Gurugram, India, April 24, 2023 (GLOBE NEWSWIRE) -- The Rising Geopolitical Tensions and Concerns about Terrorism, Governments Are Increasing Its Military Budget are the Primary Drivers of the Expansion of the Global Missiles and Missile Defense Systems Market, which is forecasted to Cross ~US$ 40 Bn by 2028 says Ken Research Study. Stand-off weapons, bombers, helicopters, unmanned aerial vehicles (UAVs), and combat aircraft are all targeted with missile defense systems. Systems for missile defense are made to deal with aerial threats over a variety of lengths, from short to extend to long.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
- Missiles and Missile Defense Systems Market Growth Is Fueled By the Advancement in Technology and Various Types of Enemy Airborne Forces
Various enemy airborne forces, including aircraft, unmanned aerial vehicles (UAVs), and ballistic and cruise missiles, are monitored by air and missile defense systems. For surveillance, such systems often employ long-range L-band radars and satellites. The technologies give command and control systems the ability to track and receive early warning signals. Intercontinental ballistic missiles have been developed and are being worked on by nations like the US, Russia, China, India, and North Korea. In order to properly defend against airborne threats, early warning systems are necessary. As a result, numerous nations are making significant investments in the creation of defense systems which is boosting the growth of the Missiles and Missile Defense Systems market.
According to Ken Research estimates, the Global Missiles and Missile Defense Systems Market – valued at nearly ~US$ 26 billion in 2022 – is further expected to grow to around ~US$ 40 billion opportunity by 2028.
- Increasing Military Budget Disorders is Propelling Market Expansion
Due to rising geopolitical tensions and concerns regarding terrorism, governments are increasing its military budget, which is driving major investments in missile defense systems (and related missiles) across its land and water boundaries. The market's growth is anticipated to be primarily boosted by this throughout the forecast period. To create technologically cutting-edge missiles and missile defense systems like hypersonic missiles, government agencies and industries currently work together. The future expansion of the market is projected to be accelerated by the use of artificial intelligence in missile systems.
For instance, In September 2022, Japan’s Ministry of Defense is advocating for the highest defense budget ever, which would total US $58.7 billion for the fiscal year ending in March 2024. In November 2021, Japan’s Ministry of Defense budget for 2021 accounted for US$ 6.8 billion.
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- Market Expansion Is Constrained By The Cost Of Missile And Missile Defense Systems
The most significant factors that could limit the growth of the missile defense system market are the rising costs associated with developing missile defense systems and international plans to move such systems and weapons across other nations. The construction or acquisition of missile defense systems is essential in the current context of an increase in conflicts and warlike circumstances being observed throughout the world to protect national borders. However, due to its high price, only a few countries throughout the world are able to purchase missile defense systems.
For Instance, In January 2021, Arms Control and Non-Proliferation stated that about 35% of the entire amount estimated by the Congressional Budget Office, CBO $61 billion, will go toward systems primarily used for Homeland Ballistic Missile Defense, 40%, or US$69 billion, will go toward systems primarily used for Regional Ballistic Missile Defense, and the remaining 25%, or US$46 billion, will go toward systems used for Cruise Missile Defense.
Market Taxonomy
By Range
- Short (Up to 1,000 kms)
- Medium (Between 1,000 kms and 3,000 kms)
- Intermediate (Between 3,000 kms and 5,500 kms)
- Intercontinental (More than 5,500 kms)
By Missile Type
- Anti-aircraft Missiles
- Anti-ship Missiles
- Anti-tank Missiles
By Missile Defense system
- Surface-To-Surface Missiles
- Surface-To-Air Missile
- Air-To-Surface Missiles
- Air-To-Air Missiles
- Anti-Ship Missiles
- Anti-Tank Missiles
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By Geography
- North America (USA, Canada, and Mexico)
- Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, and Africa)
Key Players
- MBDA Inc.
- BAE Systems.
- Boeing.
- General Electric
- Lockheed Martin Corporation.
- Northrop Grumman
- Kongsberg
- Bharat Dynamics Limited
- L3Harris Technologies, Inc.
- Israel Aerospace Industries Ltd
For more insights on the market intelligence, refer to below link:-
Global Missiles and Missile Defense Systems Market
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