The report "Missile Defense System Market by Technology (Fire Control System, Weapon System, Countermeasure System, and Command and Control System), by Domain (Ground, Air, Marine, and Space), by Range (Short, Medium, and Long), by Threat Type (Subsonic Missiles, Supersonic Missiles, and Hypersonic Missiles) - Global Forecast to 2030", The global missile defense system market is expected to register a 5.5% CAGR during the forecast period. Missile defense is a system, weapon, or technology that detects, intercepts, tracks, and destroys missiles. Factors attributing to the growth of the global missile defense system industry include a constant increase in the defense budget globally, rising conflicts among countries, and surging demand for the sophisticated missile defense system to counter modern combat around the country’s border. The missile defense system market is seeing increased investment in hypersonic missile capabilities, which is driving investment in comparable defensive capabilities. Additionally, the government of several nations, including Saudi Arabia, the US, China, and India, are projected to increase their investments in missile defense projects, creating potential prospects for market participants. Furthermore, the increasing R&D expenditures and declining costs will open up new market prospects and boost the global missile defense system industry. In addition, the global market for missile defense systems will continue to be supported by the ongoing war on terrorism.
In August 2022, the Missile Defense Agency (MDA) has given Northrop Grumman Corporation an indefinite delivery, indefinite quantity contract with a maximum value of $3,286,745,005 for the Ground-based Midcourse Defense (GMD) Weapon System (GWS) project.
Browse 63 market data Tables and 40 Figures spread through 200 Pages and in-depth TOC on " Missile Defense System Market by Technology (Fire Control System, Weapon System, Countermeasure System, and Command and Control System), by Domain (Ground, Air, Marine, and Space), by Range (Short, Medium, and Long), by Threat Type (Subsonic Missiles, Supersonic Missiles, and Hypersonic Missiles), and Region - Global Forecast to 2030"
By technology, fire control systems are anticipated to have significant growth during the forecast period.
Fire Control Systems is anticipated to have a significant growth owing to the robust adoption of missile defense systems in several applications such as land, naval, and airborne. The need for Fire Control Systems is growing rapidly across the globe because they are able to launch missiles, mortars, torpedoes, and automatic grenades. Additionally, a number of market participants are continually seeking contracts to upgrade the capabilities of these systems, which will increase revenue generation over the course of the projection period.
“Asia-Pacific is predicted to witness the fastest growth in the Missile Defense System Market during the forecast period.”
Asia-Pacific is expected to be the fastest growing region in the missile defense system market and is considered to be the most profitable market for providers supplying lucrative equipment owing to the increased defense expenditure by major countries like India, China, South Korea, etc. China has increased its regional spending so as bridge the military capability gap with the US and to keep its hold in the APAC region.
Some of the major players in the global Missile Defense System industry include Boeing, Lockheed Martin Corporation, Saab, Northrop Grumman, Raytheon Technologies Corporation, Thales, General Dynamics Corporation, SAFRAN, BAE Systems, and Hanwha Defense.
Global Missile Defense System Market Coverage
Technology Insight and Forecast 2018-2030
Domain Insight and Forecast 2018-2030
Range Insight and Forecast 2018-2030
Threat Type Insight and Forecast 2018-2030
Missile Defense System Market by Region
Rest of the World (RoW)