According to MarkNtel Advisors' research report, the Global Missile Defense System Market is likely to grow at a CAGR of 11.5% in the forecast period of 2021-26. The prime factors supporting the substantial growth include the rapidly surging demand for battlespace awareness among the defense forces across the globe.
Besides, with the constantly progressing advancements in producing high-tech missile technology, the use of UAVs in modern warfare is significantly rising and fueling the overall market growth. Furthermore, various economies that are actively participating & investing in the market to improve the overall weapon system reliability is another crucial aspect expected to drive the market during 2021-26.
Based on Type, the Global Missile Defense System Market Bifurcates into:
Missile Defense System, Anti-Aircraft System, Counter Rocket, Artillery, and Mortar (C-RAM) System.
C-Ram/Counter Rocket, Artillery, and Mortar Likely Account for the Fastest Market Growth
The C-RAM or Counter Rocket, Artillery, and Mortar system account for the fastest market growth in the forecast period. It primarily owes to the booming demand for missile defense systems stimulated by the efficiency of these C-RAM systems in blocking missiles & raising timely alarms for defending the operating bases. The flooding demand for C-RAM systems shall rise in the coming years for its high firing range of over 2,000 meters by these systems, thereby promoting their adoption across regions. Moreover, the increasing disputes between countries and massive investments to produce high-tech & upgraded missiles shall also lead the missile defense system market to grow significantly in the forecast period.
Asia-Pacific to Hold the Largest Share of the Global Missile Defense System Market
Amongst all the regions, Asia-Pacific projects to dominate the Global Missile Defense System Market with the largest share in the forecast years. Several factors to support substantial revenue generation include the region being the largest spender in this domain. Countries like China, India, and South Korea account for the bulk spending on Missile Defense Systems.
Moreover, China spends maximum in the sector primarily to fulfill its desire to bridge the military capabilities gap with a competitor like the US. On the other hand, India is the second-largest spender across the region due to its volatile relationship with neighboring countries like Pakistan & China. Hence, the Asia Pacific region is likely to dominate the market in the forecast period, reveals MarkNtel Advisors in their research report, "Global Missile Defense System Market Analysis, 2021."
Key Market Competitors:
According to MarkNtel Advisors, the leading players in the Global Missile Defense System Market are BAE System, Leonardo S.p. A, Saab AB, IAI, Lockheed Martin Corporation, Rheinmetall AG, Thales Group, Raytheon Technologies Corporation, MBDA, KONGSBERG, Northrop Grumman Corporation, ASELSAN A.?.
Key Questions Answered in the Study