Missile Defense System Market To Reach USD 21.04 Billion By 2033; Increasing Defense Expenditure To Propel Growth

Newark, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 13.42 billion in 2023 global missile defence system market will reach USD 21.04 billion in 2033. Modern warfare has increasingly centred on the development and deployment of advanced missiles and rockets. Technological innovations and increased funding have led to the creation of missiles with ranges up to 5000 km and speeds exceeding five times the speed of sound. Nations such as the US, UK, India, China, and North Korea are heavily invested in developing precision-guided missiles capable of striking deep within enemy territory.

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These advancements aim to showcase military prowess and deter potential adversaries, preventing full-scale conflicts. To counter these threats, missile defence systems have become crucial. These systems are designed to detect incoming missiles, track their trajectories, and intercept them before they reach their targets, thereby protecting critical infrastructure, military assets, and civilian areas. The growing sophistication of offensive missile technology has spurred an equally advanced development of defensive systems, which are vital for a nation's security and military success.

Report coverage & details:

Key Insight of the Global Missile defence system Market

North America will dominate the market during the forecast period.

Currently leads the missile defence systems market due to substantial capital investment by the US federal government. The region benefits from strong defence collaborations and a significant presence of private manufacturers engaged in the research and development of advanced missile defence technologies. The US's ongoing investment in developing cutting-edge systems is aimed at maintaining its strategic advantage over competitors such as China and Russia.

In 2023, the medium-range segment dominated the market with the largest market share of 47% and revenue of 6.30 billion.

The range segment is divided into long-range, medium-range, and short-range. In 2023, the medium-range segment dominated the market with the largest market share of 47% and revenue of 6.30 billion.

Over the forecast period, the weapons system segment is expected to grow at the fastest CAGR of 5.2%.

The technology segment is divided into countermeasure systems, fire control systems, command & control systems, & weapons systems. Over the forecast period, the weapons system segment is expected to grow at the fastest CAGR of 5.2%.

In 2023, the supersonic missiles segment dominated the market with the largest market share of 48% and revenue of 6.44 billion.

The threat type segment is divided into subsonic missiles, supersonic missiles, and hypersonic missiles. In 2023, the supersonic missiles segment dominated the market with the largest market share of 48% and revenue of 6.44 billion.

In 2023, the ground segment dominated the market with the largest market share of 50% and revenue of 6.71 billion.

The domain segment is divided into ground, marine, and air. In 2023, the ground segment dominated the market with the largest market share of 50% and revenue of 6.71 billion.

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Advancement in market

The Phase-II Ballistic Missile Defence (BMD) system, developed by the Defence Research & Development Organisation (DRDO), successfully completed a flight test, proving the country's ability to defend against ballistic missiles up to 5,000 km in length. The first phase of the BMD has already been put into action and has a 2,000 km range for intercepting ballistic missiles.

Market Dynamics

Driver: Increasing Defence Expenditure.

The escalation of territorial conflicts and the rise of non-state actors with access to advanced missile technology have heightened security concerns. As a result, nations are boosting their defence budgets to develop and deploy missile defence systems capable of countering sophisticated threats. This trend is expected to drive growth in the missile defence systems market.

Restraints: High Capital Expenditure.

The development and production of missile defence systems require significant investment. These systems involve complex components and advanced technology, demanding high precision and extensive testing. The substantial costs associated with manufacturing, assembling, and maintaining these systems can hinder market growth.

Opportunities: Integration of Artificial Intelligence (AI).

AI advancements are enhancing missile defence systems by improving surveillance capabilities, target identification, and data processing. AI integration allows for more precise interception of incoming missiles and offers potential for further expansion and improvement in missile defence technologies.

Challenges: Integration with Conventional Systems.

Advanced missile defence systems must be compatible with existing military infrastructure, including sensors, command and control systems, and battle management controls. This integration process is complex and requires careful execution. Additionally, regulatory compliance and technology transfer issues can pose challenges, as seen with instances like the CAATSA sanctions imposed on Turkey by the US for purchasing the S-400 system from Russia.

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Some of the major players operating in the global missile defence system market are:

. BAE Systems
. General Dynamics Corporation
. Leonardo Spa
. Lockheed Martin Corporation
. MBDA Missiles Systems
. Northrop Grumman Corporation
. Rafael Advanced Defense Systems Ltd.
. Raytheon Technologies Corporation
. Thales Group
. The Boeing Company

Key Segments covered in the market:

By Range

. Long Range
. Medium Range
. Short Range

By Technology

. Countermeasure System
. Fire Control System
. Command & Control System
. Weapons System

By Threat Type

. Subsonic Missiles
. Supersonic Missiles
. Hypersonic Missiles

By Domain

. Ground
. Marine
. Air

By Region

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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