As technology is advancing, the nature of modern warfare is also demanding change and this has elated the demand for air system defense market.
As the predictability of the nature of potential threats has ceased to a greater extent, all major countries have been forced to acquire a powered missile defense system as this type of defense arm their forces with chemical, biological and nuclear weapons simultaneously. Therefore, the Missile Defense System is the most sought form of Air System Defense and is projected to grow with the highest CAGR rate and lead the Air System Defense Market between 2021-2025.
During the period 2010-2019, the number of nuclear states took a jump to 9 from 6 while 31 countries have missile capabilities in total till now.
Qiam Missile Launch in Sep 2018 has shown the interest of these nations in developing capabilities to defeat terminal missile defense while Islamic republic is working on the development of cruise missiles.
Currently, the ICBM segment is dominating the market for the adaptability of them to a range exceeding 12,000 km and launch from submarines and automated control using GPS and radar-based guidance. Global Military expenditure in 2019 was approximately 1,917 Billion USD with an increase of 3.6%.
To enhance the defensive and military firepower capabilities, military powerhouses such as the US, the United Kingdom, China, Russia, and India have increased the annual defense budget.
These countries together accounted for 61% of the global military spending in 2019. The US Financial Year 2020 entails 13.6 billion USD for Missile Defense System.
Though the US stopped developing ICBMs after the conclusion of the cold war, Russia continued to lay emphasis on the ICBM development acing up with the two contenders of the most advanced ICBM: the Russian-24 Yars and the Russian-28 Sarmat.
Currently, North America is yielding the highest revenue in the market being the most significant defense spender globally with the presence of major aerospace industries in the region and the support of its innovative and technically proficient counter-parts
The global military missile defense system market is estimated at $XX Billion in 2020, growing at –% CAGR till 2025.
The Asia Pacific region due to the presence increasing geopolitical unrest and military conflicts, engagement in strengthening presence in Gulf region, Red sea areas and inter-continental counter-terrorism operations have led significant investments to procure new missiles and missile defense system.
The continuous research & development and intercontinental long-term contracts have been set up by these nations for the efficiency of integrated weapon technologies and associated products making it the area with the highest anticipated growth in the sector.
Larsen&Turbo’s joint venture with Europe’s MBDA, formed in 2017, has set up a missile integration facility in Tamil Nadu, India and testing facility in a special economic zone at Coimbatore as a part of Tamil Nadu Defence Industrial Corridor to deliver complete missile system for export markets and self-acquisitions from 2020.
US recently carried out testing of a key missile system designed for knocking down incoming intermediate-range missiles which used the Aegis Ashore System fitted with a SM-3 IIA interceptor being developed collaboratively by Raytheon Co. and Japanese Mitsubishi Ltd.
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