Current and Future Analysis of Missile Defense System Market With New Business Strategies and Forecast by 2026Posted by Amrut Mahajani on February 3rd, 2023  The report on the Missile Defense System Market provides a detailed trend analysis from 2018 to 2026. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The missile defense system market is expected to grow from USD 23.9 billion in 2021 to USD 29.7 billion by 2026, at a CAGR of 4.4% from 2021 to 2026. The market is driven by various factors, such as a rise in defense expenditure, and increasing demand for advanced missile defense systems to counter modern combat and safeguard the country’s border. Key Market Players The missile defense system market is dominated by a few globally established players such as Northrop Grumman Corporation (US), Lockheed Martin (US), Boeing (US), Raytheon Technologies (US), and General Dynamics Corporation (US). Get More Information Request Sample Copy (Get Higher Priority for Corporate email ID): https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=16924979 Based on technology, the missile defense system Market will majorly be driven by the increase in demand for technologically advanced missile defense systems. There has been a significant rise in the demand for technologically advanced missile defense systems throughout major and growing countries. Various countries are finding it difficult to counter the new advanced missile threats, as the reason why research and development for new advanced missile defense systems have increased so as to address the growing concerns to counter advanced missile threats. Hence, a rapid rise has been noticed in the missile defense system market. Based on range, the long-range is projected to grow at the highest CAGR for the missile defense system market during the forecast period. Increasing threats of intermediate-range missile launches and asymmetric warfare are some of the factors fueling the growth of the missile defense system market. An increasing threat from intercontinental ballistic attacks across the world is fueling the growth of the intermediate long-range missile defense system segment. Based on threat type, the missile defense system market has been segmented into subsonic missiles, supersonic missiles, and hypersonic missiles. Technological advancements, continuous R&D, as well as the need for advanced missile defense systems across the globe are some of the major factors driving the growth of the threat-type segment of the missile defense system market. The hypersonic threat type segment is projected to grow at the highest CAGR for the missile defense system market during the forecast period. Based on the domain, the space domain segment is projected to witness the highest CAGR during the forecast period. The need for advanced, multi-domain integration capable missile defense systems across the globe is one of the major factors driving the growth of the domain segment of the missile defense system market. Asia Pacific and North America are the largest markets of the missile defense system during the forecast period. The key factor responsible for Asia Pacific, leading the missile defense system market owing to the presence of strong defense countries as well as due to the rapid growth of the technologically advanced missile defense system in the region. Increasing development of missile defense systems through contracts and agreements by countries such as India, and China, among others, is also expected to drive the demand for missile defense systems in the region. For example, in January 2021, The MRSAM air and missile defense system jointly developed by Israel Aerospace Industries and India's Defence Research and Development Organisation (DRDO) was successfully tested at a test range in India. MRSAM is an advanced path-breaking air and missile defense system that provides protection against a variety of aerial platforms. It is used by the Indian Armed Forces (Air Force, Army, Navy) and Israel Defense Forces. Hence, such factors are expected to drive the market in Asia Pacific. The missile defense system market in North America is driven by the increase in missile defense programs and growing defense expenditure majorly by the united states. Defense agencies of North American countries are involved in the development of technologically advanced missile defense systems. Well-established and prominent manufacturers of missile defense systems, such as Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Boeing Company (US), and Raytheon Technologies Corporation (US), are also present in this region. 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