Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Missile Defense System Market by Range (Less than 100Km, 101-200Km, and 201-400Km), Threat Type (Subsonic Missiles, Supersonic Missiles, and Hypersonic Missiles), and Domain (Ground and Marine): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global missile defense systems industry garnered $26.16 billion in 2020, and is projected to generate $40.04 billion by 2030, with a noteworthy CAGR of 4.4% between the years 2021 to 2030.
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Drivers, restraints, and opportunities:
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.
The 201-400 Km segment to experience highest CAGR by 2030
Based on range, the 101-200 Km segment garnered the major share in 2020 accounting for more than half of the global missile defense system market. The growth is attributed to the surge in demand for missile defense systems which destroy missiles entering 200 Km of its range. The 20-400 Km segment, on the other hand, would cite a notable CAGR of 5.0% throughout the forecast timeframe, owing to a surge in development of the longer-range missiles.
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The ground segment to rule the roost:
On the basis of domain, the ground segment generated a major share in 2020 contributing to around 90% of the global missile defense system market because the major missile defense systems are land-based. Furthermore, the marine segment is projected to manifest a notable CAGR of 5.0% from 2021 to 2030. The growth is attributed to a surge in demand for additional layers of defense against missile threats.
North America garnered the major share in 2020
By region, the market across North America was largest in 2020, accounting for more than two-fifths of the global missile defense system market 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 system.
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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