Global missile defence systems market: North America leads despite US bugdet cuts
The Global Missiles and Missile Defense Systems Market 2013-2023 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-22 21:35:02
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. This is despite the US witnessing budget cuts in the recent past and looking likely to continue to do so in the future. 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.
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.
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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