The Missile Defense System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Missile Defense System Global Market Report 2024, The missile defense system market size has grown rapidly in recent years. It will grow from $28.44 billion in 2023 to $31.76 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to government spending & defense budgets, terrorism and asymmetric threats, treaties and agreements, strategic defense initiative (SDI), space race influence.
The missile defense system market size is expected to see rapid growth in the next few years. It will grow to $47.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to impact of arms control agreements, geopolitical instability, emerging threats, military modernization programs, space-based defense systems. Major trends in the forecast period include intercontinental ballistic missile (ICBM) threats, hypersonic weapons development, drone and UAV threats, directed energy weapons advancements, artificial intelligence integration.
The surge in defense spending globally is expected to drive the growth of the missile defense system market in the forecast period. The surge in defense expenditure facilitates the implementation of expensive but necessary missile defense system technologies. The advancements in weapons and attacking capabilities worldwide have created the demand for the installation of defense technologies by governments to prevent threats from foreign countries. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based independent international institute dedicated to research into conflict, armaments, arms control, and disarmament, total global military expenditure increased by 3.7% in real terms in 2022 to a record high of $2,240 billion. In 2022, Russian military spending is projected to increase by 9.2%, or $86.4 billion. Moreover, the overall military expenditure in Asia and Oceania was $575 billion, an increase of 2.7% compared to 2021. Therefore, the surge in defense spending globally drove the growth of the missile defense system market.
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The missile defense system market covered in this report is segmented –
1) By Technology: Fire Control System, Weapon System, Countermeasure System, Command And Control System
2) By Domain: Ground, Air, Marine, Space
3) By Range: Short, Medium, Long
4) By Threat Type: Subsonic Missiles, Supersonic Missiles, Hypersonic Missiles
Major companies operating in the missile defense system market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in December 2022, Lockheed Martin Corporation, a US-based aerospace company, announced a collaboration with Rafael Advanced Defense Systems Ltd., an Israel-based defense technology company. Lockheed Martin and Rafael Advanced Defense Systems have signed a teaming agreement to jointly develop, test, and manufacture High Energy Laser Weapon Systems (HELWS) in both the U.S. and Israel. Leveraging Rafael’s pioneering IRON BEAM project, a 100kW-class High Energy Laser Weapon System designed for ground-based air defense, the partnership aims to expand the capabilities of this cutting-edge technology and introduce it to the American market. This collaborative effort is poised to enhance air and missile defense with state-of-the-art laser technology, addressing emerging threats such as rockets, mortars, and UAVs, and exploring opportunities for broader applications in the United States and potentially beyond.
The missile defense system market report table of contents includes:
- Executive Summary
- Missile Defense System Market Characteristics
- Missile Defense System Market Trends And Strategies
- Missile Defense System Market – Macro Economic Scenario
- Global Missile Defense System Market Size and Growth
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- Global Missile Defense System Market Competitive Benchmarking
- Global Missile Defense System Market Competitive Dashboard
- Key Mergers And Acquisitions In Missile Defense System Market
- Missile Defense System Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- The Boeing Company
- Lockheed Martin Corporation
- Deloitte Touche Tohmatsu Limited
- China Aerospace Science and Technology Corporation (CASC)
- General Dynamics Corporation
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