According to a recent report published by Allied Market Research, titled, “Missile Defense System Market by Range, Threat Type, and Domain: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global missile defense system market was valued at $26.16 billion in 2020, and is projected to reach $40.04 billion by 2030, registering a CAGR of 4.4%.
North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. The U.S. dominated the global missile defense system market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making reliable, precise, and efficient missile defense systems. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in adoption of missile defense system along with its huge defense spending and the rise in conflicts across several Asian nations, for instance, China, India, Taiwan, Pakistan, and North Korea.
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By range, the missile defense system market is segregated into less than 100 Km, 101-200 Km, and 201-400 Km. The 101-200 Km segment accounted for the highest revenue in 2020, owing to high demand for missile defense systems that can destroy missiles as they enter 200 km of their periphery.
On the basis of threat type, the market is segmented into subsonic missiles, supersonic missiles, and hypersonic missiles. The supersonic missiles segment garnered the highest revenue in 2020, owing to their feature of being integrated with a wide spectrum of platforms such as warships, submarines, different types of aircraft, and others.
Depending on domain, the missile defense system market is fragmented into ground and marine. The ground segment was the highest revenue contributor in 2020, owing to a majority of the missile defense systems being land-based.
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COVID-19 Impact Analysis
The COVID-19 impact on the missile defense system market is unpredictable, and is expected to remain in force for a few years.
The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for manufacturing ground defense equipment.
Moreover, nationwide lockdown forced parts manufacturing facilities to partially or completely shut their operations.
Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of modern missile defense systems globally.
Key Findings Of The Study
By range, the 201-400 Km segment is expected to register a significant growth during the forecast period.
On the basis of threat type, the hypersonic missiles segment is anticipated to exhibit significant growth in future.
Depending on domain, the marine segment is projected to lead the global missile defense system market.
Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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The key players that operate in the global missile defense system market include BAE Systems plc, General Dynamics Corporation, Leonardo Spa, Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, Thales Group, and The Boeing Company
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