(MENAFN- America News Hour) The asia-pacific missiles and missile defense systems market
is anticipated to register a CAGR of over 10% during the forecast period.
– Asia-Pacific has been one of the global hotspots for military conflicts. The increasing number of territorial issues in the region propelled the countries to procure advanced missiles and missile defense systems to strengthen their defenses against potential adversaries.
– The growth in defense budgets of several nations in the region has also facilitated the procurement of newer missiles and missile defense systems, thereby, driving the growth of the market.
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Key Market Trends
Intercontinental Missiles are Anticipated to Register the Highest CAGR During the Forecast Period
Based on segmentation by range, the intercontinental missiles segment is expected to register the highest growth during the forecast period. The manufacturing and procurement costs of the intercontinental missiles are higher compared to others, as they need to travel farther distances and deliver more lethal warheads (like nuclear weapons) with high accuracy, compared to small, medium, and intermediate-range missiles. In Asia-Pacific, countries like China, India, Pakistan, North Korea, and South Korea, have been developing intercontinental missiles. In addition to the existing intercontinental missiles, countries in the region are also focusing on developing submarine-launched ballistic missiles (SLBMs) that have intercontinental ranges. For instance, India is currently developing the K-6 missile, which is an intercontinental submarine-launched ballistic missile with an expected range of around 6,000 km. The Advanced Naval Systems Laboratory of the Defense Research and Development Organization is developing the K-6. India also successfully test-fired another long-range intercontinental ballistic missile (ICBM), Agni-V from Dr. Abdul Kalam Island in the Bay of Bengal off the coast of the eastern Indian state of Odisha in December 2018. Such developments are expected to help the growth of the segment in the years to come. In addition, the advantages of the intercontinental missiles compared to other types are expected to be a key factor in attracting more investments toward the development of intercontinental nuclear missiles in Asia-Pacific during the forecast period.
China was the Largest Market for Missiles and Missile Defense Systems in Asia-Pacific in 2022
In 2019, the market for missiles and missile defense systems in Asia-Pacific is dominated by China. China is the second-largest defense spender in the world. The country has grown its missile strength over the years. China has one of the largest inventories of missiles in the world, placing it among the top 5 countries possessing the greatest number of missiles globally. The disputes over the South China Sea and with several other neighboring nations have propelled the country to build and deploy a sophisticated, lethal, and advanced missile arsenal. The country has a combination of ballistic and cruise missiles launched from air, land, and sea, further enhancing the country's missile strength. China is also testing advanced missile systems. For instance, in December 2019, China's military conducted a flight test of a new intercontinental submarine-launched ballistic missile named the JL-3. In addition, with the adversary countries also developing advanced missile systems, the threat of missile proliferation has resulted in the country developing advanced missile defense systems for homeland protection. For instance, Russia, in October 2019, announced that it is helping China build a missile defense system to warn of ballistic missile launches. The new missile defense system is expected to radically enhance China's defense capabilities. All these factors are expected to help the country dominate the market in the years to come.
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Competitive Landscape
Some of the prominent players in the Asia-Pacific missiles and missile defense systems market are Defense Research and Development Organization, China Aerospace Science and Industry Corporation, Mitsubishi Heavy Industries, JSC Tactical Missiles Corporation, and Hanwha Group, among others. Most of the missile developments in the Asia-Pacific are being done by the publicly owned companies, locally. Countries in the region, like China, India, and South Korea, among others, have emphasized on developing their own missiles indigenously, thereby, making it tough for the foreign players to penetrate the market. This indigenous development is fueled by the interoperability issues of missile systems of certain countries with the missile defense systems of other countries. Countries in the region are collaborating with other nations to develop advanced missile systems. For instance, BrahMos, a joint venture of the DRDO of India and the NPOM of Russia, is developing medium-range supersonic ramjet cruise missiles. In December 2019, India conducted separate trials of two variants of the BrahMos to check its capability to hit targets with precision and accuracy. Such joint development of missiles will facilitate the technology transfer between nations, thereby, enhancing the innovations in the market.
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