Asia-Pacific Missiles and Missile Defense Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Missiles and Missile Defense Systems Market Analysis
The Asia-Pacific missiles and missile defense systems market is anticipated to register a CAGR of over 10% during the forecast period.
The missile and missile defense market in Asia Pacific witnessed a mild impact due to the COVID-19 pandemic. Increased defense expenditure and rising procurement contracts of advanced missile systems from the defense forces helped to drive the market during the pandemic period.
Asia-Pacific has been one of the global hotspots for military conflicts. The increasing number of territorial issues in the region propelled the countries to procure advanced missiles and missile defense systems to strengthen their defenses against potential adversaries. The growth in defense budgets of several nations in the region has also facilitated the procurement of newer missiles and missile defense systems, thereby, driving the growth of the market.
Asia-Pacific Missiles and Missile Defense Systems Market Trends
Intercontinental Missiles are Anticipated to Register the Highest CAGR During the Forecast Period
Based on segmentation by range, the intercontinental missiles segment is expected to register the highest growth during the forecast period. The manufacturing and procurement costs of intercontinental missiles are higher compared to others, as they need to travel farther distances and deliver more lethal warheads (like nuclear weapons) with high accuracy, compared to small, medium, and intermediate-range missiles. In Asia-Pacific, countries like China, India, Japan, North Korea, and South Korea, have been developing intercontinental missiles. Also, most of the countries in Asia- Pacific have been among the top 10 highest military spenders globally. Increasing defense expenditures is also a primary reason for the growth of the market in Asia-Pacific.
In addition to the existing intercontinental missiles, countries in the region are also focusing on developing submarine-launched ballistic missiles (SLBMs) that have intercontinental ranges. For instance, India is currently developing the K-6 missile, which is an intercontinental submarine-launched ballistic missile with an expected range of around 6,000 km. The Advanced Naval Systems Laboratory of the Defense Research and Development Organization is developing the K-6. In July 2022 it was announced that India may test the 10,000 km ICBM Agni-6 missile within the next three years. Such developments are expected to help the growth of the segment in the years to come. In addition, the advantages of intercontinental missiles compared to other types are expected to be a key factor in attracting more investments toward the development of intercontinental nuclear missiles in Asia-Pacific during the forecast period.
China is Expected to Lead the Market During the Forecast Period
The Asia-Pacific missiles and missile systems market is expected to be dominated by China during the forecast period. China is the second-largest defense spender in the world. The country has grown its missile strength over the years. China has one of the largest inventories of missiles in the world, placing it among the top 5 countries possessing the greatest number of missiles globally. The disputes over the South China Sea and with several other neighboring nations have propelled the country to build and deploy a sophisticated, lethal, and advanced missile arsenal. The country has a combination of ballistic and cruise missiles launched from air, land, and sea, further enhancing the country's missile strength. China is also testing advanced missile systems. For instance, in September 2022, China announced that it is developing an anti-ship missile that turns into a torpedo during its terminal phase and has the ability to combine flight and underwater capabilities in one weapon to increase the probability of a successful strike. In May 2021, The Xinjiang Military Command of China's People Liberation Army (PLA) received the country's latest field air defense missile system and self-propelled 122 mm multiple rocket launcher system. In addition, with the adversary countries also developing advanced missile systems, the threat of missile proliferation has resulted in the country developing advanced missile defense systems for homeland protection. All these factors are expected to help the country dominate the market in the years to come.
Asia-Pacific Missiles and Missile Defense Systems Industry Overview
The Asia-Pacific missiles and missile defense systems market is consolidated in nature with a presence of few players holding significant shares in the market. Some of the prominent players in the market are Defense Research and Development Organization (DRDO), China Aerospace Science and Industry Corporation, Mitsubishi Heavy Industries, LTD., JSC Tactical Missiles Corporation, and Israel Aerospace Industries (IAI), among others. Most of the missile developments in the Asia-Pacific are being done by publicly owned companies, locally. Countries in the region, like China, India, and South Korea, among others, have emphasized on development of their own missiles indigenously, thereby, making it tough for foreign players to penetrate the market. This indigenous development is fueled by the interoperability issues of the missile systems of certain countries with the missile defense systems of other countries.
