New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Missile Defense System Global Market Report 2022" - https://www.reportlinker.com/p06316999/?utm_source=GNW
The global missile defense system market is expected to grow from $22.43 billion in 2021 to $23.92 billion in 2022 at a compound annual growth rate (CAGR) of 6.66%. The missile defense system market is expected to reach $31.32 billion in 2026 at a CAGR of 6.97%.
The missile defense system market consists of sales of missile defense systems by entities (organizations, sole traders, and partnerships) that refer to the technology or weapon that is involved in tracking, detection, and destruction of the attacking missiles. Missile defense systems are designed specifically to target threats quickly, while other forward-based missile defense systems will be able to carry out missions against rival aircraft and air-launched cruise missiles.
The main types of technologies used in missile defense system are fire control system, weapon system, countermeasure system and command and control system.The fire control system are the missile defense systems that refers to a group of components that work together to assist the weapon system in tracking and targeting a target.
The various domains using missile defense system includes ground, air, marine and space and have ranges such as short, medium and long. Various threat type of missile defense system are subsonic missiles, supersonic missiles and hypersonic missiles.
North America was the largest region in the missile defense system market in 2021. The regions covered in the missile defense system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The missile defense system market research report is one of a series of new reports that provides missile defense system market statistics, including missile defense system industry global market size, regional shares, competitors with a missile defense system market share, detailed missile defense system market segments, market trends and opportunities, and any further data you may need to thrive in the missile defense system industry. This missile defense system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The surge in defense spending globally is expected to drive the growth of the missile defense system market in the forecast period.The surge in defense expenditure facilitates the implementation of expensive but necessary missile defense system technologies.
The advancements in weapons and attacking capabilities worldwide have created the demand for the installation of defense technologies by governments to prevent threats from foreign countries. For instance, according to Stockholm International Peace Research Institute (SIPRI), total global military expenditure has increased to $1,981 billion in 2020 with an increase of 2.6% from 2019. The United States being the world’s largest military spender, accounted for 39% of total military expenditure in 2020. Therefore, the surge in defense spending globally drove the market.
The rise in developments and increasing use of artificial intelligence is a key trend gaining popularity in the missile defense system market.Artificial intelligence is computer intelligence or intelligence demonstrated by a machine to help perform simple tasks more efficiently or tasks that couldn’t be performed otherwise.
Developments in artificial intelligence are the discovery of knowledge that helps in developing products using AI or machine learning.For instance, in 2021, Rafael Advanced Defense Systems, an Israel-based company launched a new sea breaker maritime and land-based long-range missile that mixes artificial intelligence and decision-making algorithms to create a fifth-generation weapon system.
The sea breaker helps in providing exact strikes from the standoff place up to 300km.
In July 2020, BAE Systems, a UK-based company acquired Collins Aerospace’s military global positioning system (GPS) business, for an undisclosed amount. This acquisition is expected to help in technology-based business and bring new discriminating capabilities to the U.S. Department of Defense. Collins Aerospace was founded in 2018 and is a US-based manufacturer of components related to military and defense and commercial aviation.
The countries covered in the missile defense system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06316999/?utm_source=GNW
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