Dublin, Nov. 18, 2021 (GLOBE NEWSWIRE) -- The "Global Missile Defense System Market - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The missile defense system market size is projected to grow from USD 23.9 billion in 2021 to USD 29.7 billion by 2026, at a CAGR of 4.4% from 2021 to 2026.
The market is driven by various factors, such as increasing defense programs of nations to protect against various threats, significant investments in indigenous missile defense systems, increasing need for missile detection systems, and increasing use of early warning systems for potential air and missile attacks.
The missile defense system market will majorly be driven by the increasing use of early warning systems for potential air and missile attacks. Air and missile defense systems are used to monitor various enemy airborne units, such as aircraft, UAVs, and ballistic and cruise missiles.
These systems generally use long-range L-band radars and satellites for surveillance. These systems provide early warning and tracking capabilities to command and control systems. Countries such as the US, Russia, China, India, and North Korea have developed intercontinental ballistic missiles, and are working on missiles with hypersonic capabilities.
Early warning systems are required to successfully defend against airborne threats. Hence, various countries are investing heavily in the development of such systems. In March 2019, Northrop Grumman Corporation secured a contract worth USD 350 million from the Polish government to develop two battle management systems to assist Polish military authorities in dealing with uncertain information concerning potential air and missile attacks.
The missile defense system market includes major players Lockheed Martin Corporation (US), Boeing Company (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), and General Dynamics Corporation (US).
These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected missile defense system production and services globally in 2020.
The weapon system technology segment is projected to grow at the highest CAGR rate for the missile defense system market during the forecast period.
A weapon system plays an important role in missile defense systems majorly for land, air, and marine platforms. The weapon system segment has been further sub-segmented into interceptors, gun/turret systems, and missile launchers. The weapon system technology segment consists of interceptors, gun/turrets and missile launchers.
The long range segment is projected witness the highest CAGR growth during the forecast period
Based on range, the missile defense system market has been segmented into short (up to 1,000 km), medium (1,000-3,000 km), intermediate (3,000-5,000 km), and intercontinental (more than 5,500 km). Increasing threats of intermediate-range missile launches and asymmetric warfare are some of the factors fueling the growth of the missile defense system market. An increasing threat from intercontinental ballistic attacks across the world is fueling the growth of the intermediate long range missile defense system segment.
The hypersonic missiles threat type segment is projected to grow at the highest CAGR rate for the missile defense system market during the forecast period.
Based on threat type, the missile defense system market has been segmented into subsonic missile, supersonic missile, and hypersonic missile. Technological advancements, continuous R&Ds, as well as the need for advanced missile defense systems across the globe are some of the major factors driving the growth of the threat type segment of the missile defense system market.
The space domain segment is projected to witness the highest CAGR during the forecast period
Based on domain, the missile defense system market has been segmented into ground, air, marine, and space. The need for advanced, multi-domain integration capable missile defense systems across the globe is one of the major factors driving the growth of the domain segment of the missile defense system market. The ground domain segment is projected to witness the highest CAGR during the forecast period.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of missile defense system market during the forecast period. Major companies such Northrop Grumman Corporation , Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
Increasing Defense Expenditure Globally to Develop Air & Missile Defense Systems Will Drive Market Growth During Forecast Period
Weapon System Segment Estimated to Lead Missile Defense System Market During Forecast Period
Supersonic Segment Projected to Lead Missile Defense System Market from 2021 to 2026
India Missile Defense System Market Projected to Register Highest CAGR During Forecast Period
Increasing Defense Programs of Nations to Protect Against Various Threats
Significant Investments in Indigenous Missile Defense Systems
Increasing Use of Early Warning Systems for Potential Air and Missile Attacks
Upgrading C2 Systems for Missile Defense Systems
Increasing Need for Missile Detection Systems
High Cost of Missile Defense Systems
Regulatory Obstacles Related to Arms Transfers
Development of New-Generation Air and Missile Defense Systems
Rising Adoption of Ai in Military Operations
Ai in Missile Defense Testing and Operations
Contemplating Role of Ai in Missile Defense
Advancements in Air Defense Technology
Inability of Missile Defense Systems to Intercept Threats on Any Part of Trajectory
Inability to Address Multiple/Diverse Threats
Ranges and Scenarios
Value Chain Analysis of Missile Defense System Market
Trends/Disruptions Impacting Customer's Business
Revenue Shift and New Revenue Pockets for Missile Defense System Manufacturers
Missile Defense System Market Ecosystem
Private and Small Enterprises
Key Developments from March 2021 to August 2021
Key Developments from July 2021 to August 2021
Porter's Five Forces Analysis
Next Generation Interceptor (Ngi) Program
Hypersonic Defense System
Development of Midcourse Tracking System
Development of Defense Technology
Use Case Analysis
Use Case: Next Generation Interceptors
Impact of Megatrends
Next-Generation Missile Seeker
Active Phased Array Radar (APAR)
Innovations and Patent Registrations
Northrop Grumman Corporation
Lockheed Martin Corporation
Raytheon Technologies Corporation
General Dynamics Corporation
Israel Aerospace Industries
Rafael Advanced Defense Systems Ltd.
Adsys Controls, Inc.
Frontier Electronic Systems Corp.
For more information about this report visit https://www.researchandmarkets.com/r/gfe1ci
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900