Missiles and Missile Defense Systems Market - Growth, Trends and Forecast (2022 - 2030)

Market Overview

The missiles and missile defense systems market is estimated to grow at a CAGR of over 10% during the forecast period (2019-2024).
- The growing conflicts between various countries and the increasing number of investments on missile defense systems being made by various countries worldwide shall be the major factors driving the market.
- Technological advancement in terms of missiles and missile defense systems shall lead to various countries procuring advanced missile defense systems which shall propel growth in the near future.
- Additionally, fight against terrorism is also expected to support the growth of the missiles and missile defense systems worldwide.

Scope of the Report

Missile Defense System refers to a system which provides defense against any missile type (conventional or nuclear) by any country. Additionally, any mechanism which can help to detect and then destroy a missile before it causes damage is known as a missile defense system. The report covers an analysis of missiles/missile defense systems by the range and missile type.

Key Market Trends

Intercontinental Missiles is Anticipated to Register Highest CAGR During the Forecast Period

Currently, intercontinental missiles have the highest share out of all the segments. Intercontinental are those missiles which have a minimum range of 5,500 km. 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. There has been a significant increase in recent times in terms of the development of intercontinental missiles by various countries. The BrahMos Project which has been completed by India and Russia together is one such example. Intercontinental ballistic missiles offer many advantages due to their big range and capabilities in carrying the nuclear warheads. The growth in defense expenditure of the countries across the world and the advantages of the intercontinental nuclear missiles compared to other types are expected to be a key factor in attracting more investments towards the development of intercontinental missiles. Thus, upcoming developments shall increase the focus on this segment, and this shall be the reason for its expected high CAGR.

North America will Continue to Lead the Missiles and Missile Defense Systems Market by 2024

In the missiles and missile defense systems market, North America is generating the highest revenue at present. The region of North America is the biggest defense spender worldwide. North America is witnessing an increase in the number of developments related to missile and missile defense systems. Recently, the United States successfully carried out testing of a key missile defense system which has the capability to knock down incoming intermediate-range missiles. The Aegis Ashore system which was used in the latest test carried out was fitted with a Standard Missile 3 Block IIA (SM-3 IIA) interceptor being developed in a joint venture between Raytheon Co and Japan’s Mitsubishi Heavy Industries Ltd. The successful test has also led to the US military exploring various options of adding another layer of missile defenses to the already placed defense systems for intercepting incoming missiles. In a new turn of events, the Trump administration have also announced that they are in plans to launch a new strategy for aggressive space-based missile defense system in order to protect the country against existing threats from countries such as North Korea and Iran as well as counter advanced cruise missiles which are being currently being developed by China and Russia. Thus, various ongoing developments shall lead to a growth in the missiles and missile defense systems market in the North American region in the near future.

Competitive Landscape

Various players such as Raytheon Company, The Boeing Company, Lockheed Martin Corporation, Israel Aerospace Industries, Northrop Grumman Corporation among others are occupying significant market share in the Missiles and Missile Defense Systems Market. Various initiatives, as well as product innovations, have led the companies to strengthen their presence in the market. In 2018, Israel Aerospace Industries (IAI) reported that they have been awarded an additional USD 777 million contracts to supply LRSAM Air & Missile Defense Systems for seven ships belonging to the Indian Navy. IAI further reported that the contract has been entered with Indian state-owned company Bharat Electronics Limited (BEL) which is the main contractor for the project.

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