Missile Defense System Market 2024 - Growth Rate, Sales, Production, Consumption, Manufacturer Insights, Market Shares, and Outlook Through 2033

The missile defense system market size has grown rapidly in recent years. It will grow from $28.44 billion in 2023 to $31.76 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to government spending & defense budgets, terrorism and asymmetric threats, treaties and agreements, strategic defense initiative (SDI), space race influence.

The missile defense system market size is expected to see rapid growth in the next few years. It will grow to $47.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to impact of arms control agreements, geopolitical instability, emerging threats, military modernization programs, space-based defense systems. Major trends in the forecast period include intercontinental ballistic missile (ICBM) threats, hypersonic weapons development, drone and UAV threats, directed energy weapons advancements, artificial intelligence integration.

Market Overview -
Missile defense system refer to the technology or weapon that is involved in tracking, detection, and destruction of the attacking missiles. Missile defense systems are designed specifically to target threats quickly, while other forward-based missile defense systems will be able to carry out missions against rival aircraft and air-launched cruise missiles.

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Rise In Defense Expenditure Fuels Growth In The Missile Defense System Market
The surge in defense spending globally is expected to drive the growth of the missile defense system market in the forecast period. The surge in defense expenditure facilitates the implementation of expensive but necessary missile defense system technologies. The advancements in weapons and attacking capabilities worldwide have created the demand for the installation of defense technologies by governments to prevent threats from foreign countries. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based independent international institute dedicated to research into conflict, armaments, arms control, and disarmament, total global military expenditure increased by 3.7% in real terms in 2022 to a record high of $2,240 billion. In 2022, Russian military spending is projected to increase by 9.2%, or $86.4 billion. Moreover, the overall military expenditure in Asia and Oceania was $575 billion, an increase of 2.7% compared to 2021. Therefore, the surge in defense spending globally drove the growth of the missile defense system market.

Competitive Landscape -
Major companies operating in the missile defense system market report are The Boeing Company, Lockheed Martin Corporation, Deloitte Touche Tohmatsu Limited, China Aerospace Science and Technology Corporation (CASC), General Dynamics Corporation, Honeywell International Inc., BAE Systems plc, NEC Corporation, Safran S.A., Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Leidos Holdings Inc., Raytheon Intelligence & Space - a business segment of Raytheon Technologies Corporation, Textron Systems Corporation, Northrop Grumman Corporation - Mission Systems Sector, Booz Allen Hamilton Inc., Rheinmetall AG, General Atomics Aeronautical Systems Inc., Elbit Systems Ltd., Israel Aerospace Industries Ltd., Israel Military Industries Ltd. (IMI), MBDA France, Diehl Defence GmbH & Co KG, Kongsberg Gruppen ASA, Rafael Advanced Defense Systems Ltd., DRS Technologies Inc., Hanwha Defense Systems Co Ltd., LIG Nex1 Co Ltd., CEA Technologies SAS

Integration Of Artificial Intelligence Revolutionizes Missile Defense System Market
The rise in developments and increasing use of artificial intelligence is a key trend gaining popularity in the missile defense system market. Artificial intelligence is computer intelligence or intelligence demonstrated by a machine to help perform simple tasks more efficiently or tasks that couldn't be performed otherwise. Developments in artificial intelligence are the discovery of knowledge that helps in developing products using AI or machine learning. For instance, in 2021, Rafael Advanced Defense Systems, an Israel-based company launched a new sea breaker maritime and land-based long-range missile that mixes artificial intelligence and decision-making algorithms to create a fifth-generation weapon system. The sea breaker helps in providing exact strikes from the standoff place up to 300km.

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Key Segments -
The missile defense system market covered in this report is segmented -
1) By Technology: Fire Control System, Weapon System, Countermeasure System, Command And Control System
2) By Domain: Ground, Air, Marine, Space
3) By Range: Short, Medium, Long
4) By Threat Type: Subsonic Missiles, Supersonic Missiles, Hypersonic Missiles

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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