Market Research Report
Europe Missiles and Missile Defense Systems Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||964489|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Europe Missiles and Missile Defense Systems Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 80 Pages||
The Europe missiles and missile defense systems market is expected to exhibit a growth rate of more than 7.5% during the forecast period (2020 - 2025).
Increasing Demand for Missile Defense Systems in Europe
European countries are heavily investing in the procurement and development of missile defense systems. Technological advancements and developments in Network-Centric Warfare capabilities are constantly being used for the upgrade of European missile defense shield that provides protection against missile threats to nearly entire geography. European nations are currently focused on developing integrated air defense systems that can be used from multiple platforms. Germany in 2019 ramped up its collaboration efforts with other countries for the development of short and medium-range air defense systems known as Taktisches Luftverteidigungssystem (TLVS). Lockheed Martin and MBDA partnered for the TLVS program to develop a system equipped with 360-degree radar and its hit-to-kill technology provides defense against tactical ballistic missiles, cruise missiles, UAVs, aircraft, and other aerial threats. Aegis Ballistic Missile Defense System is currently being used by naval forces of Spain, Norway, etc. The systems use SM3, SM2, and SM6 missiles for interception of ballistic missiles, aircraft, and cruise missiles. The system is currently upgraded with systems such as Raytheon AN/SPY - 6(V) radars. Aegis Ashore System, which is a land-based version of Aegis Combat System received a significant upgrade in August 2019. The aforementioned factors, instances and programs are fuelling the growth of missiles and missile market in the region.
Russia to Exhibit the Highest Growth Rate
Russia has one of the largest defense budgets in Europe and it spends a significant portion of it on the development of missile technology. The defense modernization efforts and arms race with the United States, China, and other European countries is propelling the growth of missiles and missile defense systems market in Russia. In December 2019, Russia deployed Avangard hypersonic missile system which is capable of carrying 2 megatons nuclear warheads at speed of 20 to 27 Mach. In April 2020, Russia carried out successful testing of PL-19 Nudol missile that acts as both an anti-ballistic missile interceptor and an anti-satellite missile. Russia's S-400 air defense missile system is highly efficient than its counterparts and increasing orders from countries such as Iran, India, Turkey, etc. is generating huge revenue for the Russian missile industry. Russia is also making significant investments in its air superiority capability. In November 2019, Russia displayed an unnamed air-to-air missile at Vympel design facility in Moscow which is alleged to be used in new Su-57 fighters. The Russian government is also actively upgrading its missile systems such as R-73 with active imaging infrared (IIR) seekers to easily tackle countermeasures. Russia is also making significant developments in anti-tank missiles and in 2019, it started trials of 9M133F-1 Kornet anti-tank missiles from BMD-4M airborne assault vehicle. Tula Arms Plant, the manufacturer of Kornet missiles started serial production of missiles in 2019. The aforementioned factors are propelling the growth of the market in Russia.
The Europe Missiles and Missile Defense Systems Market is moderately fragmented. Some of the prominent players in the market are MBDA Missile Systems, Saab AB, Lockheed Martin Corporation, and JSC Tactical Missile Corporation among others. The market is witnessing a significant investment in research and development and many missile manufacturers are collaborating, forming joint ventures for sharing of technology and expertise. Key players are generating revenue through the sale of missiles and missile defense systems to national and foreign governments.