Missile defense systems shield a country against incoming missiles from
enemy countries. These defense systems include intercontinental
ballistic missiles (ICBMs) or other ballistic missiles. With the growing
border tensions & disputes between countries, the Global Missile
Defense System Market shall obtain significant support from economies to
strengthen their military.
According to a new study by MarkNtel Advisors, the Global Missile Defense System Market is
likely to grow at a CAGR of 11.5% in the forecast period of 2021-26.
With the constantly progressing advancements in producing high-tech
missile technology, using modern warfare equipment is rising
significantly. Various countries actively participating & investing
in the market to improve the overall weapon system reliability is one of
the prime aspects to drive the market.
The leading market
players are BAE System, Leonardo S.p. A, Saab AB, IAI, Lockheed Martin
Corporation, Rheinmetall AG, Thales Group, Raytheon Technologies
Corporation, MBDA, KONGSBERG, Northrop Grumman Corporation, ASELSAN A.Ş.
However, the demand for missile defense systems is expected to increase with industrial production and attain its momentum in the forecast period. Hence, the Global Missile Defense System Market shall regain its usual pace during 2021-26 and generate remunerative growth opportunities for the market players.
Amongst various types, the C-RAM (Counter Rocket, Artillery, and Mortar System) is likely to attain the fastest market growth in the forecast period, mainly due to its high firing range of over 2,000 meters, thereby promoting their adoption across regions.
Geographically, Asia-Pacific projects to dominate the Global Missile Defense System Market with the largest share in the forecast years. The region is the largest spender in the domain, owing to countries like China, India, and South Korea, accounting for the massive expenditure on Missile Defense Systems.
India is the second-largest spender of Asia-Pacific in the market primarily due to its unstable alliance with neighboring countries like Pakistan & China. Hence, the Asia Pacific region is likely to dominate the market in the forecast period.
Therefore, considering these above-cited factors, it is safe to state that the Global Missile Defense System Market shall observe significant revenue generation & growth and generate remunerative opportunities for market players in the forecast period.
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