Missiles and missile-defense systems market to reach $52.3 billion by 2031, study saysNews
October 19, 2021
LONDON. Global spending on missiles and missile defense systems (MMDS) over the next decade will reach $52.3 billion, according to a new study from GlobalData, "Global Missiles and Missile Defense Systems Market to 2031."
The study authors found that air defense modernization and advanced precision-strike missile procurement programs by major countries including the U.S., Russia, China, India, and the U.K. are expected to drive global spending on MMDS over the next decade. Additionally, the study projects that countries in Europe will partner for the joint production and development of missiles, a move intended to bring about efficiencies in procurement costs through technology-sharing.
The Asia-Pacific region is expected to garner largest share (29%) of the overall MMDS market over the study period, prompted by territorial disputes and armed standoffs between regional military powers, which in turn spurs development and procurement of advanced missiles and missile defense systems to augment strike capabilities.
For more information on this study, visit the GlobalData website.