Missile defense is a system, weapon, or technology that involves detection, interception, tracking, and destruction of missiles.
The “Global Missile Defense System Market” is likely to grow at a CAGR of around 11.5% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The prime factors backing the market growth include the increasing conflicts across countries, coupled with massive investments by nations toward strengthening their military presence, despite the pandemic’s economic impact on fiscal deficits.
Additionally, the massive investments in R&D activities and declining costs shall create opportunities for market players and expand the Global Missile Defense System Market. Furthermore, the fight against terrorism remains a constant factor to drive the Global Missile Defense System Market in the forecast period.
Covid-19 Pandemic Severely Affected the Global Missile Defense System Market
The outbreak of the Covid-19 pandemic was very challenging for the Global Missile Defense System Market. With the sudden imposition of lockdown, the entire industry observed a significant decline, including a temporary halt on various R&D activities. Besides, there was a massive decline in the revenue generation of the defense sector among numerous countries, aiming to sustain the sources amidst the global crisis.
With the gradual upliftment of stringent regulations, the Global Missile Defense System Market shall stabilize in the coming years. Various governments are moderately increasing the defense budget, thereby benefiting the market while sustaining the military capabilities. Though, with the current circumstances of disrupted supply chains, some market sectors might face minor challenges like increased costs or delays in schedule.
Based on the Component, Global Missile Defense System Market Bifurcates into:
Based on the Component, the Global Missile Defense System Market segments into Weapon System like Turret System & Missile Launcher, Fire Control System like Air Defense Radar & Fire Control Radar, Surveillance Radar, Command & Control System, and Others.
Fire Control System to Hold the Largest Share of the Global Missile Defense System Market
The Fire Control System is likely to attain the largest share of the Global Missile Defense System Market in the forecast period. The substantial revenue generation attributes to the rapidly increasing adoption of missile defense systems in applications like Land, Airborne, and Naval.
With the ability of Fire Control Systems to launch missiles, mortar, torpedo, and automatic grenades, their demand is propelling substantially throughout the globe. Besides, various market players are actively looking for contracts to provide these systems with improved capabilities, thereby enhancing revenue generation in the forecast period.
Weapon Systems to Witness the Fastest Growth Rate in the Global Missile Defense System Market
The Weapon System component is expected to observe the fastest market growth in the forecast period. It owes to the participation of several Asian countries in encompassing Missile Launching Systems & Turret Systems. Additionally, with the increasing border tensions & rapid technological advancements in the defense sector, the adoption of automated weapon systems like drones and missiles is propelling exponentially. Moreover, advancing technologies like precise target location, GPS tracking, and real-time stats shall further lead the segment to witness the fastest growth rate in the forecast period, states MarkNtel Advisors in their research report, “Global Missile Defense System Market Analysis, 2021.”
The growing expenditure by governments & leading players in research & development activities toward improving missile defense systems is the prime factor to drive the Global Missile Defense System Market during the forecast period. Additionally, the burgeoning procurements for Missile Defense Systems & advancing technology are also creating growth opportunities for leading players. The constantly changing warfare with the rising geopolitical instabilities across the globe further augments the market growth.
The most prominent aspects that might hinder the growth of the Global Missile Defense System Market include the increasing costs for developing missile defense systems, coupled with the international strategies to transport these systems & weapons across different nations.
North America to Witness the Fastest Market Growth Followed By Europe in the Forecast Period
The Global Missile Defense System Market is expanding substantially globally, where North America is likely to witness the fastest market growth in the forecast period. The region is a significant consumer in the defense sector and is observing massive development in Missile Defense Systems. It owes majorly to its key contributor, i.e., the US, procuring advanced weaponry to attain military dominance while ensuring internal peace & security.
The US is actively exploring its missile options to add another layer of missiles to its existing defense system to intercept incoming missiles. Besides, the country is also looking forward to developing modern strategies for aggressive space-based missile defense systems & cruise missiles like competitors Russia & China. Therefore, with all the constantly progressing projects, the North American region is likely to attain the fastest growth of the Global Missile Defense System Market.
Followed by North America, Europe is second to observe the fastest market growth in the forecast period. With the economic tensions between the United Kingdom & the European Union, the countries are likely to unite against the mounting military pressure and enemy aggression, thereby favoring the advancement & growth of the Global Missile Defense System Market across Europe.
According to MarkNtel Advisors, the leading players in the Global Missile Defense System Market are BAE System, Leonardo S.p. A, Saab AB, IAI, Lockheed Martin Corporation, Rheinmetall AG, Thales Group, Raytheon Technologies Corporation, MBDA, KONGSBERG, Northrop Grumman Corporation, ASELSAN A.S
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Missile Defense System Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Missile Defense System Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Missile Defense System Market based on the competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Missile Defense System Market study?