The study projects the market to grow at a CAGR of 2.18% between 2022 and 2032
FREMONT, Calif., Aug. 25, 2022 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Advanced Missile Defense System Market - A Global and Regional Analysis.
According to this study, the global advanced missile defense system market size was $21.82 billion in 2021 and is projected to reach $27.05 billion by 2032.
The following factors are responsible for the increase in demand for advanced missile defense systems:
- Growing regional threat protection
- Emerging arms race around hypersonic capabilities
- Ongoing armed conflicts driving the need for enhanced military deterrence
- Growing defense budget
The detailed study is a compilation of 86 market data tables and 22 figures spread through 195 pages.
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Existing Competitive Landscape
The companies that are profiled have been selected based on primary research inputs gathered from a network of industry experts and analyzing company coverage, product portfolio, and market penetration.
In 2021, the top segment players leading the market included established players providing advanced missile defense systems, which constituted 90% of the presence in the market. Emerging market participants included start-up entities that accounted for approximately 10% of the presence in the market.
Some of the prominent established names in this market are:
- BAE Systems PLC
- Bharat Dynamics Ltd.
- Firehawk Aerospace
- Hanwha Defense
- Israel Aerospace Industries Ltd.
- Lockheed Martin Corporation
- MBDA
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- Saab SA
- Safran SA
- Thales Group
- The Boeing Company
- VKO Almaz-Antey
Companies that are not a part of the previously mentioned pool have been well represented across different sections of the report (wherever applicable).
Analyst's Take on the Market Projection
According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, "The advanced missile defense system market is observing rising investment across hypersonic missile capabilities, and this is driving the investments across comparable missile defensive capabilities. Such efforts are focusing on large volume production of interceptor platforms across hypersonic and supersonic segments. This is expected to create the need for hardware, software, integration, and analytics and control. Evolving integrated missile defense architecture is further supporting the market growth of advanced missile defense systems."
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Recent Developments in the Global Advanced Missile Defense System Market
- In April 2022, Hyundai Heavy Industries and Israel Aerospace Industries (IAI) Ltd. entered an agreement to supply the Philippine Navy with radar systems for its new Corvette ships. Under the agreement, IAI will deliver its ALPHA 3D Radar for the Corvette fleet.
- In March 2022, Raytheon Missiles & Defense completed a Series A investment in Firehawk Aerospace. The two companies would now collaborate on research and development projects that enable the integration of Firehawk's propulsion technology into future missile systems.
- In March 2022, Lockheed Martin selected Raytheon Technologies to provide the second mission payload aboard its next-generation Overhead Persistent Infrared (OPIR) geosynchronous Earth orbit missile warning satellite.
- In February 2022, Northrop Grumman Corporation was awarded a contract by the Space Development Agency (SDA) to manufacture satellites for its Tranche 1 Transport Layer (T1TL) mesh network. The T1TL is being developed by the SDA with the objective of providing low-latency, high-volume data transport to support the U.S. military's global operations.
- In January 2022, Hanwha Defense signed a $3.5 billion contract with the U.A.E.-based Tawazun for missile defense weapons systems. The company will manufacture Cheongung II KM-SAM for the country's air missile defense.
North America to Dominate the Advanced Missile Defense System Market
North American region has been leading the advanced missile defense system market for a long time now, and as per BIS Research, the trend is expected to continue during 2022-2032.
While the presence of the U.S. is one of the prominent reasons for North America to be the leading region, other factors also contribute to this fact. One such reason is the impending need for modernization of defense forces with advanced missile defense systems and strengthening deterrence capability against rising aerial threats of ballistic missiles, cruise missiles, and upcoming supersonic and hypersonic missiles.
The presence of key market players, such as Northrop Grumman Corporation, Raytheon Technologies, and Lockheed Martin Corporation, in the North America region, is largely contributing to the market revenue.
Why Should You Buy the Report?
This exclusive report on the global advanced missile defense system market will help in the following ways:
- A dedicated section focusing on the futuristic trends adopted by the key players operating in the global advanced missile defense system market
- A dedicated section on growth opportunities and recommendations
- A qualitative and quantitative analysis of advanced missile defense systems at the region and country-level granularity based on end user and subsystem segments
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BIS Research Related Market Studies:
Hypersonic Technology Market
Air Defense System Market
Ground Defense System Market
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
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