute (SIPRI).
In 2020, military spending stood at about 2.4 percent of the world's gross domestic product (GDP). As a result, a surge in global military spending has accelerated the implementation of effective missile defense systems such as the Terminal High Altitude Area Defense (THAAD) system in the United States, Israel's Iron Dome system, and Russia's S-400 system. As a result, the rise in military spending is likely to create new opportunities for the missile defense system market to develop throughout the forecast period.Opportunities:
The Rapid Expansion in Graphics Processing Unit (GPU) Hardware Capability
The rapid expansion in graphics processing unit (GPU) hardware capability, along with advances in artificial intelligence (AI) and deep learning systems, has opened up new prospects for employing AI to handle exceedingly complex jobs quicker than more traditional approaches. Within the Army's Integrated Air and Missile Defensive (IAMD) system, applications like tracking and categorization of tracked objects, defense design, and dynamic planning and tasking are all feasible. As a result, the increased use of AI in missile defense systems is expected to propel the missile defense system market forward throughout the projected period.
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Segmentation Analysis of the Missile Defense System Market:
By Type, the weapon system segment is expected to hold the maximum Missile Defense System market during the forecast period. A weapon or piece of technology that detects, tracks, intercepts, and destroys hostile missiles.
By Range, the long-range segment is anticipated to register the maximum market share over the forecast period. Long-range missiles are, without a doubt, the ultimate strategic weapon.
By Type
- Weapon System
- Command & Control System
- Fire Control System
- Countermeasure System
By Range
- Short
- Medium
- Long
By Domain
- Ground
- Marine
- Air
- Space
Regional Analysis of the Missile Defense System Market:
The North American region is expected to dominate the missile defense systems market during the forecast period. North America is the world's largest spender on defense. The number of advancements linked to missile and missile defense systems in North America is on the rise. Weapons and missile defense systems are budgeted at USD 13.6 billion in FY2020. In May 2019, the US Department of Defense proposed USD100 million for the FY2020 budget to develop three new missile systems that would violate the 1987 Intermediate-Range Nuclear Forces (INF) Treaty's range restrictions.
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In November 2021, The Missile Defense Agency (MDA) chose Raytheon Missiles & Defense, a Raytheon Technologies subsidiary, as one of the businesses to build and test the first interceptor particularly intended to resist hypersonic threats. Glide Phase Interceptor (GPI) is a revolutionary weapon that will counter a new generation of hypersonic missile weapons that move faster than the speed of sound and maneuver quickly in flight.
In September 2020, the Boeing Company joined hands with General Atomics Electromagnetic Systems (GA-EMS) and Aerojet Rocketdyne in its bid to establish the Next Generation Interceptor (NGI) for the U.S. Missile Defense Agency (MDA). The NGI is a major element of the MDA's missile defense system, which is developed to grab and break up incoming intercontinental ballistic missiles.
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