Surface to Air Missiles Market to Reach $10.6 Billion, Globally, by 2033 at 6.3% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Surface to Air Missiles Market by Product Type (High Altitude Missile, Hollow Missile, and Low Altitude Missile) and Launch Type (Shoulder Launched and Vehicle Launched): Global Opportunity Analysis and Industry Forecast, 2024-2033”. The global surface to air missiles market was valued at $ 5.80 billion in 2023 and is estimated to reach $ 10.60 billion by 2033, exhibiting a CAGR of 6.3% from 2024 to 2033.
Prime determinants of growth
The global surface to air missiles market is experiencing growth due to increasing military expenditures, growing threat of airborne attacks, and continuous innovations in missile guidance systems. However, high development & procurement costs and regulatory and export control restrictions hinder market growth. Moreover, integration with advanced technologies and collaborative defense programs offers opportunities for growth of the surface to air missiles market.
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Segment Highlights
By product type, the low altitude missiles segment experienced highest growth in 2023 due to the rising prevalence of low-flying threats, such as UAVs and drones, which are increasingly utilized in both military and civilian contexts. These missiles are essential for intercepting and neutralizing threats that operate at lower altitudes, providing a crucial layer of defense. Additionally, advancements in guidance systems and portability make low altitude missiles more versatile and effective, appealing to a broader range of defense needs. The increasing focus on urban and critical infrastructure protection also drives demand, as these areas require robust, responsive air defense solutions.
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By launch type, the vehicle launched missiles segment led the market in 2023 due to their superior mobility and flexibility. These systems can be quickly deployed to various locations, providing a versatile defense capability that is essential in modern military operations. They support larger, more advanced missiles, offering extended range and higher precision compared to other launch types. Additionally, vehicle-launched systems integrate seamlessly with existing military infrastructure and can be rapidly upgraded with new technologies. Their ability to operate in diverse terrains and conditions makes them indispensable for comprehensive national defense strategies, ensuring robust protection against a wide range of aerial threats.
Regional Outlook
By region, Asia Pacific was the fastest growing region in 2023 in the surface-to-air missiles market due to escalating geopolitical tensions and territorial disputes in the region have led countries to prioritize their defense capabilities, including air defense systems. Secondly, rapid economic growth and increasing defense budgets in countries like China, India, and South Korea are driving significant investments in advanced missile technologies. Moreover, the diverse threat landscape, including both traditional and asymmetric threats, necessitates the development and deployment of robust air defense solutions. This dynamic environment, coupled with growing regional partnerships and alliances, fosters a thriving market for surface-to-air missiles in the Asia Pacific region.
Players:
- Boeing
- BAE Systems
- Lockheed Martin
- General Dynamics
- Northrop Grumman
- Raytheon Technologies Corporation
- MBDA
- Rafael Advanced Defense Systems Ltd.
- Thales Group
- Saab AB
The competitive landscape of the surface-to-air missiles market is characterized by intense rivalry among key players striving to innovate and secure lucrative contracts. Companies focus on developing advanced missile technologies, enhancing range, accuracy, and countermeasure capabilities to maintain market leadership. Strategic collaborations, mergers, and acquisitions are common strategies to expand market presence and access new customers. Additionally, stringent regulatory requirements and export controls shape the competitive dynamics, influencing market entry barriers and global market share distribution.
Recent Development:
- On January 19, 2024, Boeing inaugurated its latest Engineering & Technology Center (BIETC) campus in India. This sprawling 43-acre campus, constructed with a substantial investment of $200 Million, marks Boeing's most significant investment outside the U.S. The new campus is poised to play a pivotal role in fostering collaboration within India's dynamic startup, private, and government sectors. It is envisioned to serve as a catalyst for the development of cutting-edge aerospace and defense solutions, thereby contributing to the advancement of the global aerospace industry.
- On December 11, 2023, Lockheed Martin supplied the initial Precision Strike Missiles (PrSM) to the U.S. Army, meeting the Army's PrSM Early Operational Capability (EOC) requirements. Leveraging cutting-edge digital tools like augmented reality, ARISE advanced modeling and simulation, data analytics, and a software factory, Lockheed Martin is enhancing development processes to ensure superior producibility, quality, and performance. With ongoing manufacturing escalation, Lockheed Martin aims to deliver subsequent batches of PrSM, fulfilling existing contracts and aligning with the Army's modernization objectives.
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