New York, United States , July 10, 2024 (GLOBE NEWSWIRE) -- The Global Missiles and Missile Defense Systems Market Size to Grow from USD 27.2 Billion in 2023 to USD 39.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.77% during the forecast period.
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The global missiles and missile defence systems market is expanding rapidly due to rising geopolitical tensions and defence spending. Key players are investing in sophisticated technologies like hypersonic and precision-guided missiles to improve capabilities and fulfil current warfare demands. The market is also driven by the demand for strong missile defence systems to fight a variety of threats, including ballistic and cruise missiles. North America dominates the industry, with significant investments from the US Department of Defence, but Asia-Pacific is rapidly expanding due to regional conflicts and military modernization initiatives. Collaborations, mergers, and acquisitions among defence contractors are driving market expansion, with a focus on innovation and strategic defence solutions.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Missiles and Missile Defense Systems Market Size, Share, and COVID-19 Impact Analysis, By Type (Missile Defense Systems, Surface-To-Air Missiles, Air-To-Surface Missiles, Air-To-Air Missiles, and Anti-Ship Missiles), By Application (Military, Simulation Exercises, and Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Type
The missile defense systems segment accounted for the largest market share over the forecast period 2023 to 2033. This expansion is being pushed by rising global security concerns and the development of missile threats, especially ballistic and cruise missiles. Governments are prioritising the development and deployment of advanced missile defence technology to safeguard key infrastructure and strengthen national security. Radar, sensor, and interceptor innovations are dramatically enhancing the systems' effectiveness and dependability. Key players are making significant investments in research and development to offer more sophisticated and integrated solutions. Furthermore, regional conflicts and military modernization efforts in emerging economies are driving up demand for improved missile defence systems, propelling the segment forward.
Insights by Application
The military segment accounted for the largest market share over the forecast period 2023 to 2033. Rising geopolitical tensions and developing conflict tactics fuel demand for modern missile systems and strong defence options. To maintain their tactical advantage, military forces are working on modernising their arsenals with next-generation technologies such as hypersonic missiles and precision-guided munitions. The integration of cutting-edge radar, sensors, and AI-powered targeting systems improves the effectiveness of military missile weapons. Furthermore, coordinated defence initiatives and joint development programmes among allied nations are accelerating the development and deployment of advanced military missile systems. This expansion is also backed by ongoing expenditures in R&D to address emerging risks and assure operational readiness.
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Insights by Region
North America is anticipated to dominate the Missiles and Missile Defense Systems Market from 2023 to 2033. The United States, with its large defence expenditure, leads the region, focused on improving missile capabilities and defence systems to face emerging threats. Key programmes, like as the development of hypersonic missiles and powerful missile defence shields, demonstrate the region's determination to maintain its strategic advantage. Collaboration between government agencies, such as the Department of Defence, and major defence contractors promotes innovation and the quick deployment of new technology. Additionally, Canada's efforts in modernising its defence infrastructure help to drive regional market growth. Continuous research and development, combined with strong political and financial support, guarantees that North America remains at the forefront of the worldwide missiles and missile defence systems market.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. These governments prioritise the development and deployment of sophisticated missile systems, such as hypersonic and precision-guided missiles. Furthermore, there is a rising emphasis on improving missile defence systems to counter ballistic and cruise missile threats. Collaborations and joint partnerships with multinational defence contractors speed up technological developments and local production capacities. The Asia-Pacific missiles and missile defence systems market is driven by continual investments and innovation due to the changing geopolitical landscape and the necessity for powerful defence measures.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key Vendors are Raytheon, MBDA, Lockheed Martin Corporation, Boeing, Rafael Advanced Defense Systems, Thales, Bharat Dynamics, Mectron, Sagem, Makeyev Design Bureau, Tactical Missiles, Kongsberg Defense Systems, Denel Dynamics, Saab, BAE Systems, Alliant Techsystems, Rheinmetall Defense, Northrop Grumman, Aerojet Rocketdyne, BrahMos Aerospace and other key vendors.
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Recent Market Developments
- In September 2023, Germany and Israel have agreed to buy a missile defence system for USD 3.5 billion. Germany's response to Russia's aggressiveness in Ukraine is the acquisition of a missile defence system.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Missiles and Missile Defense Systems Market, Type Analysis
- Missile Defense Systems
- Surface-To-Air Missiles
- Air-To-Surface Missiles
- Air-To-Air Missiles
- Anti-Ship Missiles
Missiles and Missile Defense Systems Market, Application Analysis
- Military
- Simulation Exercises
- Other
Missiles and Missile Defense Systems Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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