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Demand for missiles is anticipated to be driven by the ever increasing threat of radical institutions (both state and non-state) with access to weapons of mass destruction, which is exemplified by the conduct of rogue states like North Korea and Iran. The missile defense industry stands as one of the fastest-growing sectors, with most of the developed and developing countries including the US, Russia, China, India and South Africa allocating substantial portion of their resources for augmentation of missile technologies.
In terms of categories, missile defense systems (MDS) is expected to account for the highest proportion of spending, followed by markets for surface-to-air (SAM), surface-to-surface (SS), air-to-surface (AS), air-to-air (AA), anti-tank (AT) and anti-ship (AS) missiles. The market for missile defense systems is anticipated to be the largest category primarily due to the ongoing procurement of missile and air defense systems by countries of the Asia Pacific, North America and European regions.
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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.
High demand in the region is primarily driven by the expenditure on the sector by China, India, and South Korea. India and China are followed in terms of investment by South Korea which has been majorly spending on air and missile defense systems in light of North Korea's aggressive stance on developing nuclear weapons.
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