Dublin, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The "Advanced Missile Defense System Market - A Global and Regional Analysis: Focus on Application, Component, Platform, Range, Speed Regime, and Country - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.
The global advanced missile defense system market was valued at $21.82 billion in 2021, which is expected to grow with a CAGR of 2.18% during the forecast period 2022-2032 and reach $27.05 billion by 2032. The growth in the global advanced missile defense system market is expected to be driven by increasing defense budgets of countries across the globe.
According to the Stockholm International Peace Research Institute (SIPRI) report, in 2021, total global military expenditure rose to $2,113 billion, an increase of 0.7% in real terms from 2020. In 2021, the U.S. military expenditure reached an estimated $767.8 billion and accounted for 36.3% of total global military expenditure. With an increase in military spending, the defense spending on missile defense systems is expected to rise.
Market Lifecycle Stage
Over the past few years, there have been significant developments in the field of missile defense system technologies, resulting in growing interest and escalating demand for advanced missile defense systems for different military platforms such as air, land, sea, and space. The advancements in missile defense systems have further led to an increase in defense budgets across the globe. Additionally, the rising cross-border conflicts among various countries are expected to raise the demand for more robust missile defense systems.
A missile defense system is also used against the attack of combat aircraft, helicopters, bombers, UAVs, and stand-off weapons. Missile defense systems are designed to counter the aerial threat for varied distances from short, extended, medium, to long-range threats. As the situation of global tension and instability rises, many emerging countries could increase their defense spending on implementing missile defense systems. Consequently, this situation would provide an opportunity for defense companies to supply air defense capabilities to these nations.
The major driving forces behind the growth of the missile defense systems market are the modernization of missile defense systems, expansion of surveillance radar coverage, and development of modern missile defense systems, including directed energy weapons, counter hypersonic, electromagnetic railguns, and so on. Moreover, the upgradation and development programs of missile defense systems are largely attributed to the increase in demand for missile defense systems and associated investments.
Impact
The advanced missile defense system market is observing rising investment across hypersonic missile capabilities, and this is driving the investments across comparable defensive capabilities. Missile defense spending is on the rise, with advanced missile defense systems gaining prominence globally.
Increasing demand for directed energy weapons that are gradually considered economic weapons to deal with other low-altitude threats is propelling market demand for sensing components. With new missiles with supersonic and hypersonic capabilities evolving consequently, the need for advanced sensing components for missile defense systems is also on the rise.
The rise in the number of upgradation and development programs due to an increase in defense budget spending is supporting the enhancement of the engagement component. Increasing threats of intermediate-range missile launches and asymmetric warfare are proliferating the enhancement of the engagement component.
Market Segmentation
by Application
- Detection, Tracking, and Identification
- Interception
- Integrated Missile Defense Management
Based on application, the global advanced missile defense system market is expected to be dominated by the integrated missile defense management segment.
by Component
- Sensing
- Engagement
- Command and Control
Based on components, the global advanced missile defense system market is dominated by the command and control segment.
by Platform
- Land
- Air
- Sea
- Space
Based on platforms, the global advanced missile defense system market is dominated by the land segment.
by Range
- Short Range
- Medium Range
- Long Range
by Speed Regime
- Subsonic
- Supersonic
- Hypersonic
by Region
- North America - U.S.
- Europe - France, Germany, Russia, Italy, U.K., and Rest-of-Europe
- Asia-Pacific - China, Japan, India, South Korea, Taiwan, and Rest-of-Asia-Pacific
- Middle East - Saudi Arabia, U.A.E., Israel, and Iran
Demand - Drivers and Limitations
Following are the drivers for the advanced missile defense system market:
- Growing Regional Threat Protection
- Emerging Arms Race around Hypersonic Capabilities
- Ongoing Armed Conflicts Driving Need for Enhanced Military Deterrence
- Growing Defense Budget
Following are the challenges for the advanced missile defense system market:
- Ongoing Defense Modernization Programs Delaying the Progress of Missile Defense Programs
- Stringent Industry Regulations Related to Arms Transfer
Following are the opportunities for the advanced missile defense system market:
- Increasing Number of Hypersonic and Supersonic Missiles
- Rising Adoption of AI In Missile Defense Systems
Companies Mentioned
- BAE Systems plc
- Bharat Dynamics Ltd.
- Firehawk Aerospace
- Hanwha Defense
- Israel Aerospace Industries Ltd.
- Lockheed Martin Corporation
- MBDA
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- Saab A.B.
- Safran S.A.
- Thales Group
- The Boeing Company
- VKO Almaz-Antey
For more information about this report visit https://www.researchandmarkets.com/r/z3wxic
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