Asia-Pacific Missiles and Missile Defense Systems Market Leaders
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Defence Research and Development Organisation (DRDO)
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China Aerospace Science and Industry Corporation
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JSC Tactical Missiles Corporation
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Israel Aerospace Industries
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Mitsubishi Heavy Industries, Ltd.
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Missiles and Missile Defense Systems Market News
- In December 2022, DRDO successfully test-fired the Agni-V, a long-range nuclear-capable missile to boost its defense capabilities amid border tensions with China.
- In March 2023, North Korea launched at least two unidentified ballistic missiles into waters off the eastern Korean peninsula.
Asia-Pacific Missiles and Missile Defense Systems Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 Range
- 5.1.1 Short
- 5.1.2 Medium
- 5.1.3 Intermediate
- 5.1.4 Intercontinental
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5.2 Type
- 5.2.1 Missile Defense Systems
- 5.2.2 Air-to-air missiles
- 5.2.3 Air-to-surface missiles
- 5.2.4 Surface-to-surface missiles
- 5.2.5 Surface-to-air missiles
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 South Korea
- 5.3.1.4 Japan
- 5.3.1.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Defense Research and Development Organization
- 6.1.2 China Aerospace Science and Industry Corporation
- 6.1.3 Mitsubishi Heavy Industries
- 6.1.4 JSC Tactical Missiles Corporation
- 6.1.5 Rafael Advanced Defense Systems Ltd
- 6.1.6 Israel Aerospace Industries
- 6.1.7 Raytheon Technologies Corporation
- 6.1.8 Lockheed Martin Corporation
- 6.1.9 MBDA Inc.
- 6.1.10 THALES
- 6.1.11 Kongsberg Gruppen ASA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Missiles and Missile Defense Systems Industry Segmentation
Missiles and missile defense systems include weapons and technologies used for the detection, tracking, interception, and destruction of attacking missiles.
The Asia Pacific missiles and missile defense systems market is segmented by range and type. By range, the market is segmented into short, medium, intermediate, and intercontinental. By type, the market is segmented into missile defense systems, air-to-air missiles, air-to-surface missiles, surface-to-surface missiles, and surface-to-air missiles. The report offers the market size and forecasts by value (USD billion) for all the above segments.
| Range | Short | |
| Medium | ||
| Intermediate | ||
| Intercontinental | ||
| Type | Missile Defense Systems | |
| Air-to-air missiles | ||
| Air-to-surface missiles | ||
| Surface-to-surface missiles | ||
| Surface-to-air missiles | ||
| Geography | Asia-Pacific | China |
| India | ||
| South Korea | ||
| Japan | ||
| Rest of Asia-Pacific |
Asia-Pacific Missiles and Missile Defense Systems Market Research FAQs
What is the current Asia-Pacific Missiles and Missile Defense Systems Market size?
The Asia-Pacific Missiles and Missile Defense Systems Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Missiles and Missile Defense Systems Market?
Defence Research and Development Organisation (DRDO), China Aerospace Science and Industry Corporation, JSC Tactical Missiles Corporation, Israel Aerospace Industries and Mitsubishi Heavy Industries, Ltd. are the major companies operating in the Asia-Pacific Missiles and Missile Defense Systems Market.
What years does this Asia-Pacific Missiles and Missile Defense Systems Market cover?
The report covers the Asia-Pacific Missiles and Missile Defense Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Missiles and Missile Defense Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Missiles and Missile Defense Systems Industry Report
Statistics for the 2024 APAC Missiles and Missile Defense Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Missiles and Missile Defense Systems analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
