(MENAFN- GlobeNewsWire - Nasdaq) New York, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Missiles and Missile Defense Systems Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights" -
The report covers industry analysis including the key market drivers, trends, emerging technologies, and major challenges faced by the industry participants.
It also offers insights regarding key factors and government programs that are expected to influence the demand for missiles and missile defense systems market over the forecast period.
The air defense modernization and advanced precision strike missile procurement programs by key defense spending countries, such as the US, Russia, China, India, and the UK is anticipated to drive the demand for missiles and missile defense systems over the next decade.Several NATO countries are also upgrading their missile defense systems under the NATO Readiness Initiative to respond to any escalation on its eastern flank.
The move was primary driven due by the introduction of advanced strategic and conventional missiles, such as the Tsirkon (Zircon), R-30 Bulava, Kh-95, and Kh-47M2 Kinzhal, by Russia. Furthermore, the territorial disputes and armed standoffs between several countries, such as India-China, India-Pakistan, North Korea-South Korea, and China-Taiwan, are expected to increase the deployment of missiles and associated launch systems.
The missiles segment is expected to be the largest segment with an approximate share of 56.5% of the global missiles and missile defense systems market over the forecast period. The segment growth is expected to be driven by multiple high-value procurement programs worldwide, including the AGM-181 Long Range Stand Off Weapon (LRSO), Next-Generation Interceptor (NGI), Ground Based Strategic Deterrent (GBSD), and Patriot Advanced Capability 3 (PAC-3) by the US, Kh-95 and Kh-47M2 Kinzhal by Russia, Dong Feng-21 by China, and AGM-88 HARM by Saudi Arabia, among others. According to Chandan Kumar Nayak: "A rise in asymmetric warfare, geopolitical conflicts, and territorial disputes have influenced countries to initiate military modernization programs focusing on the development and induction of precision guided missiles and missile defense systems into their inventory. These factors are expected to fuel the growth of missiles and missile defense systems market over the next decade."
Asia-Pacific region is expected to dominate the global missiles and missile defense systems market from 2021 to 2031.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.
Key Highlights
- The global missiles and missile defense systems market is expected to grow at a CAGR of 3.51% over the forecast period.
- The global missiles and missile defense systems market is classified into two categories: Missiles, and Missile Defense Systems.
- Asia-Pacific is expected to dominate the global missiles and missile defense systems market over the forecast period with a market share of 29%, followed by North America and Europe.
- Missiles is expected to be the largest segment over the forecast period.
Who Should Buy
- Defence Startup's, Original Equipment Manufacturers (OEMs), Defence Planners, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
- The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
- The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.
Scope
In particular, the report provides an in-depth analysis of the following -
- Market size and drivers: Detailed analysis during 2021-2031, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
- Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the existing missiles and missile defense systems projects being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants.
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
- Major programs: details of the key programs in each segment, which are expected to be executed during 2021-2031.
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global missiles and missile defense systems market. It provides an overview of key players, their strategic initiatives, and financial analysis.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the global missiles and missile defense systems over the next ten years
- Gain in-depth understanding about the underlying factors driving demand for different missiles and missile defense systems segments in the top spending countries across the world and identify the opportunities offered
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major factors that are driving the global missiles and missile defense systems market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global missiles and missile defense systems market
- Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top missiles and missile defense systems solution providers around the world. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available
Read the full report:
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