Pune India, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Missile Defense System Market Size By Range (Short-Range, Medium-Range, and Long-Range), By Technology (Fire Control Systems, Countermeasure Systems, Weapon Systems and Command & Control Systems), By Domain (Air, Ground and Marine), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the missile defense system market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the missile defense system market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, technology, domain, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant global missile defense system market players are MBDA Inc., BAE Systems, Thales Group, L3Harris Technologies, Inc, ESSI Security and Defence, Boeing, Chara Technologies, Bharat Dynamics Limited, Evigway Technologies, General Electric, Lockheed Martin Corporation, Northrop Grumman among others. To achieve a substantial market share in the worldwide missile defense system market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Defense systems are designed to detect missiles entering a nation's airspace, assess their trajectory, likely target, and impact to intercept and neutralize them to prevent any destruction. Artificial intelligence is becoming increasingly popular among missile defense systems as global defense expenditure increases. AI allows missile defense systems to expand the scope of their surveillance and better identify their targets through improved imaging and navigation. By using AI, missile defense systems can process and diagnose data faster, thereby intercepting incoming missiles more accurately and with more precision. Further, massive investments will be made in R&D activities and costs will be declining, resulting in an increase in the global missile defense system market. As a result, the global missile defense system market will continue to be driven by the fight against terrorism. Furthermore, a wide variety of high-end components with the best techniques are used to produce and assemble these systems. Because these systems require high-speed cruise missile intercepts, high-speed supersonic and hypersonic missile intercepts require accuracy, engineers and other experts must be skilled in producing these systems and their assemblage. In addition, each defense weaponry must undergo numerous trials before it is officially introduced into the army's arsenal, all these factors are hampering the growth of the market.
Scope of Missile Defense System Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Range, Technology, Domain, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | MBDA Inc., BAE Systems, Thales Group, L3Harris Technologies, Inc, ESSI Security and Defence, Boeing, Chara Technologies, Bharat Dynamics Limited, Evigway Technologies, General Electric, Lockheed Martin Corporation, Northrop Grumman among others |
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Segmentation Analysis
Medium-range is expected to be the fastest-growing segment in 2022.
The range segment includes short-range, medium-range, and long-range. The medium-range segment is expected to witness the highest growth rate during the forecast period. An immediate hostile neighbour is usually a source of national security threats for any country. Border disputes or territorial conflicts are the primary reason for hostility among neighbours. A growing number of nations are developing medium- or intermediate-range ballistic or cruise missiles that can destroy the targets of their neighbours. Medium-range missile defense systems are also developed on a much larger scale than other ranges to intercept medium-range missiles from neighbouring countries.
The weapon system is expected to be the fastest-growing segment in 2022.
The technology segment includes fire control systems, countermeasure systems, weapon systems and command & control systems. The weapon system segment is expected to witness the highest growth rate during the forecasted period. During the forecast period, weapons systems are expected to grow at 5.52% at the fastest rate. It is easier for an operator to control a range of weapons, functions, and commands with the integration of weapons systems, improving the effectiveness of defense systems. A weapon system can control and operate specific weaponry through automation. It is anticipated that the use of artificial intelligence will improve the efficiency and effectiveness of weapons systems and therefore drive the growth of this market.
Ground is expected to be the fastest-growing segment in 2022.
The domain segment is divided into air, ground and marine. The ground segment is expected to witness the highest growth rate during the forecast period. With a market share of around 48% in 2021, the ground segment dominated the market. In order to protect the country from earlier mentioned missiles, ground-based missile defense systems have been highlighted in light of the growing production of land-attack cruise missiles with improved range, robust propulsion systems, and precision strike capabilities.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the missile defense system market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. It is anticipated that North American markets will continue to grow rapidly over the forecast period because of the United States' largest military spending. Since the country invested heavily in procuring and developing new missiles and missile defense systems over the last few years, it is also investing heavily in developing new missile defense systems over the next few years.
Country Analysis
- Germany
Germany's missile defense system market size was valued at USD 1.95 billion in 2022 and is expected to reach USD 4.11 billion by 2030, at a CAGR of 9.8% from 2023 to 2030.
As a result of Germany's increased naval expenditures, the market for anti-ship missiles is growing. Germany is spending a lot on hypersonic missile research and development, which will propel the growth of the European missile market during the forecast period. European nations, such as Germany, are developing their missile defense systems locally in order to reduce their dependency on NATO and the United States.
- China
China’s missile defense system market size was valued at USD 2.02 billion in 2022 and is expected to reach USD 4.3 billion by 2030, at a CAGR of 10% from 2023 to 2030.
Among the top five countries worldwide with the largest arsenal of missiles, China has one of the largest inventories of missiles. As a result of disputes over the South China Sea and other neighbouring nations, the country has built and deployed an advanced, lethal missile arsenal.
- India
India's missile defense system market size was valued at USD 1.56 billion in 2022 and is expected to reach USD 3.3 billion by 2030, at a CAGR of 9.9% from 2023 to 2030.
Developed missiles can reach targets inside enemy lines and destroy them precisely, and the country is working on showcasing its military prowess so that deterrence can be used effectively to prevent war. This increase in defense spending will lead to a positive impact on the market for defense missile systems as it focuses on developing systems that can protect the country from these high-end lethal missiles.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to rising safety concerns and technological innovations.
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