Artificial Intelligence
Missiles and Missile Defense Systems Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
New York, Aug. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Missiles and Missile Defense Systems Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06316171/?utm_source=GNW
The increase in military spending of the countries due to the growing geopolitical tensions between various countries as well as growing concerns over terrorism is propelling their investments to the procurement of missile defense systems (and related missiles) across their land and water borders. This is expected to primarily boost the growth of the market during the forecast period. Currently, government agencies and companies are working in collaboration 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 growth of the market in the coming years.
Also, companies are working on the development of advanced surveillance systems that can identify the incoming stealth threats and intercept them, which is anticipated to boost the growth of the market.
Key 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. Existing 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 own 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 into defense systems by significant margins in 2022. The new investment of USD 880 million as of December 2021 will 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 the procurement and development of 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 will 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 na, further driving the US military to keep the necessary weapons and defense systems ready 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.
Competitive Landscape
The missiles and missile defense systems market is fragmented, with the presence of many global and regional players in the market. Some of the prominent players in the missiles 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 that are continuously investing in the R&D 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
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Read the full report: https://www.reportlinker.com/p06316171/?utm_source=GNW
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