Missile Defence Systems Market

Product Overview:

Missile Defence Systems Market size was USD 24.2 billion in 2021 and projected to grow from USD 26.5 billion in 2023 to USD 40 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period.

Missile defence systems include several technologies used by the defence forces to protect against various missiles, even involving cruise and ballistic missiles. Missile defence systems establish security of citizens and national assets against missile attacks. The necessity of missile defence systems has increased due to the growing conflicts worldwide. Due to the change in nature of warfare several countries look forward to investing in defence which had resulted in the development of missile defence systems.

Market Highlights

Missile Defence Systems Market is expected to project a CAGR of 4.7% during the forecast period, 2022-2032

Missile Defence Systems Market is expected to reach USD 40 billion, growing at a CAGR of 4.7% during forecast period owing to the investments by defence corporations globally on the development of missile defence systems which had boosted the market growth. Increasing investments in R&D activities aids in reducing the cost thereby driving the growth of the missile defence system market. The combining of artificial intelligence in missile systems is expected to boost the growth of the missile defence system market. Modern surveillance systems to detect and prevent approach of stealth threats, are also anticipated the boost the growth of the market.

Missile Defence Systems Market Segmentation:

Weapon System segment is expected to grow with high CAGR during the forecast period

Missile Defence Systems Market is classified based on the Technology into Command and Control System, Countermeasure System, Fire Control System, Weapon System. The Weapon System segment dominated the market in 2021 and is expected to dominate the market in the forecast period owing to the increasing necessity of security at the country’s border. The improvement of missile, firm technological developments in the defence sector are expected to boost the growth of segment. The acceptance of autonomous weapon systems like drones and missiles is creating a growth option for the market.

Ground segment is expected to grow with high CAGR during the forecast period

Missile Defence Systems Market is classified based on the Domain into Marine, Ground, Air, Space. Ground segment dominated the market in 2021 and is expected to dominate the market in the forecast period owing to the increasing requirement to secure ground stations and personnel from suspected threats. The growing requirement to progress multi-domain combination capable missile defence systems is expected to boost the growth of the ground segment in Missile Defence Systems Market.

Market Dynamics:   

Growth Drivers

Increasing Regional Conflicts is Expected to Boost the Growth of the Market

There has been a rise in the conflicts globally. The increasing tensions and conflicts among different countries globally had resulted in the expansion and acquisition of missile defence systems therefore, having a positive impact on the necessity of Missile Defence and resulting in boosting the growth of the market in the forecast period. Increasing military expenditure has resulted in the increased adoption of useful missile defence systems, development of weapons and attacking capacity are expected to boost the growth of the Missile Defence Systems market. 

The Advancements in Technology is Expected to Boost the Growth of the Market

The missile market is expected to grow due to the advancements in missile technology which had led to the progression of tough and efficient missile defence systems, thereby creating demand for the advanced missile defence systems. Several modernization programs are being initiated by the defence in different countries to improve their military capabilities, including merging and distribution of missile defence systems. Various research and development activities in missile defence systems are resulting in the initiation of advanced technologies and concepts and are driving the demand for the growth of the market.

Restraint

High Cost of Missile Defence System May Restrain the Market Growth

The procurement of Missile Defence System involves high price and it leads to the limitation of supply which may restrain the growth of the market. The research and development, procurement and operating of missile defences is expensive which may hamper the growth of the Missile Defence Systems market.

Recent Developments:

• In January 2022, Philippines had an acceptance with BrahMos Aerospace Private Ltd to acquire an anti-ship version of the BrahMos supersonic cruise missile.

• In March 2022, The PAC-3 Missile Segment Enhancement interceptor was unified into Terminal High Altitude Area Defense Weapon System by the Missile Defense Agency, Lockheed Martin and the U.S. Army.

Missile Defence Systems Market

Key Players Covered:

• The Boeing Company
• BAE Systems plc
• Kongsberg defence Systems
• Raytheon Technologies Corporation
• BrahMos Aerospace
• Aerojet Rocketdyne
• Rheinmetall AG
• Thales Group
• Israel Aerospace Industries Ltd
• Leonardo Spa
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Missile Defence Systems Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 and is also expected to continue its dominance over the forecast period owing to the increasing military spending in the countries of this region. The investments in claiming and expansion of new missile and missile defence systems is increasing in the countries and is expected to boost the growth of the market. Government is investing in the development of missile systems and is strengthening its attack and defence systems and is further driving the growth of the Missile Defence Systems market.

Impact of Covid-19 on Missile Defence Systems Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. The spending of military and investments of armed forces in acquisition of new missiles was not affected by the pandemic. Increasing procurement of missile defence systems was expected to boost the market growth during the pandemic period. Covid-19 pandemic had a slight negative impact on the growth of the Missile Defence Systems market.

Missile Defence Systems Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Missile Defence Systems Market Scope and Segments:

Frequently Asked Questions (FAQ):