Market Research Report
Global Missiles and Missile Defense Systems Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights
|Global Missiles and Missile Defense Systems Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights|
Published: October 8, 2021
Content info: 152 Pages
Delivery time: 1-2 business days
Global Missiles and Missile Defense Systems Market to 2031 report provides the market size forecast and the estimated Compound Annual Growth Rate (CAGR) for the next ten years. 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, Defense Analyst at GlobalData: "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.
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