The missile defense system market size is projected 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 factors such as increase in the defense budget, growing border disputes as well as need for advanced missile defense system to counter the modern combact to safeguard the country’s border.
Northrop Grumman Corporation (US), Lockheed Martin (US), Boeing (US), Raytheon Technologies (US), and General Dynamics Corporation (US) are some of the leading defense sector companies. The focus of these players is to provide technologically advanced and well equiped missile defense system which can be used in country’s defense. Their Research and Development (R&D) activities makes their hold on this market even stronger.
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Northrop Grumman develops and builds some of the world’s most advanced missile defense technologies from command systems to advanced interceptors, powerful space sensors, and directed energy weapons, as well as systems that test and verify their efficacy. The company is a leading provider of interceptors and targets used in the test and verification of missile defense systems and interceptor boosters employed in the defense against long-range ballistic missile attacks.
The Lockheed Martin’s Missile and Fire Control (MFC) segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions.Its major programs include Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) air and missile defense programs.
General Dynamics Corporation is a leading provider of aircraft flight control systems, auxiliary ships, business jets, combat vehicles, communications systems, IT systems, ships munitions, nuclear-powered submarines, stealth ship tanks, vision systems, and watercraft weapon systems. General Dynamics has a very good global presence as well, and Its scientists and engineers are continuously working on enabling technologies in guided-missile destroyers for sea defense.
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