Missile defense is a system, weapon, or technology that involves detection, interception, tracking, and destruction of missiles.
The “Global Missile Defense System Market” is likely to grow at a CAGR of around 11.5% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The prime factors backing the market growth include the increasing conflicts across countries, coupled with massive investments by nations toward strengthening their military presence, despite the pandemic’s economic impact on fiscal deficits.
Additionally, the massive investments in R&D activities and declining costs shall create opportunities for market players and expand the Global Missile Defense System Market. Furthermore, the fight against terrorism remains a constant factor to drive the Global Missile Defense System Market in the forecast period.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA|
|Europe: UK, France, Russia|
|Asia-Pacific: China, India, Japan,|
|Middle East & Africa: Israel|
|Key Companies Profiled||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.S|
|Unit Denominations||USD Million/Billion|
Covid-19 Pandemic Severely Affected the Global Missile Defense System Market
The outbreak of the Covid-19 pandemic was very challenging for the Global Missile Defense System Market. With the sudden imposition of lockdown, the entire industry observed a significant decline, including a temporary halt on various R&D activities. Besides, there was a massive decline in the revenue generation of the defense sector among numerous countries, aiming to sustain the sources amidst the global crisis.
With the gradual upliftment of stringent regulations, the Global Missile Defense System Market shall stabilize in the coming years. Various governments are moderately increasing the defense budget, thereby benefiting the market while sustaining the military capabilities. Though, with the current circumstances of disrupted supply chains, some market sectors might face minor challenges like increased costs or delays in schedule.