Missiles and Missile Defense Systems Market 2013-2023 - Global Industry Share,Size,Trends,Analysis and Forecast

MarketResearchReports.Biz announces addition of new report “Global Missiles and Missile Defense Systems Market 2013-2023” to its database


Albany, NY -- (SBWIRE) -- 07/03/2013 -- The Global Missiles and Missile Defense Systems Market 2013-2023 offers the reader detailed analysis of the global missiles and missile defense systems market over the next ten years, alongside potential market opportunities to enter the industry, using detailed market size forecasts.

What are the key drivers behind recent market changes?

The US has witnessed budget cuts in the recent past and is likely to continue to do so in the future. Despite this, North America is expected to account for the largest share of the total global expenditure on missiles and missile defense systems with 39% in the forecast period. High demand in the region is primarily driven by the five major missile defense programs: the Aegis Ballistic Missile Defense (BMD) System, the Ground-Based Mid-Course Defense System, the Terminal High-Altitude Air Defense System (THAAD), the Medium Extended Air Defense System and the European Phased Adaptive Approach (PAA) Defense System.

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Asia and Europe are also expected to account for a significant proportion of the total global missiles and missile defense systems market during the forecast period, with shares of 33% and 16% respectively. This will be largely driven by the efforts of countries such as India, China and Russia to modernize their armed forces. The Middle East, Latin America and Africa account for 9%, 2% and 1% of global missile and missile defense systems expenditure respectively.

What makes this report unique and essential to read?

The Global Missiles and Missile Defense Systems Market 2013-2023 provides detailed analysis of the current industry size and growth expectations from 2013 to 2023, including highlights of key growth stimulators. It also benchmarks the industry against key global markets and provides a detailed understanding of emerging opportunities in specific areas.

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Key Features and Benefits

The report provides detailed analysis of the market for missiles and missile defense systems during 2013-2023, including the factors that influence why countries are investing or cutting defense expenditure. It provides detailed expectations of growth rates and projected total expenditure.

Raytheon, MBDA, Eurosam, Rafael Advanced Defense Systems Ltd, Lockheed Martin Corporation, Boeing, Kongsberg Defense Systems, Saab, BAE Systems, Northrop Grumman, Alliant Techsystems, Rheinmetall Defense, Aerojet, BrahMos Aerospace, Thales, Bharat Dynamics Limited, Denel Dynamics, Mectron, Sagem, Makeyev Design Bureau, Tactical Missiles Corporation

A significant number of countries are investing in the development of their domestic missile industries by establishing strategic alliances and technology transfer agreements with global missile manufacturers. In addition to improving the indigenous capabilities of a domestic defense firm, this provides the foreign original equipment manufacturers (OEM) with an opportunity to cater to a new market. Furthermore, European countries still suffering from the effects of a recession, including France, Germany, Italy and the UK, are undertaking joint research and development projects in order to reduce the per-unit costs of a missile. Partnerships between countries that possess an advance defense industrial base, such as the UK and France, also enable mutual sharing of advanced technology.

Foreign OEMs seeking to enter a specific missiles market often enter into marketing agreements with domestic companies to gain an opportunity to market their products in a specific region. For example, in August 2011, Ratheon of the US and Israel's Rafael Advanced Defense Systems Ltd teamed up to market the Iron Dome weapon system in the US. Rafael developed the short-range Iron Dome air defense system to provide protection against rockets, artillery and mortar attacks. In June 2007, Lockheed Martin and Kongsberg signed a joint marketing agreement for an aircraft version of the Naval Strike Missile (NSM), adapted for deployment on Lockheed Martin's F-35 joint strike fighter. In January 2007, Lockheed Martin and Kongsberg signed a joint marketing agreement for an aircraft-version of the Naval Strike Missile (NSM), known as the Joint Strike Missile (JSM).

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Key Market Issues

Traditionally, North America and Europe accounted for around 80% of global defense spending. However, the global economic downturn, US economic crisis and European debt crisis are expected to negatively impact defense spending, leading to defense budget cuts. As a consequence, allocation for missiles and missile defense systems is not expected to grow significantly during the forecast period owing to financial constraints faced by most of the leading defense spenders. For example, the US, the largest defense spender, announced defense budget cuts of US$178 billion during 2011-2015.

The US Defense Department recently proposed cutting more than a half-billion dollars from missile defense in 2014 even amid heightened concern over North Korea and new intelligence suggesting Pyongyang may be able to arm a ballistic missile with a nuclear warhead. The Pentagon plans to spend US$9.16 billion on ballistic missile defense in fiscal 2014. The amount is US $558 million, or 5.7% less than the US$9.72 billion it requested for 2013. Furthermore, the figures do not take into account the automatic budget cuts, known as sequestration, which took effect in March 2013.

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