Market Size of North America Missiles and Missile Defense Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.55 Billion |
| Market Size (2029) | USD 7.02 Billion |
| CAGR (2024 - 2029) | 4.84 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Missiles and Missile Defense Systems Market Analysis
The North America Missiles and Missile Defense Systems Market size is estimated at USD 5.55 billion in 2024, and is expected to reach USD 7.02 billion by 2029, growing at a CAGR of 4.84% during the forecast period (2024-2029).
The missile and missile defense market in North America witnessed a mild impact due to the COVID-19 pandemic. Increased defense expenditure from the United States and Canada and rising procurement contracts of advanced missile systems from the defense forces drive the market during the pandemic period.
On account of the profound changes in the international strategic landscape, the configuration of the international security system has been undermined by the growing hegemonism, unilateralism, and power politics that have fueled several ongoing global conflicts. Military powerhouses, such as the United States and Canada, have been focused on augmenting their military firepower and defensive capabilities. To ensure the combat readiness of existing defense systems, several weapon modernization programs are currently underway to effectively upgrade the capabilities of the regional armed forces for effectively responding to security threats and accomplishing urgent, critical, and dangerous strategic missions.
However, the market may be deterred by the design challenges faced by system integrators to incorporate advanced features in their product portfolio without compromising on the payload capacity and range of a missile delivery platform. Designers are also required to ensure the availability of sophisticated integrated features and cross-compatibility with the advanced navigation sensors and subsystems from other system manufacturers, to develop a fully operational missile defense system, hence, rendering a complex outlook to the overall system design. Furthermore, the rapid technological disruption may also result in a feature under development being rendered obsolete even before integration into the system, escalating the financial risks for the market players.
