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Report
Missiles and Missile Defense Systems Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 145 Pages I Mordor Intelligence
The missiles and missile defense systems market is poised to grow at a CAGR of 4.87% during the forecast period, 2022-2027.
The impact of COVID-19 on the missiles and missile defense systems market was negligible as the military spending and the investments of armed forces into the procurement of new generation missiles remained unaffected.
The increase in military spending of the countries due to the growing geopolitical tensions between various countries and growing concerns over terrorism is propelling their investments to procuring missile defense systems (and related missiles) across their land and water borders. This is expected to primarily boost the market's growth during the forecast period. Currently, government agencies and companies collaborate to develop technologically advanced missiles and missile defense systems like hypersonic missiles. The integration of artificial intelligence in missile systems is anticipated to accelerate the market's future growth.
Furthermore, companies are working on developing advanced surveillance systems that may identify incoming stealth threats and intercept them, which is anticipated to boost the market's growth.
Missiles & Missile Defense Systems Market Trends
Short Range Missiles Registered Highest Market Share in 2021
A short-range ballistic missile (SRBM) is a ballistic missile with a range of about 1,000 km (620 mi) or less. In past and potential regional conflicts, these missiles have been and would be used because of the short distances between some countries and their relatively low cost and ease of configuration. Military conflicts between multiple countries have driven the demand for short-range missiles to defend against close short-range threats from adversary attacks.
The border conflict between China and India and China surrounding India with strategic military bases have also provoked India to invest in short-range missiles to protect the country's waters and birders. As part of the new defense upgrade plans, India has invested in introducing new anti-ship and anti-aircraft short-range missiles in partnership with its state-run Defense Research and Development Organization (DRDO). In January 2022, the Indian navy, in partnership with the DRDO, successfully tested the short-range, anti-aircraft and anti-ship missile - the Vertical Launch Short Range Surface to Air Missile (VL-SRSAM) that is to be equipped with Indian naval warships.
With military threats from China, Japan has also increased its investment in defense systems by significant margins in 2022. The new investment of USD 880 million as of December 2021 would be used for deterrence as China develops sophisticated weapons. The country is now planning to upgrade and extend the capability of its cruise missiles to hit objects at 1,000 km, which currently is at just 100 - 200 km, improving the chance to defend against farther adversary targets. Multiple nations upgrading their short-range missiles to successfully defend against enemies is expected to drive the demand for this segment in the market.
North America Recorded the Largest Share by Revenue in 2021
The North American region currently dominates the market and is expected to continue its dominance over the market during the forecast period. This is primarily due to the highest military spending of the United States. The country is robustly investing in procuring and developing new missile and missile defense systems. The FY2022 budget entails USD 20.3 billion and USD 10.9 billion for missiles and munitions and missile defense programs, respectively. Under the Missiles and Munitions budget, the country plans to acquire the Hellfire missiles, Joint Air-to-Surface Missile (JASSM), Joint Direct Attack Munition (JDAM), Long Range Anti-Ship Missile (LRASM), and Standard Missile (SM)-6, whereas under the Missile Defense programs, the country would procure additional Standard Missile 3 Block IB and IIA missiles, and the Terminal High Altitude Area Defense (THAAD) interceptors.
The government is also investing in the development of new missile systems. The country has also been strengthening its attack and defense systems with the increasing threat from its global rival, China. The aggressive military actions from China are also threatening United States' allies in Asia, further driving the US military to keep the necessary weapons and defense systems at its disposal in bases in Japan and Taiwan. In the wake of the war between Ukraine and Russia, the United States has been alert. The country has been purchasing new missile systems and supplying these weapons to its ally Ukraine to defend against Russia. As part of this, the country, in June 2022, announced the purchase of an advanced medium to long-range surface-to-air missile defense system that is expected to be supplied to Ukraine.
Missiles & Missile Defense Systems Market Competitor Analysis
The missile and missile defense systems market is fragmented, with many global and regional players in the market. Some prominent players in the missile and missile defense systems market are The Boeing Company, Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman Corporation, and MBDA Inc. The companies are increasing their presence in the market through long-term partnerships and contracts with government agencies and armed forces. For instance, in December 2021, Raytheon Missiles & Defense was awarded a contract worth USD 578 million to manufacture 54 SM-2 Block IIIAZ all-up round upgrades for the United States and 215 Standard Missile-2 all-up rounds (SM-2 Block IIIA, IIIAZ, and IIIB variants) for seven partner nations (Chile, Denmark, Japan, the Netherlands, South Korea, Spain, and Taiwan). Furthermore, the companies continuously investing in the research and development of new missiles have been fostering the advancements in accuracy and efficiency of integrated weapon technologies and associated products and solutions of the missiles and missile defense systems.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Range
5.1.1 Short (Up to 1,000 kms)
5.1.2 Medium (Between 1,000 kms and 3,000 kms)
5.1.3 Intermediate (Between 3,000 kms and 5,500 kms)
5.1.4 Intercontinental (More than 5,500 kms)
5.2 By Missile Type
5.2.1 Missile Defense Systems
5.2.2 Anti-aircraft Missiles
5.2.3 Anti-ship Missiles
5.2.4 Anti-tank Missiles
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Germany
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle-East
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 Egypt
5.3.5.4 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Raytheon Technologies Corporation
6.2.2 The Boeing Company
6.2.3 Lockheed Martin Corporation
6.2.4 Northrop Grumman Corporation
6.2.5 MBDA Inc.
6.2.6 BAE Systems PLC
6.2.7 Tactical Missile Corporation
6.2.8 Israel Aerospace Industries Ltd
6.2.9 ASELSAN AS
6.2.10 Kongsberg Gruppen ASA
6.2.11 Saab AB
6.2.12 Rheinmetall AG
6.2.13 Roketsan Roket Sanayii ve Ticaret AS
6.2.14 Defense Research and Development Organization (DRDO)
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