Missile Defense System Market Is Anticipated To Project Robust Growth With A CAGR Of 4.4% By 2030

The Global Missile defense system market size was valued at $26.16 billion in 2020, and is projected to reach $40.04 billion by 2030, registering a CAGR of 4.4% from 2021 to 2030.

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Rise in number of conflicts throughout the world and surge in defense spending globally are expected to drive the missile defense system market during the forecast period. However, high cost associated with the missile defense systems is anticipated to hamper the growth of the market. Moreover, increase in developments regarding the deployment of hypersonic missiles across the world and rise in adoption of AI in military operations are expected to offer lucrative opportunities for the market in future.

The global missile defense system market is driven by factors such as rise in number of conflicts and increase in spending for defense across the globe. High costs of missile defense system restrain the market growth to some extent. Nevertheless, rapid adoption of AI in the defense sector and surge in development related to deployment of hypersonic missiles will provide ample opportunities for the growth of market in the future.

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The global missile defense system market is driven by factors such as rise in number of conflicts and increase in spending for defense across the globe.

North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. The U.S. dominated the global missile defense system market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making reliable, precise, and efficient missile defense systems. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in adoption of missile defense system along with its huge defense spending and the rise in conflicts across several Asian nations, for instance, China, India, Taiwan, Pakistan, and North Korea.

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By region, the market across North America was largest in 2020, accounting for more than two-fifths of the global missile defense systems industry revenue. The market is driven by high defense budget, surge in R&D activities, and technological advancements by top market players. However, the Asia-Pacific region is projected to experience a notable growth with 5.2% CAGR from 2021 to 2030, owing to high defense spending, rise in conflicts among developing countries, and surge in adoption of missile defense systems.

Leading market players:

The Boeing Company
Rheinmetall AG
Thales Group
Northrop Grumman Corporation
Raytheon Technologies Corporation
Lockheed Martin Corporation
MBDA
General Dynamics Corporation
Leonardo Spa
BAE Systems plc

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