Global Missiles and Missile Defense Systems Market is expected to reach a market size of ~US$ 40 billion by 2028: Ken Research
What is the Size of Missile and Missile Defence Systems Industry?
Global Missiles and Missile Defense Systems market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Missiles and Missile Defense Systems Market is largely 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.
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.
Furthermore, 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. Due to the COVID-19 pandemic and the implementation of lockdown by governments were unable to sort operations while working remotely as the area requires the on-site presence of an expert workforce.
Global Missile and Missile Defence Systems market by Range
The Global Missiles and Missile Defense Systems market is segmented by Cable Range 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 Short (Up to 1,000 kms) segment dominated the market in 2022. 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.
Global Missile and Missile Defence Systems market by Missile Type
The Global Missiles and Missile Defense Systems Market is segmented by Missile type into Anti-aircraft Missiles, Anti-ship Missiles and Anti-tank Missiles. 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.
Global Missile and Missile Defence Systems Market by Missile Defence System
The Global Missiles and Missile Defense Systems market is segmented by Missile Defence System into Surface-To-Surface Missiles, Surface-To-Air Missile, Air-To-Surface Missiles, Air-To-Air Missiles, Anti-Ship Missiles and Anti-Tank Missiles. The Surface-To-Surface Missiles segment accounted for the highest market share in 2022 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.
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Global Missile and Missile Defence Systems Market By Geography
The Global Missiles and Missile Defense Systems market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America accounted for the largest market share among all regions in 2022 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.
Competition Scenario in Global Missile and Missile Defence Systems Market
The Global Missiles and Missile Defense Systems Market are fragmented with ~260 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Missiles and Missile Defense Systems. Large global players represent the largest number ~50% of competitors, while country niche players constitute ~20% of competitors. Enhancing defenses against drones is a priority for the industry players related to the field. Government agencies and business entities are working together to develop technologically advanced missiles and missile defense systems, such as hypersonic missiles. Some of the major players in the market include MBDA Inc., BAE Systems., Boeing, General Electric, Lockheed Martin Corporation., Northrop Grumman, Kongsberg, Bharat Dynamics Limited, L3Harris Technologies, Inc., Israel Aerospace Industries Ltd, and others.
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What is the Expected Future Outlook for the Overall Global Missile and Missile Defence Systems market Across the globe?
The Global Missiles and Missile Defense Systems market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Missiles and Missile Defense Systems market is 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. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing Governments Support, the Global Missiles and Missile Defense Systems market is growing steadily. For instance, In July 2022, L3Harris Technologies has been awarded a contract to build the Tranche 1 Tracking Layer satellite programme for the Space Development Agency (SDA), which will serve as “eyes in the sky” detecting, identifying, and tracking advanced missile threats. The contract could be worth US$700 million in total.
Furthermore, In March 2019, the United States Army awarded a US$713 million contract to Northrop Grumman Corporation for the production of an Integrated Air and Missile Defense (IAMD) Battle Command System (IBCS) for the first phase of Poland’s WISA air and defense program.
The Global Missiles and Missile Defense Systems Market is anticipated to grow significantly during the projected period (2022-2028) owing to the geopolitical tensions between various nations and fears about terrorism rise, countries’ military budgets are increasing, which is driving government expenditures in missiles and missile defense across the land and water borders. During the forecast period, it is anticipated to primarily drive market growth. The creation of technologically sophisticated missiles and missile defense systems, such as hypersonic missiles, is currently a joint effort by government agencies and businesses. Future market growth is expected to be accelerated by the incorporation of artificial intelligence into missile systems. Though the market is competitive with ~260 participants, global players control the dominant share and regional players also hold a significant share.
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