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Missile Defense System Market Report 2024-2033 | Size, Share And Insights
Missile Defense System Market
The Business Research Company presents an extensive market research report on the Missile Defense System Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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.
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Key Market Players:
Major companies operating in the missile defense system market report are The Boeing Company, Lockheed Martin Corporation, Deloitte Touche Tohmatsu Limited, China Aerospace Science and Technology Corporation (CASC), General Dynamics Corporation, Honeywell International Inc., BAE Systems plc, NEC Corporation, Safran S.A., Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Leidos Holdings Inc., Raytheon Intelligence & Space - a business segment of Raytheon Technologies Corporation, Textron Systems Corporation, Northrop Grumman Corporation - Mission Systems Sector, Booz Allen Hamilton Inc., Rheinmetall AG, General Atomics Aeronautical Systems Inc., Elbit Systems Ltd., Israel Aerospace Industries Ltd., Israel Military Industries Ltd. (IMI), MBDA France, Diehl Defence GmbH & Co KG, Kongsberg Gruppen ASA, Rafael Advanced Defense Systems Ltd., DRS Technologies Inc., Hanwha Defense Systems Co Ltd., LIG Nex1 Co Ltd., CEA Technologies SAS
Market Drivers:
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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https://www.thebusinessresearchcompany.com/report/missile-defense-system-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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