Missile Defense System Market to Reach $40.04 Billion, Globally, by 2030 at 4.4% CAGR: Allied Market Research
Major determinants of the market growth
Increase in number of conflicts and surge in defense spending globally have boosted the growth of the global missile defense systems market. However, high costs associated with missile defense systems hinder the market growth. On the contrary, rise in development regarding the deployment of hypersonic missiles and rise in adoption of AI in military operation are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
The 201-400Km segment to manifest the highest CAGR through 2030
By range, the 201-400Km segment is expected to showcase the highest CAGR of 5.0% during the forecast period, due to increase in development of the largest range missiles. However, the 101-200Km segment held the largest share in 2020, contributing to more than half of the global missile defense systems market, owing to high demand for missile defense system that can destroy missiles as they enter 200km of its periphery.
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The ground segment held the lion's share
By domain, the ground dominated the market in terms of revenue, accounting for around 90% of the global missile defense systems market in 2020, due to the majority of the missile defense system being land-based. However, the marine segment would portray the highest CAGR of 5.0% during the forecast period, due to rise in demand for extra layer of defense against missile threats.
North America held the largest share
By region, the global missile defense systems market across North America held the lion's share in 2020, contributing to more than two-fifths of the market, due to high defense budget, rise in R&D activities, and technological development by key players. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 5.2% during the forecast period, owing to rise in adoption of missile defense system, high defense spending, and increase in conflicts across developing nations.
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Key market players
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