The rising number of conflicts and the increase in defense spending globally are driving the global missile defense systems market.
Portland, ore.And January 20 2022 /PRNewswire/ – Allied Market Research recently published a report titled, Missile Defense System Market by Range (<100km, 101-200km, and 201-400km), Threat Type (Subsonic Missiles, Supersonic Missiles, Hypersonic Missiles), and Domain (Land & Sea): Opportunity Analysis Global and Industry Outlook, 2021-2030 inches. According to the report, the global missile defense systems industry has been established 26.16 billion dollars In 2020, it is expected to reach 40.04 billion dollars By 2030, at a compound annual growth rate of 4.4% from 2021 to 2030.
The main determinants of market growth
The increase in the number of conflicts and the increase in defense spending globally has fueled the growth of the global missile defense systems market. However, the high costs associated with missile defense systems impede market growth. On the contrary, the rise in development regarding the deployment of hypersonic missiles and the increasing adoption of artificial intelligence in military operations is expected to open up new opportunities for market players in the future.
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The Covid-19 pandemic has forced governments to impose strict bans, bans, import and export of raw materials. This has resulted in a sudden drop in the availability of important raw materials for manufacturing.
The prolonged shutdown has delayed many initiatives related to the development of modern missile defense systems.
The section 201-400 km represents the highest compound annual growth rate until 2030
Depending on the range, the 201-400 km segment is expected to display the highest compound annual growth rate of 5.0% during the forecast period, due to the increase in the development of the largest missile range. However, the 101-200 km segment took the largest share in 2020, contributing to more than half of the global missile defense systems market, due to the high demand for a missile defense system that can destroy missiles when they enter 200 km of their circumference.
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The ground part got the lion’s share
By field, land dominated the market in terms of revenue, accounting for about 90% of the global missile defense systems market in 2020, given that the majority of the missile defense system is land-based. However, the maritime sector would project the highest compound annual growth rate of 5.0% during the forecast period, due to the high demand for an additional layer of defense against missile threats.
North America on the largest share
By Region, Global Missile Defense Systems Market across North America It captured the lion’s share in 2020, contributing to more than two-fifths of the market, due to a rising defense budget, rising research and development activities, and technological development by major players. However, the market across Asia Pacific It is expected to show the highest compound annual growth rate of 5.2% during the forecast period, due to increased adoption of the missile defense system, higher defense spending, and increased conflicts across developing countries.
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The main players in the market
BAE Systems plc
General Dynamics Inc
Raytheon Technologies Inc
Northrop Grumman Corporation
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