Market Size of Missiles And Missile Defense Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.51 Billion |
| Market Size (2029) | USD 17.22 Billion |
| CAGR (2024 - 2029) | 4.97 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Missiles Defence System Market Analysis
The Missiles And Missile Defense Systems Market size is estimated at USD 13.51 billion in 2024, and is expected to reach USD 17.22 billion by 2029, growing at a CAGR of 4.97% during the forecast period (2024-2029).
The missile market is expected to grow primarily due to the procurement and upgrade activities undertaken by armed forces to counter emerging threats. Several contracts for military aircraft, helicopters, infantry fighting vehicles (IFVs), and armored personnel carriers (APCs) mounted with launchers and warheads are currently underway, and many new contracts are anticipated to be dispersed during the forecast period, creating a parallel demand for countermeasures such as interceptor missiles and missile defense systems.
Some of these factors include the lack of funds due to budget constraints, various geopolitical factors, problems with other nations in case of joint development, technical failures, technology becoming obsolete, projections of high operational costs of the missiles, and the product becoming strategically needless. Furthermore, as militaries realign their priorities, some programs may seem non-urgent, thus, leading to their postponement.
Moreover, modern warfare and countering military invasion has been the key fueling factor that has added to the demand for missiles across the world. Countries like China, India, Russia, Australia, and Japan have been the growth contributors who are expanding their military spending to invest in R&D for better and more reliable military technologies, including missile technology.
Several countries are expending significant resources toward augmenting their current military prowess by procuring new weapon systems or modernizing their existing deployed systems with advanced weapons and next-generation missiles. Furthermore, companies are working on developing advanced surveillance systems that may identify incoming stealth threats and intercept them, which is anticipated to boost the market's growth.
