DUBLIN, July 24, 2023 /PRNewswire/ -- The "Missile Defense System Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global missile defense system market grew from $25.65 billion in 2022 to $28.73 billion in 2023 at a compound annual growth rate (CAGR) of 12.0%.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe.
The missile defense system market is expected to grow to $43.84 billion in 2027 at a CAGR of 11.1%.
North America was the largest region in the missile defense system market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the missile defense system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of technologies used in missile defense system are fire control system, weapon system, countermeasure system and command and control system. The fire control system are the missile defense systems that refers to a group of components that work together to assist the weapon system in tracking and targeting a target. The various domains using missile defense system includes ground, air, marine and space and have ranges such as short, medium and long. Various threat type of missile defense system are subsonic missiles, supersonic missiles and hypersonic missiles.
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, according to Stockholm International Peace Research Institute (SIPRI), total global military expenditure has increased to $1,981 billion in 2020 with an increase of 2.6% from 2019. The United States being the world's largest military spender, accounted for 39% of total military expenditure in 2020. Therefore, the surge in defense spending globally drove the market.
The rise in developments and increasing use of artificial intelligence is a key trend gaining popularity in the missile defense system market. Artificial intelligence is computer intelligence or intelligence demonstrated by a machine to help perform simple tasks more efficiently or tasks that couldn't be performed otherwise. Developments in artificial intelligence are the discovery of knowledge that helps in developing products using AI or machine learning. For instance, in 2021, Rafael Advanced Defense Systems, an Israel-based company launched a new sea breaker maritime and land-based long-range missile that mixes artificial intelligence and decision-making algorithms to create a fifth-generation weapon system. The sea breaker helps in providing exact strikes from the standoff place up to 300km.
In July 2020, BAE Systems, a UK-based company acquired Collins Aerospace's military global positioning system (GPS) business, for an undisclosed amount. This acquisition is expected to help in technology-based business and bring new discriminating capabilities to the U.S. Department of Defense. Collins Aerospace was founded in 2018 and is a US-based manufacturer of components related to military and defense and commercial aviation.
The countries covered in the missile defense system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The missile defense system market research report is one of a series of new reports from the publisher that provides missile defense system market statistics, including missile defense system industry global market size, regional shares, competitors with a missile defense system market share, detailed missile defense system market segments, market trends and opportunities, and any further data you may need to thrive in the missile defense system industry. This missile defense system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Where is the largest and fastest growing market for missile defense system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The missile defense system market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
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
Companies Profiled:
- BAE Systems
- General Dynamics
- Lockheed Martin
- MBDA
- Northrop Grumman
Key Attributes:
Report Attribute |
Details |
No. of Pages |
200 |
Forecast Period |
2023 - 2027 |
Estimated Market Value (USD) in 2023 |
$28.73 billion |
Forecasted Market Value (USD) by 2027 |
$43.84 billion |
Compound Annual Growth Rate |
11.1 % |
Regions Covered |
Global |
For more information about this report visit https://www.researchandmarkets.com/r/e55trl
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