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The global missiles and missile defense systems (MMDS) market, valued at over $33 billion in 2018, is projected grow at a CAGR of about 2%, to cross $41 billion by 2028. The cumulative market for global expenditure on missiles and missile defense systems is valued at more than $384 billion over the forecast period.
The Asia Pacific region is the largest spender in the domain, with China, India, and South Korea accounting for the bulk of spending. China dominates regional spending in the sector, with its desire to bridge the military capabilities gap with the US being the primary driver of the country's defense capital spending, while India is the second largest spender in the region primarily due to its volatile relationship with Pakistan and China.
North America is estimated to witness the second largest investment in the sector with the US formulating long-term programs for missile defense systems, as well as other missile types. In Europe, the missile and missile defense systems market is expected to grow steadily due to continued funding allocation. Russia, the UK, and Poland are anticipated to be the largest spenders in the domain within Europe. In the Middle East, spending on missiles, missile defense and air defense systems is mainly driven by the aim to counter the potential threat from Iran's intercontinental ballistic missiles (ICBMs).
In terms of categories, missile defense systems (MDS) is expected to account for the highest proportion of spending, followed by markets for surface-to-surface , surface-to-air, air-to-surface, air-to-air, anti-ship and anti-anti-tank missiles.
Highlights:
- The global missiles and missile defense systems market is expected to grow at a CAGR of 2.32% over the forecast period.
- The market consists of seven categories: missile defense systems, surface-to-surface missiles, surface-to-air missiles, air-to-surface missiles, air-to-air missiles, anti-tank missiles and anti-ship missiles.
- The market is projected to be dominated by the missile defense systems segment, followed by surface-to-surface, surface-to-air, air-to-surface, during the forecast period.
- Region wise, Asia Pacific is expected to lead the global missiles and missile defense systems market during 2018-2028, followed by the North American and the European markets.
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